While as an investor you may have to wear many hats, by no means are you required to wear all of them.
Here are a lists of useful contacts you might want to have by your side as you get into the investing game.
A Mentor —
Your mentor could be a fellow investor, a family friend, or an older acquaintance with tons of investing experience under his/her belt. Choose your mentor carefully, and make sure it’s someone who has your best interests at heart!
A Lawyer —
It’s crucial to work with someone who can guide you through the legalities and paperwork of your acquisitions.
An Accountant —
As you acquire a bigger real estate portfolio, doing your own taxes and bookkeeping becomes increasingly difficult. An accountant can guide you through the process and make sure that you aren’t losing out on financial opportunities.
A Mortgage Broker—
A mortgage broker is the one who will negotiate a great mortgage deal from traditional lenders. If you don’t have the financial savvy yourself, hiring a professional could save you a good deal of money in interest fees.
A Contractor —
A good contractor will make or break your profit margin. You want someone who is reliable and will get things done on time and under budget! When shopping for a contractor, be sure to choose a professional who is licensed/bonded/insured to protect you.
A Real Estate Broker —
For anyone planning to buy and hold, having a well-connected and knowledgeable real estate broker will ensure your property is a wise investment, and that your rental is always occupied with good tenants. Keep in mind that a real estate broker’s services are always free for buyers.
An Insurance Agent ––
For a real estate investor, taking out a good insurance policy on all of your assets is a must. Be sure to shop around for both the best rates and the best service.
A Property Manager —
Some real estate brokers will also offer property management services. If this isn’t the case with your broker, you might want to think about hiring someone who can handle the day-by-day issues that your property might run into.
For short term rentals, having a cleaning team that can go in and make your unit look spic and span between occupations is essential. Go with a cleaner from a licensed company to make sure you’re insured against accidents or theft.
It’s always handy for investors to know other investors. This could work in your favour for referrals to their handymen, mortgage brokers, accountants or other professionals.