I am a person that enjoys sporting events, and this time of year I particularly enjoy college basketball. No matter how good a ball player may be, they need a team Even a Heisman trophy winner or an All American ball player needs others to accomplish the goals of the team. Well, the same is true in your real estate and note business. You cannot do it alone. You need the help, work, skills, and wisdom of others to accomplish the goals in your real estate and note business. In my last blog post, I focused on some of the people and skill sets you need on your team in your real estate and note business. I want to continue that today as I share other persons you need as a part of your team. They are as follows:
1. Accountant- It is vitally important that you have a skilled accountant or book keeper on your real estate or note team. You need accurate record keeping on your expenses for a number of reasons. First, it is importatant that your business remain financially solvent. A good accountant or book keeper can make sure that your expenses in your real estate or note business do not exceed your income. Secondly, you need a good book keeper or accountant in your real estate or note business as you prepare your annual tax returns.
2. Property preservation professional- If you focus on the purchase of real estate notes, you will need a person that specializes in property preservation. While a note investor does not own the property, they certainly have an interest in the asset. There may be times (especially when a note is non performing) when you will need a property preservation professional to do things like repair broken windows or damaged doors. This will be particularly true if the property is vacant. You also might need their assistance to winterize the property particularly if it is in a part of the country where the weather gets very cold. During warmer months, a property preservation professional could keep the yard mowed so that you do not face fines from code enforcement officials in some areas.
3. Marketing assistant- If you are seeking to sell the property or rent the property and you are doing it yourself without the help of a real estate professional, you probably will need the help of a marketing professional. You need to let the world know that you have a property for sale or a note for sale. This person would do duties like placing signs in the yard or ads on sites like Facebook marketplace or Craigslist. They also could assist with placing signs in the yard or sending letters or post cards to potential buyers.
A final thought: Remember, everyone on your team has an important job that is crucial to your real estate investing or note investing success. Be clear to each team member what you need. Be grateful in your pay and your words to your team members. Best wishes in all your real estate pursuits.- R.L. Wall