So you just finished your first real estate investment book, and now you are ready to take on the world, make million dollar deals, and rub shoulders with the likes of Donald Trump. These are exactly the thoughts I had way back when I succumbed to the late night Carleton Sheets infomercial. It’s been so long ago, and I don’t remember any chapters on teambuilding. You can correct me if I’m wrong.

Now all these years later I realize that I cannot do everything alone, and that success comes faster with a team. Since every investor has different goals, not every team is going to be the same. So, to that end, this is just a narrative of the team members that I feel are important at the point I am at, in my quest for financial freedom through real estate investing.

• 1.)ACCOUNTANT – When most people think of an accountant, they think of the local tax preparation office, you come in, sit down, hand them your W-2, they click away at their keyboard for a few minutes…Ok, and you’re getting back 800 dollars this year….NEXT PERSON IN LINE PLEASE! …… In the future run away from these places as fast as you can. Research reputable local accountants. Write down some questions, and call them up and ask them. Find out if this person meets your criteria, if not run away. A legitimate tax professional can save you thousands of dollars in a single year, by setting up a tax strategy that fits your personal goals, and financial situation. The number one thing I look for in a tax professional is whether or not they are a former IRS agent. My current accountant is a former IRS agent, and this guy is worth his weight in gold. He seems to know every in and out of the US tax code far better than anyone I have ever met in my life, he has worked on both sides of the table, and for a couple packs of black and mild cigars, and some paper for his printer (I bring a new ream of paper for his printer when I come over, because in the beginning he would always run out when I was in his office) he has no problem letting me hang out to pick his brain for hours about tax code, or anything else for that matter. He loves talking about taxes, so I am always ready to listen. He is a little quirky, and he works out of his house, has trouble being on time, and his girlfriend is always offering me something on a plate she calls food, which I happily eat, so that I do not offend, but his knowledge far outweighs any quirks, so do not be quick to judge someone based on whatever negative attributes they may have.
• 2.)REAL ESTATE AGENT- Do not settle for someone just looking for a payday. If a realtor takes you around, shows you a few houses then put on the pressure to make a choice. To me this shows that they do not want to spend the time with you, and are just looking for a quick payday. The most important thing I look for in a realtor is. Do they make their living selling real estate? And for how long? Do not be afraid to ask them. This single thing separates the men from the boys. A guy that puts food on the table selling real estate for over 10 years is going to have more knowledge, and will help you avoid potential costly mistakes.
• 3.)CREDIT REPAIR PROFESSIONAL- Lets be real, a lot of new investors do not have the best credit, and almost everyone can use some improvement, and some knowledge on the credit industry. Knowledge is power, and knowing how your credit score works is great. What I have come to look for in a credit repair professional is: Only pay for what is deleted! In my opinion this is what makes a company more legitimate in my eyes, a lot of the scams out there will try to sign you up for monthly payments, or collect a huge upfront fee. DON’T DO IT, find a company that only charge for deletions, and doesn’t mind answering any questions you may have. Set up a credit strategy that will keep you score as high as possible.
• 4.)LAWYER- This is a position I am in the process of scouting, but I utilize a pre-paid legal service which costs around 20 dollars per month, All the lawyers I had contact with to date have answered all my questions adequately, on a broad range of subjects, the service is not just limited to real estate, and reviewed all my documents submitted, in a timely manner, and provided valuable legal feedback. So this is low cost option for a real estate beginner.
• 5.)PROPERTY MANAGER- If you have always dreamed of a life of fixing toilets, and changing light bulbs, then leave this professional off your list. If you are like me, and prefer a stress free life, bite the bullet, pay the percentage. You can thank me later. When faced with an inevitable eviction of a tenant, to get the job accomplished, I said four words; “give them their notice” I hung up the phone, and enjoyed a cold beverage, and some BBQ. In 3 weeks I had a new tenant in place, just in time to pay the next month’s rent. All thanks to a competent property manager.

So at the point I am at in my real estate journey this list sums it up for me. If you have these 5 professionals working for your best interest, you will have an edge when you finally take action to purchase that first rental property. Feel free to ask any questions, as I will share my knowledge with anyone who wants to learn…and sometimes even when you don’t 🙂 Let me know some of the professionals you find valuable in the comments!