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Updated about 9 years ago on . Most recent reply

User Stats

125
Posts
82
Votes
Derek Petersen
  • Investor
  • San Diego, CA
82
Votes |
125
Posts

RE Biz Scaling, Roles, Working with your Spouse

Derek Petersen
  • Investor
  • San Diego, CA
Posted

To the folks who have gone from real estate as a lucrative hobby to opting out of your W2 and transitioning to a business-

After you have developed your business plan; the how, the why, and the what at some point you will need to sit down and develop roles and responsibilities. That's where I am; last year I brought in assistance to help with the owner statement data entry and managing getting the income/expenses into the system that we use for tracking. I'm still struggling with this in part because I don't believe I've explained the roles and responsibilities very well. I'm also struggling with defining what my spouse is responsible for. From my experience in the workplace, I believe I am missing the role definition, the responsibilities of the role, and how those responsibilities are measured. So that being said, has anyone sat down and wrote out job titles i.e. Acquisitions/Business Development, Operations Manager, Bookkeeper, with the associated responsibilities, experience necessary, and goals for the position? It would be fantastic if other buy and holders that have gone through this transition could provide some examples of what's worked for them.

Thank you!

User Stats

160
Posts
53
Votes
Sam Valme
  • Rental Property Investor
  • Arlington, VA
53
Votes |
160
Posts
Sam Valme
  • Rental Property Investor
  • Arlington, VA
Replied

Hey @Derek Petersen, I think you and I are in a very similar place. My wife and I are working now to better define the roles that we play in our company. As of now here is what we've come up with. Essentially what we did was think about each "job" that we do. Then segment the roles into a "sub-job" the goal is to eventually be able to hire someone else to take on most or all of the responsibilities of each job. 

Sam - Director of Business Development

  • Asset Acquisition Manager
  • Definition: The Asset Acquisition Manager's primary role will be to build a pipeline and business network to deliver sustainable assets to the White House Rentals Portfolio. They will assist in developing accurate criteria based off market analysis and procure properties leveraging sources such as the MLS, Wholesaling Partners, Direct Mail, and Referral Business.
    • Prospect Analysis
    • Capital build up
    • Finance strategy
    • Rehab strategy
  • Business Analyst
  • Definition: A Business Analyst for White House Rentals is responsible for envisioning the future of the company. They should have a core understanding of current business trends and set accurate expectations for objectives to grow revenue year over year.
    • Long term planning
    • Competition Analysis
    • Joint Venture Strategy
    • Partner Management
    • Corporate Structure
  • Project Manager
  • Definition: White House Rentals Project Managers will oversee rehab projects in the companies portfolio. These projects may range from Flips or future Buy and Holds. Analysis of prospective whole sailing deals may also be done for resale potential.
    • Oversee Rehab Projects
    • Coordinate Contractors
    • Ensure Timeline and Budget are Maintained

Jeanne - Director of Operations

  • Accounting Manager
  • Definition: The Accounting Manager will act as an extension of the Third Party CPA team currently hired by White House Rentals. They should work with our CPA team to ensure statements are up to date, budgets are set, and all invoices are paid in a timely manner.
    • Budgeting
    • Tenant statements
    • Late reminders
    • Rent collection
    • Capital expenditures
    • Mortgage payment
    • Tax Preperation
  • Property Manager
  • Definition: Properties held in the White House Rentals Rental portfolio will be managed by the Property Manager. They should work to maintain a high level of tenant satisfaction and minimize turnover when possible. They will also work to place new tenants when turnover does occur. As well as schedule contractors to work on repairs and maintenance issues.
    • Tenant turnover
    • Tenant satisfaction
    • Repair
    • Maintenance
    • Walk through
    • Scheduling
  • Marketing Manager
  • Definition: The Marketing Manager will be responsible for the branding of White House Rentals LLC. This will include, online and physical media. As well as managing and coordinating social and networking events in the REI community.
    • Website design
    • Branding Strategy
    • Company mission statement
    • Create collateral
    • Manage networking events 

User Stats

9
Posts
4
Votes
Jim Martin
  • Investor
  • Walcott, IA
4
Votes |
9
Posts
Jim Martin
  • Investor
  • Walcott, IA
Replied

Working with your spouse is AKA "Marriage Building 101" you must BOTH, know exactly who is primarily responsible for what, who is the decision maker for what, and who will be held accountable for what. Communication is key and very important, If joint decision making was decided upon it MUST be a joint decision! Have fun (it can be) working together.  Good Luck!

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