Investing In Condo Rentals -- Getting The Perfect Real Estate Team Together

A successful real estate investment team is the only way to make condo rentals and other properties a profitable venture with minimum stress. This group consists of experienced individuals that can help guide you through the entire process from the first moment you start on your adventure until you are reaping the rewards of your diligence. In all, your team should consist of nine separate roles including a mentor to help you down the right path and a property manager to help you look after it all.

A Mentor

An experienced mentor is the number one spot on your team to fill. This person has been there, done that, and knows how to avoid all of the pitfalls in the world of condo rentals. For additional support, you will want to surround yourself with supportive friends and family.

Realtor

Building a relationship with an expert in the industry is priceless. The realtor will help you through the deal on your first property and be able to notify you when other condo rentals and housing becomes available at a good price.

Real Estate Attorney

Whether it is signing contracts with your property manager or purchasing a building, you need a legal expert who knows everything about what you are doing. Most importantly, they will work to protect you and look out for your interests.

Mortgage Expert

Unless you are Warren Buffet rich, chances are you will need a mortgage at one point in time or another. This individual needs to be knowledgeable in the world of investing, willing to work with you, and able to come up with effective and creative solutions to help you gain ground.

Insurance Agent

Insurance experts will help you find the options and coverage you need with the lowest costs. Buying insurance is only half the issue. When something happens with your condo rentals, you want someone who is going to work for you to get the help you need.

Accountant

With all of the income, expenses, and assets, an accounting professional will quickly become your best friend. They will keep track of everything going on, make recommendations to save and make you money, and deal with all of the problems at tax time to help you hold on to as much of your money as possible.

Title Representative

Deals concerning building acquisition can be a long and costly venture. A title representative will help to push deals through quicker in a manner that is most profitable for you.

Property Manager

A property manager will look after the running and financial end of your condo rentals to allow you to focus on your entrepreneurial ventures instead of leaking pipes, broken appliances, and yard work. An expert property manager essentially becomes your eyes and ears with your investment and helps to guide it along the path that makes it as profitable as possible. They will also have their own experts such as a handyman that will be able to keep up the building.

General Contractor

When there is work to be done in order to make the building rentable, you need a knowledgeable expert that knows what to do. He or she needs to know how to get it done as while respecting deadlines and balancing cost with quality.