Posted by Rob FL on January 21, 2003 at 08:16:24:
If you are looking for rental properties, you definitely need to get some sort of handyman fix-it person. Even the best of tenants tends to destroy things.
Who belongs on your investing team? - Posted by Matt
Posted by Matt on January 21, 2003 at 08:11:50:
I am new at Real Estate Investing and actually have not begun to invest. I have spent months of reading and research. I am looking to begin investing in Rental Real Estate. I am at the point to start looking for properties.
I have found several Partners to begin investing with, however, I am not sure who else belongs on the team (I.e. Accountant, Attorney, etc.).
Who does belong on the team and at what point do you put together the pieces of your team?
Also, should I have an entity created prior to beginning the search process?
Thanks in advance for your help.
Re: Who belongs on your investing team? - Posted by Sandy (NY)
Posted by Sandy (NY) on January 22, 2003 at 04:16:49:
You will need an attorney; accountant; mortgage broker, lender, private investor or some other money person who will help you fund your deals or “give” you some; property manager/super/fixit person/face person.
These are the people who will CYA; do you taxes and help you figure out the financial consequences of your deals; fund your deals or maybe pass you some foreclosures and other “never hit the market” deals; run the property, collect rent, fix stuff, be the enforcer, etc.
IMHO, you put together the pieces of your team as you meet them. In this business, I have found that you rarely get handed a great team. My team of “experts” are various people I’ve worked with on several different deals. They are always accessible, answer my endless questions, keep me out of trouble and do their respective jobs very well. One hand washes the other…
As for creating an entity, when you find a lawyer and accountant you are comfortable with, ask them. They should be able to give you specifics for your situation.
'Hope this helps.
Sandy
Re: Who belongs on your investing team? - Posted by IB (NJ)
Posted by IB (NJ) on January 21, 2003 at 10:53:15:
Make sure that each member of your team is easily accessible and professional enough to return your calls. i.e. if you have to call your attorney 2-3 times to get him to return ONE call, scratch him off your list and look for another attorney.