Building Your Real Estate Investing Team

Building a team might feel intimidating if you’re not sure where to start—especially if you’re used to tackling new things on your own. In addition, most successful real estate investors can also tell you that who you need on your team to get started might not be the same group of people you need for long-term success and support. 

When first starting as a property investor, your team can be a small group of key players to help you develop strong real estate investing strategies. This starting team can include:

• A handyman to fix up properties 
• A property manager or leasing agent to manage a rental home
• Your lawyer and accountant to manage contracts and budgets

When choosing an attorney, make sure they specialize in real estate investments. You might have a long-time family lawyer that helps you with various other needs. However, most successful investors will tell you that the expertise of an attorney that focuses on managing real estate deals, contracts, and helping you avoid potential legal issues (in multiple markets) can be some of the best money you’ll spend when building your portfolio! 

With a solid group of trusted professionals, investors can make smart decisions about purchasing a property and getting it up and running. Then, as you begin generating revenue toward your goals, it’s time to think about expanding your team! 

A Next-Level Team Takes Your Further

Many investors get a taste of success about learning how to begin investing in real estate, then they want more! However, developing a more significant (and successful) real estate portfolio requires more support along the way. Whether you choose real estate investing flipping houses or prefer rental properties, surrounding yourself with the best experts in the markets where you invest can help you avoid costly mistakes and potential losses. 

A next-level team helps growing property investors with support in areas, including these professionals:

• Mortgage lending
• A real estate agent to find and negotiate deals
• An insurance agent
• A good general contractor for renovations
• A cleaning company (to clean up after renovations or tenant turnover)
• An accountability partner

Keeping your eyes on your goals is easier with a mentor or accountability partner to keep you on track, even if this person is your spouse or a family member that supports your goals. 

Go Big With a Well-Rounded Real Estate Investing Team

If you have your eyes set on a significant portfolio that spans multiple markets or includes a combination of buy-and-hold rental properties, fix-and-flips, and REIT (real estate investment trust) opportunities for more diversification, you need a robust team! 

Many property investors round out their teams with additional players, including:

• A staging crew (for flipping properties or marketing rental properties)
• A licensed plumber and electrician
• A pest control company
• An equity partner
• A hard money lender
• A home inspector
• A resource to find the best deals in the best markets
• And more key experts

Having these professionals available to move quickly on hot deals, rehab properties, find tenants, and keep up with your financials can be the difference between long-term success vs. struggling to find the revenue you need to meet your goals.

Many of the most successful real estate investors swear by a solid team of experts to handle everything from financing to property maintenance, interior design for fix-and-flips, bookkeeping, and more. However, we understand that narrowing down your search to the most valuable players while navigating your budget and income growth might mean making some informed decisions about who you add to your team (and when). 

Bookkeeper vs. Accountant vs. CPA

Finances are one of the most critical components of successfully buying and benefiting from real estate investments. When you start real estate investing, how can you know if you need a bookkeeper, an accountant, or a Certified Public Accountant (CPA)?

Remember that a bookkeeper can help keep track of invoices and payments (and can be a valuable team member). Still, many real estate investors need the certification that comes with keeping a CPA on retainer. As a certified public accountant, your CPA can deliver more insights into making sound financial decisions, help structure your business for the best legal and financial benefits, and provide more legitimacy to your real estate investing business long-term. 

Partner With a Good Inspector

Cutting corners is a good way to end up with poor-quality properties that you can’t rent or sell—even if the price seemed too good to pass up for your next deal. Most property investors will tell you that property inspections are priceless! They are well worth the time and costs to partner with a reliable inspector before finalizing a new property. 

Learn to Delegate

You probably understand that it’s not a great idea to take on any electrical work to pitch in on the rehab of a house flip. Still, it’s essential to have team members available for delegating in other areas, too! When operating a real estate investment business, it’s critical to hand off tasks that don’t need your hands-on attention to keep things running smoothly. Consider hiring a real estate investing team assistant to handle essential tasks, like:

• Keeping track of files
• Reviewing and preparing documents
• Greeting clients and showing properties
• Reviewing market research
• Answering phones and emails

The right assistant is a valuable asset to your team! In addition, a marketing coordinator helps property investors list rental properties or fix-and-flip investments that are ready to hit the market for sale. With a reliable coordinator, you don’t have to worry about handling listing photos or other details that can help expedite renting or selling your next property. 

Handyman or General Contractor?

Eventually, having a reliable general contractor on hand is one of the best partnerships to consider for long-term success renovating investment properties. Whether you specialize in rental properties or house flipping, a good general contractor can listen to your goals, reduce costs, meet deadlines, and ultimately help you generate more income from an investment property that requires repairs or upgrades to meet market demands. The right contractor is the project manager you need to also coordinate with a landscaper that understands the curb appeal you need to impress new renters or buyers. 

In addition, a good handyman can work alongside your contractor and handle small repairs and routine maintenance for rental properties. As you acquire more properties, you’ll find it’s more cost-effective and efficient to call your handyman to change the locks, fix a broken window, or tackle critical maintenance during tenant turnover. 

Don’t Forget to Stage (With An Expert)!

Is staging really necessary? When it’s time to sell a rehabbed property or rent out your property, you’ll probably think so! 

While it might seem simple to place a couch and dining table into a home before snapping pictures, staging a home properly is both an art and a science. Too much furniture shows a cluttered home that can turn away potential buyers. However, working with a staging company within the home’s finished design to present a clean, well laid-out space can help you sell or rent properties faster to maintain consistent real estate investing income.

Creating a team with the right professionals takes time and patience. You won’t find all these critical players right out of the gate. However, one of our best tips for real estate investing is creating a network of like-minded individuals who can support you on your successful journey. 

Many successful property investors suggest joining a mastermind group and connecting with local investors or experts in other markets where you operate investment properties. Depending on your connections and what you put into the group, masterminds can be another layer of support to help answer questions, explore new strategies, and build the success you have in store for your portfolio! In addition, your mastermind connections can help lead you to professionals to add to your team and help you navigate the ups and downs of real estate investing.