MY TEAM...

[Hendrix P.]

I am planning buying my first investment property and would like to know what key people (broker, agent, etc) I should have lined up before I purchase. Who should be on the team?

Also, I know I need a CPA, should that person be in the state I live or where my investment property will be?

Thanks in advance,

Hendrix

[Jon Holdman]

I think the "team" concept is overblown. At least you didn't call it a "power team". These are really just people you work with as needed.

You'll probably want to work with an agent to make a purchase.

Sounds like this is out of state, so you'll need a property manager and local contractors. You can look for and interview these when you visit to evaluate the area. Always good to have a general purpose handyman and a plumber readily available. Though, if you're using a PM, the PM may have these (at a premium price.)

A lawyer in the state with the properties is useful. Maybe two. One for the actual purchase and ownership issues and one who's an expert in landlord tenant law.

Your account should probably be local to you. Your taxes will get more complex with rentals. But you'll also have to file taxes in the state with the property.