Whether you are investing in a house, condo, or even commercial property, you will need a team of people.  The better the team, the more successful your outcome.  You can play some of these roles yourself, or subcontract them.  The decision on which ones to do yourself are based on how many properties you have and your personal financial situation.

Team Members

1. A Realtor will help you find, negotiate, and close on the property.
2. An inspector will examine the property to let you know the condition of the property.
3. For Commercial Properties, an Environmental Inspector will examine the condition of the land for contaminants and other potential issues.
4. A Mortgage Broker will help you find the best lender for your potential investment.
5. A Lender will lend you the money (typically a bank).
6. A General Contractor will assess the cost of work you want done on the property and get it done.
7. A Property Manager will take care of the property for you so you can go and buy more.
8. A Book Keeper will make sure your books are up to date.
9. An Accountant will file your yearly taxes and advise you on the health of your business.
10. A Lawyer or notary will “close the deal”: make sure you are buying the property and actually own it.
11. A Corporate Lawyer will create and maintain a corporation for you, if it applies.
12. A Banker wills provide all banking services.

Bonus Team Members:

1. A Active Partner will join the team and take on some of these roles in exchange for profits.
2. A Passive Partner can provide capital, or help qualify for mortgages in exchange for profit.
3. A Business Mentor or Coach is very useful to help you every step of the way and help you avoid common mistakes.
4. A Performance Coach will help you be in the right mindset to act and grow.
5. An Analyst will analyze the economic fundamentals of the neighbourhood, city, region, helping you decide which property.

Junior Investors

For real estate investors’s first properties, they typically take on the role of book keeper, property manager, general contractor, and analyst.  As they grow, these roles typically need to have other people assigned to them.  Maintaining a list of roles and people for each property will help you grow to more properties than you can ever imagine possible!

Intermediate Investors

Taking on as few roles as possible in the day to day activities of any property will free your time to work on more properties, or simply gain more free time.  Examine closely the work you are doing and ask yourself if it is worth it.

Seasoned Investors

With many properties, it is easy to miss things.  Optimization of processes and procedures is the name of the game.  How can you track all of your assets, their mortgages, periodic tasks, and make sure they are all completed on time?  If growth has been the focus, it may be the time to look at the entire portfolio as a whole and invest time in solidifying it.

Happy Investing!