@Adam Fischer thank you for your feedback! I try to keep things very simple & straight to the point. There is no point in moving forward if you don’t have foundational things in place. I really don’t like to ask these things because the internet makes all these questions accessible. As soon as I posted, I found my answer a few hours later with my continued research. Never the less, I appreciate the free flow of information, the willingness to help, from the Bigger Pockets Community. I have been interested in Real Estate since later 2019 but I am now very aggressively looking into select property.
Here is what I found (referencing the Ultimate Beginners Guide at https://assets2.biggerpockets.com/uploads/user_file/file_object/1694/UBG_2018.pdf):
As an investor you are required to wear many different hats, but you don’t need to (and can’t) wear all of them. Instead, you need a team. When we refer to your team, we’re not suggesting you go out and hire a team of employees to work under you. A team is merely a collection of individuals in various different businesses that you can rely on help you move your own business forward. Here’s a brief look at who should be on any winning real estate investing team:
Mentor—Every successful entrepreneur needs a good mentor. A guide. By training under the watchful eye of someone smarter or more experienced, we can only get smarter. For more information on mentors, see Chapter 4.
Mortgage Broker/Loan Officer—A mortgage broker is the person responsible for getting you loans—espe- cially if you are going conventional (rather than hard or private money). Find someone who has experience working with other investors, someone who is creative and smart. Many loan officers have a pipeline of buyers (or future buyers) set up; real estate investors can use the help of local loan officers to build a list of buyers and lease purchasers.
Real Estate Attorney—It is important to have someone on the team who can go through contracts and knows the legalities of your moves. Don’t try to pinch pennies by foregoing this valuable team member. You don’t need to meet for hours with your attorney each week, but he or she should be available when you need. Having an attorney who is skilled and has real estate experience is highly important to the success of your career. Keep in mind, attorneys can be compensated through fees collected from an acquisition or disposition of a property.
Escrow Officer or Title Rep—If you live in a state that uses title and escrow companies, your escrow officer or title rep will be the person responsible for closing the deal, taking you from the offer to the keys. Having this person on your team helps to close deals that much quicker. You always want people around who will look out for your interests.
Accountant—As you acquire properties, doing your own taxes and bookkeeping will become increasingly dif- ficult. As soon as possible, hire an accountant (preferably a certified public accountant). Your numbers person should also be well aware of the ins and outs of real estate and will preferably own rental properties of their own. Come tax time, this is the person who will help you through the write-offs. A good tax accountant will save you more than the cost of their service.
Insurance Agent—Insurance is a must, and as an investor, you will probably be dealing with a lot of insurance policies. Be sure to shop around for both the best rates and the best services. Do not skimp out on getting insurance. You never know when you’ll need your policy.
Contractor—A good contractor is often the most difficult team member to find. Contractors can make or break your profit margin. Find someone who gets things done on time and under budget! Be sure that your contractor is licensed, bonded, and insured in order to protect yourself. Don’t simply hire the cheap guy.
Supportive Family & Friends—Having the support and backing of loved ones is important in any endeavor. If your family or spouse are not on board, don’t invest until they are.
Realtor—An exceptional real estate agent will be fundamental to your investing career. You (or your spouse, if you’re working together) may even choose to become a real estate agent in order to gain access to the incred- ible tools that agents have. Either way, working with an agent who is punctual, eager, and a go-getter is essen- tial. Real estate agents make money from commission when a property is sold. In other words, for the buyer, an agent’s service is complimentary. Agents can also be an excellent resource for contract real estate work, which may include the following activities: bird dogging, referring buyers, showing properties, open houses, price opinions, and more.
Property Manager—If you don’t want to actively manage your properties, a good property manager is im- portant to have. A good property manager can be hard to find —but finding one who can efficiently manage your rentals will make your life significantly easier.
Handyman—You’re going to need someone to take care of the little things that come up on a daily basis. Ask other landlords for great handyman referrals. A good handyman typically doesn’t need to advertise, but works almost entirely off referrals from a small group of investors and homeowners.
