If you’re anything like me, you began your real estate investment journey by handling every task yourself. Blame it on my entrepreneurial spirit or simply my lack of experience. I was trying to find a rental property; handle all of the maintenance, repairs and renovations; stay on top of my accounting and tax paperwork, and find qualified tenants all without any outside help. Hiring outside help was another cost to add to the list, and I was hoping that the less money I spent upfront, the better chance I had for higher profits in the long run.
As my portfolio continued to grow over the years, I got to a point where it simply didn’t make business or financial sense for me to manage all of the day-to-day tasks of being a landlord. As your rental business expands, time becomes your most valuable asset. Your priority should be protecting your investments and planning for the future, not unclogging your tenant’s shower drain.
Adding properties to your investment portfolio diversifies your risk and can certainly lead to more passive income, but with more properties comes more challenges (and more work). If you have the time and skills to manage multiple properties on your own, more power to you. But, if you’re getting to a point where you’re struggling to balance it all, here are four specialists you should consider adding to the team so you can focus on the bigger picture.
1. Property manager
Managing the day-to-day of your rental properties is likely your most time-consuming task as a real estate investor. This is one of the easiest jobs to outsource – someone else will be responsible for the clogged shower on a Saturday afternoon or the late-night lock-out.
You have a range of options when it comes to outsourcing property management tasks. You can consider hiring a trustworthy individual to act as your property manager, or you can hire a property management company that is responsible for many different properties from many different owners….