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Your Business Team:
- Attorney who specializes in business and real estate law. He will help you set up your business and keep it in accordance with the law.
- Accountant who can help you with personal and business financial situations, and who also knows the in's and out's of real estate tax laws.
The Property Search Team:
- Real Estate Broker/Agent will help you understand the market you wish to invest in and bring the properties that will profit to you.
- Property Manager to asses multifamily properties you wish to invest in from a management standpoint. Also need a good company to manage your property once you buy it (you don't want to do it all yourself, takes too much time
The Offer Team:
- Attorney will review contracts and make sure they are legally binding.
- Lender/Mortgage Broker who is familiar with property investing (they may even provide you with good leads on other properties).
- Investors can bring in extra sources of capital for investments
- Contractor/Rehab specialist is good for property walk-throughs. They will help you determine the cost of minor & major repairs.
Other Team Members:
- Appraiser who specializes both in your market and the types of properties you target. They not only help determine value of a property before you buy but can project value for after you buy (fix, improve management, etc.)
- Architects are for when you need more than just cosmetic repairs, but major reno's.
- Insurance Agents. Every property needs insurance, and you need the best deal. Every year or two you should also get new bids on insurance to see if you can save.
- Property tax consultants are great. Tax laws can be too confusing, get professional help.
- Income tax consultants also help maximize tax advantages in properties.
- Estate Planners help you shelter and dispose of assets in case of illness or death. Good for when you have a substantial amount of properties.
- Environmental Company/industrial hygienist. Good if you suspect mold or asbestos, or any other environmental hazard on a property.
- Surveyor to help with boundary lines, elevations, etc.
- Structural Engineer in case improvements affect the structural integrity of a property.
Keep in mind that you don't need all these people at once. You can slowly add them as you need them. The people you must begin with though, are your attorney, accountant, real estate professional, and mortgage broker. Also remember that all of these people can help generate leads to other properties, investors, contacts, etc. If you plan to invest in more than one location, like me, you will need a team for each location.
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