As we approach the 2024 NFL draft, when teams are formed and dreams are built, it's a perfect analogy for the team needed to make a successful real estate portfolio. Just as the Bears players are crucial to their Super Bowl dreams, each role in your real estate investment team is vital to your financial freedom. Let's explore this further.
- As the investor/operator, you play a pivotal role in your real estate portfolio. You're not just the quarterback but also the integrator of your business, ensuring that every team member works together for your investment's success.
- The sourcing team is like your kick-off team. Before anything else can happen, we have to find a deal. Depending on your size and what you're looking for, this may be a realtor who helps put a deal together, a bird dog who drives around and finds rough properties to go after, or a wholesaler who finds below-market deals to scope in and take to the bank. Each member of this team plays a crucial role, working together to bring you the best opportunities.
- The finance team is your lifeline. Once you find a property, they step in to secure the funds to close. Having a flexible mortgage broker and banking team is crucial not only to ensure that you can close on this deal but also to set you up for future success. If you are not building a relationship for the long term, when it comes to lending, you are leaving a lot of money on the table. Having someone there who knows the end goal means helping you steer the boat to grow as fast as possible.
- Contractors: Once you buy the home, it's time to start assembling the team to run the properties like a business. You’ll need a good set of handymen and contractors to help ensure the units are ready to be rented and help take care of any problems that occur while the tenants are there.
- Attorneys: From closing on your home in Illinois, at least, to forming a proper LLC, having a set of reasonable real estate attorneys at the ready is vital. This is not to mention if you need to file an eviction, defend against a city violation, or file a tenant lawsuit. Oh, and having an iron-clad lease that follows the Chicago RLTO is vital for investing in Chicago.
- Book Keeper: If you're not paying attention to your numbers, this game will eat you up alive. If you are, not only will you continue to thrive, but your tax write-offs will be easy to take.
- CPA: Speaking of Taxes, one of the most significant reasons Real Estate is one of the best assets to invest in is the tax advantages. Ensure your tax professional deals with real estate regularly because your basic turbo tax will not take advantage of the enormous tax code written toward real estate investors.
- Leasing agent: The place is ready to go, and it's time to get a tenant. Ensure you have an agent looking to find you a quality tenant and not just get a paycheck.
- The property Manager walks the property periodically, collects rent, and schedules maintenance. If you are building an empire, you won’t have time to deal with all these things.
- Insurance agent: Make sure you have an agent you can call who actually takes the time to structure a plan to protect all of your assets, both investment-wise and personally, and to ensure that if someone slips at one property, they can’t take all of your portfolio.
That is a lot of people you need to successfully run an investment portfolio, and here and there you may need even more. Here is the great thing: If you are partnering with Chicago Style Management, we can handle a significant portion of your team. That's right; we are licensed realtors ready to help you find your next investment property, and general contractors and handymen are prepared to rehab and take care of all the leaking toilets. We handle all of your bookkeeping to make tax time a breeze and have one of the best leasing teams and networks. And, of course, as the name says, Chicago Style “Management” is ready to manage the property by collecting rent, writing leases, and scheduling all your maintenance for you so you can focus on the bigger picture.
