How To Calculate Your Expenses On an Investment Property
You have to remember, This is not another job for you... Real estate investing is a business for you right?
You're the CEO!
So, therefore, you have professionals you are going to hire to do the job, and you've already had them calculate their costs right?
All you need to do is work out your numbers as the CEO and determine whether this is a good deal or not and if you want to pay what your contractors are wanting for the job... All you need to do is create the vision, right?
You give the direction of what you want the property to look like, then the contractor tells you how much it's all going to cost! Ultimately it's up to you whether you want to pay that or not.
Sometimes people are shocked at how many people I have on my team... I get that!
When you look at my team you might think wow that's a lot of people how am I going to convince that many people to be a part of what I do?
There are questions that go through your head... Can I trust this person?
I get that when you first start in real estate investing, you're cautious, there's a lot on the table here, you tread lightly because you don't want to stuff up or make the wrong decision and lose everything.
1st things 1st... You need a broker; You need a loan officer/hard money lender to get the money for your property’s They're important because they are the ones that can actually get you the loan and get the process moving!
You need a contractor, very important, they are the ones that help you fix up the property!
Build a relationship with them. You can work directly with the contractor, and you both can work together to make sure certain things are getting done at certain times.
But YOU can be a project manager yourself... You don't need to spend lots of money on a project manager, and even if you hire one for your first/second or third investment property, stand with that person, learn from them, learn the process. So that you can do it yourself from certain times forward!
Your attorney is super important, sometimes you have to pay them a little extra than you expect but it's worth it, they do everything the right way to make sure you're covered!
You're the captain of the team, this is your company, your legacy, you decide what's important!
I want to encourage you that you are only 1 property away from becoming who you want to be, you are only 1 property away from living the life you want to live, from having the house you have always wanted to own you are one property away from sending your kids to the school you have always wanted them to go to. You are one property away from retiring!
You've got this!!