The Real Estate Investing Team You'll Need For Better Time Management
If individual real estate investors were to take on the task of doing every part of their business themselves, they would need ten arms and probably a gallon of coffee because they would never sleep. Real estate investing is well known for causing investors to wear many hats. However, if you are looking to remove some of those hats and lift that overwhelming burden off of your shoulders, here is the team of people you’ll want in your corner to help you more effectively manage your time.
Busy investors can’t always find enough time to look for new properties to invest in while still working on current projects, so hiring an acquisition manager who will help source potential properties is a great option. They’ll do all the research for you about the location and provide you with the details so you can decide whether or not this is a profitable investment to pursue.
Your money lender is a crucial member of your time management team because without them, you won’t have the finances you need to even begin you investment projects. Investors can choose to receive their loans from either a bank, private lender, or hard money lender. Dealing with a direct private lender who can provide you with fast and reliable financing is vitally important so you aren’t wasting time waiting for your loans to come through.
If you are renovating your home, whether as a rental or a sale, the odds are you’ll need someone to do the repairs. Most investors aren’t going to be hammering and painting all on their own, and if you are especially busy, you’ll definitely need a contractor to get the job done within budget and on time.
Maybe you can handle managing your property’s renovations if you are only conducting one, but what happens when your business starts growing and your one rehab turns into five or more? Along with all the other elements of your business you are dealing with, it may be almost impossible to devote an equal amount of attention to each property, so hiring a project manager to be your eyes and ears when you can’t be there is a great use of your time and money.
Obviously a significant portion of your investing business involves numbers. You’ll have to balance your books carefully before you choose a property to invest in, during the course of the investment to ensure you will earn a profit, and afterwards once the property has either sold or rented. If you aren’t good with spreadsheets and wearing that financing hat, don’t see this as a weakness. Hire an accountant to keep track of your expenses and to make sure all your finances are in order, saving you time and of course...money.
Real Estate Lawyer
The odds are, if you are a real estate investor, you don’t have a law degree. Investors don’t always recognize the legal issues they may have to deal with, so having a real estate lawyer on your team will help tremendously when issues arise with drafting contracts, closings, and titles.
Real Estate Agent
When your property is ready to be put on the market, save yourself some time and allow real estate agents to do the marketing for you or inquire if they can provide staging services when the property is ready. They’ll be able to list and show it to potential buyers or renters, leaving you time to deal with more pressing issues.
This one may not always be so obvious, but when it comes time to show the property, whether as a sale or rental, you’ll want it looking perfect. Busy investors can save themselves plenty of time shopping and decorating rooms by hiring a company that specializes in staging homes for showings. They’ll provide the furnishings to make the property look move-in ready and save you a trip to the store.
Rental Property Management Company
Similarly to how you needed to hire a project manager during the course of multiple renovations, if you decide to turn your investment into a buy and hold property, instead of taking on the role of landlord, you can let a property management company oversee the rental. They’ll deal with filling vacancies, tenant complaints, and any maintenance that needs to be done on the property, so you won’t have to.
If you decide to take on the task of managing your rental property alone, save yourself the headache of having your tenants calling you at three in the morning that something broke and have a list prepared with handymen and repairmen that can each handle a different maintenance issue such as plumbing, electrical, and air conditioning. Allowing them to take on these problems will leave you from having to also juggle these added dilemmas.