Investing in real estate can be a great way to make money. When done correctly, it can provide a steady income stream and help you build wealth over time. In fact, according to Statista, house sales in 2019 went over 681,000 in 2019, following years of growth. It’s no wonder that real estate investing is becoming more and more popular.
However, it is not without its challenges. From finding suitable properties to renovating and flipping them, a lot goes into making a profit in the real estate market. Therefore, ensuring you have all the bases covered in your investment business is essential. This includes considering which services to outsource to save time and money. Here are five services real estate investors should consider hiring:
1. Real Estate Attorney
Investing in real estate can be complicated, so it’s essential to have a good attorney on your side. From hidden fees to zoning regulations, there’s a lot that can go wrong if you’re not careful. An excellent real estate attorney will be able to help you navigate the complicated process of buying property, and they can also represent you in court if necessary. In addition, a good attorney will be familiar with the local laws and regulations, saving you a lot of time and money in the long run.
But how do you choose the right counsel? Start by asking for recommendations from other investors in your area. Once you’ve compiled a list of potential candidates, set up initial consultations to get a feel for their personalities and expertise. And finally, make sure you’re comfortable with the attorney’s fees before hiring them. Having a good attorney on your team is crucial for protecting your interests as a real estate investor.
2. Property Management Company
If you’re going to be buying rental properties, then you will need someone to manage them for you. A property management company can take care of things that will free up your time so that you can focus on finding more properties to invest in.
If you’re interested in renting out your property, screening tenants is one of the most critical aspects. You need to ensure you’re renting to responsible people who will take care of your property and pay rent on time. This can be a lot of work, but it’s worth it to avoid headaches down the road. That’s where a good property management company comes in. They can take care of all the tenant screening for you, so you can rest assured that you’re only renting to qualified applicants.
They can also be in charge of collecting rent and maintaining the property. This includes everything from fixing broken appliances to mowing the lawn. In other words, they’ll take care of all the day-to-day tasks of being a landlord.
3. Builders and Contractors
If you’re planning on flipping houses, then you will need to upgrade the property to increase its value. This is where contractors specializing in custom fixtures come in. These can help you add features that will make your property more desirable to potential buyers.
For example, if you’re flipping a house in an area popular with families, you might want to add a custom pool. Custom pool contractors can design and build a pool that fits your budget and the needs of your property. In addition, they can also add features like custom lighting and waterfalls.
Custom amenities can make all the difference when it comes to selling a property. They can help you get top dollar for your investment and make flipping a house a lot more enjoyable.
Another service real estate investors should consider hiring is an accountant. This is especially important if you’re flipping houses or doing any other type of short-term investment. An accountant can help you keep track of your expenses and maximize your profits. They can also help you with your business’s tax preparation and financial planning.
To find the right accountant for your investments, decide what services you need from them first. For example, do you need help with tax preparation? Do you need someone to manage your finances every month? Once you know what services you need, ask other investors for recommendations. After getting a few names, interview candidates and ask about their experience with real estate investing. For instance, how well do they understand the tax code? What tips can they give you for maximizing your profits?
Hiring an accountant is a smart move for any real estate investor. They can save you a lot of money and help you avoid costly mistakes.
These are just a few of the services that real estate investors should consider hiring to save time and money. By outsourcing some of the work associated with investing in real estate, you’ll be able to focus on what’s most important — finding and flipping properties!