Hi, I’m new to BP and I was wondering how much it might cost me annually to set up and maintain a team of real estate related experts, from the realtor, to the contractors and the handymen, property managers and accountants. I know it might be difficult to consider my specific area and situation so I was hoping someone could share their experience? Thanks :)
As a buyer, an agent is free as sellers typically pay commissions; however, I'd say the price of a good agent is simply action. No one can work for free, so if you want an agent to keep helping you, you need to be able to show that you can and will pull the trigger on something. Referrals are a great way to help agents, too.
There's no way to estimate the cost of contractors without knowing what kind of projects you're doing. Are you going after paint-and-carpet rehabs or gutting properties down to the studs?
Typical property management is 10% of the monthly rent.
As for accountants, I would reach out to other investors in your area for referrals. Also ask what kind of work their accountant is doing for them and their pay structure.