Using A Team

This may be one of the most overlooked aspects of buying an investment property.  

Too often we get “I have a realtor already” or “I want to stay with my bank or mortgage broker”.  We do not discourage anyone from using their own realtor, mortgage agent, property management company if there is an existing relationship in place.
But, there are several reasons why we have put a team together and it’s what really makes us stand out from the rest.

I will always say this, the communication is the key with the right people.
Understand that stepping into the investment market, it is a niche that very few truly understand and it is very easy to make mistakes or mortgage or purchase something that could end up costing you a lot of money.  Money most of us cannot afford to lose.

Most mortgage brokers and bank employees are not trained on the Smith Maneuver.  Most don’t even understand how the HELOC works.  Not setting up the structure of your mortgages can cost you thousands in tax dollars.  
We see time and time again realtors advertising that they are an investment specialist.  Yet few even own a property of their own, have very little training or know what to look for.  What if you purchased an Airbnb property, closed on it, then later found out that Airbnb was not allowed in that township?  Or the township you purchased your rental property in requires an annual fee or charges 2 to 3 times the property taxes for a rental property. There goes any profit. 

The worst thing I have come across with clients is with the cash flow sheet that they received from the realtor.  The information is incorrect, they used the wrong interest rate, did not calculate in the property management fee or the cost of the down payment.  I have had conversations with clients that thought they were cash flow positive and once we worked out the proper numbers, they were actually $1000 to $1500 negative.
It’s very important for all of us that this is a positive experience and you are receiving the results that you were promised.