Being a successful landlord means knowing what to do and when to do it. One of the most important ways to set yourself up for success is by assembling a reliable and reputable team of people to help you. Today, we’re talking about who should be included in that team.
Real Estate Agent
Your team starts with a real estate agent, who assists you in finding an investment opportunity which presents a good opportunity. The real estate agent can help you make money on the purchase. You want to buy a property that’s a good value and well located to attract tenants and regular rental income.
Professional Property Manager
The property manager will take care of the property for you. Once you have an investment property, you need to add a management professional to your team. Interview property managers and ask about their experience. Find out how many houses they have managed or owned in the past. You don’t want to be the one who is providing a training experience for a property manager. Don’t choose someone who will practice at your expense. You also don’t want to have a property manager on your team who only manages properties part time. Find a full time property manager with the skills and qualifications you need.
Hopefully you will never need an attorney while you’re a landlord. However, things can happen with your tenant and with your property, so you need to have an experienced and knowledgeable attorney on your team. You don’t want to start looking for an attorney when you’re in the middle of a lawsuit. Develop a relationship ahead of time so you have legal help if you need it.
As a landlord, your insurance agent may be the most important member of your team. I’m always surprised when property owners don’t know who their insurance company is or what they have for coverage. Get a good agent who can keep your property protected.
If you follow these instructions and put together a good team, you have an excellent chance at having a successful real estate investing career.
Please contact us at Select 1 Realty if you have any questions.