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You might not think that you need much of a support system, especially if you have only one or a few tenants. You may not require help on a daily basis, but you should certainly start off on day one by identifying whom you will call when you do need assistance. Depending on the type of property you own, you'll need some or all of the following:
Attorney-There are standard forms you can purchase, but the one you choose might not be suitable for your kind of property. If you're considering this, you should still have the attorney review it. If the property is commercial, you should definitely have legal counsel in regard to the lease.
Accountant-If your taxes are simple and you've always done them yourself, it's not beyond imagining that you could continue to do so after purchasing a small income property. However, if you're forming a partnership, making improvements to the property, or getting into any issues that are beyond the elementary, it's time to use an accountant.
Handyman-When the tenant calls to say there is a drip coming through the ceiling, you might be lying on the beach in Aruba, testifying before Congress. You should also find someone locally on whom you can call to take care of small repairs when you cannot.
Rental Agent-If you're dealing with a relatively small number of rental units, you will probably choose to serve as your own rental agent. It will mean advertising for tenants. Residential tenants will typically search newspaper advertisements, but prospective tenants for commercial property will be more likely to work through a broker; you should certainly consider engaging an agent to rent your commercial space.
Contractors-Soon after you purchase your first property, ferret my recommendations and decide who you'll call for plumbing repairs, drain line clearing, glass repairs, electrical problems, and carpentry if the job exceeds the skills of your handyman. If you have prevailed to this point, now it's up to you to put this collected wisdom into action-to find, finance, and operate your profitable investment property.
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