How to Grow Your Sarasota Rental Property Portfolio with These Investor Tips

Wealth Creation Requires Forethought and Planning

Wealth Creation Is a Team Sport

While it is true that a certain amount of your wealth creation is self-generated, the mistake that many make—a mistake that virtually always leads to failure—is that of going it alone. Wealth creation truly is a team sport.

There isn’t a single person in the history of the world who has created any amount of significant wealth without the help and support of a team of trusted advisers, and to think that you will be the first person to do so is preposterous. In my capacity as an experienced real estate broker, property manager, and attorney, I’ve come across hundreds of people who have failed miserably at their attempts to invest in residential rentals. The overwhelmingly common trait among them is that they consistently failed to seek out and implement the advice of experienced advisers. The earth is littered with the carcasses of those investors who stubbornly tried to go it alone.

Stubborn, know-it-all, do-it-yourself investors seldom find the success they so vainly chase. These are the same people who will tell you that, “Real estate investing doesn’t work. It’s too hard. You can’t find good tenants! Property managers are rip-offs!” The truth is, investing in Sarasota, Bradenton, and North Port, Florida area rental homes and condos is probably the single best wealth creation move an individual investor can make. However, it has to be done correctly, and in coordination with the expert advice and guidance of an experienced team. Investors who remain open to the help of those who have proven themselves experienced are the ones who ultimately succeed at the rental real estate game.

Who Should Be on Your Real Estate Investing Team?

Now for the very, very, good news—you only need a few specialists on your advisory team, and you’ll typically pay them on a per transaction basis. There’s no excuse for not assembling them in advance. Here’s whom to include:

1. Real Estate Sales Agent: Don’t pick just any agent, but one who is well-versed in investment property sales.
2. Real Estate Attorney: Don’t pick just any attorney, but one who specializes in real estate transactions as the centerpiece of their practice.
3. Property Manager: While listed here last, this is an essential member of your team. They are the one who will be responsible for the day-to-day operation of your rental properties. They will also have the most significant impact on the overall value of your rental portfolio over time. Choose your property management company wisely, as this is by far the most important member of your team.

These are the core three members of your team. Two others you should consider are:

1. A good insurance agent that has experience working with rental property investors.
2. A good accountant that has experience working with rental property investors.

Wealth Creators Never Stop Learning

While having a great team in place is vitally important to your success as a real estate investor, it doesn’t remove your responsibility to learn. Learn as much as you can about successful real estate investing! There are thousands of books on the subject. There are also hundreds of so-called “gurus” pitching their programs and seminars, so be careful and choose your sources wisely. For starters, I recommend you check these out:

1. Hold: How to Find, Buy, and Rent Houses for Wealth, by Steve Chader, Jennice Doty, Jim McKissack, Linda McKissack, Jay Papasan, and Gary Keller.
2. The Millionaire Real Estate Investor, by Gary Keller, Dave Jenks, and Jay Papasan.
3. BiggerPockets.com—the most respected real estate investing forum on the web.

The Take-Away

Wealth creation through rental real estate investing requires forethought and planning. Few successful landlords make it on their own. They succeed by assembling a team of professionals to advise and guide them along their wealth creation journey. Real estate wealth creators are lifelong learners who are committed to continually upgrading their investing skills and investment portfolio.

About the Author

John Michailidis, JD, is the Broker/Managing-Member of Real Property Management of Sarasota & Manatee, a Sarasota, FL based residential property management company. Real Property Management of Sarasota & Manatee provides both Full-Service property management and Lease-Only services to Sarasota, Bradenton, Venice, and North Port area landlords. Owners of residential rental properties in Manatee or Sarasota counties, Florida, should feel free to reach out to our team at 941-216-0005, or through our website.

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