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As you probably know, when you buy and manage even a single investment property, it is helpful to have some semblance of a team in place.  The most important team member you will have is obviously your real estate agent.  The reason is because your property agent will be the one that informs you of properties for sale, and will also be the one to fully coordinate the buy / sell process on your behalf. 

Aside from your agent, there are no other required team members, at least right out of the gate.  But as your income property portfolio grows, having an all-encompassing team in place can make things a heck of a lot easier.  Team members such as a title company representative, landlord insurance broker, handyman, and plumber become more and more important as your portfolio grows.    

But what about having a real estate attorney on your team? Well, like most things in life the answer is “it depends.”  It really boils down to your state of operation, and the scope of your business.  In some states, an attorney is required to execute a buy/sell transaction, but in other states you will only need a title company to fulfill this role. 

In terms of the scope of your business, the larger it grows the greater the need to have an attorney on your team.  Even if you are located in a state that does not require an attorney at the mortgage closing table, if you have a bunch of properties then it probably make sense to have a “go-to” attorney.  I’d say, if you have more than 10 properties, you’ll want to add an attorney to your team.  The reason is that your exposure to liabilities and risks increases as you add properties, simply because you have more tenants.

For me, although I have used attorneys in the past to deal with zoning issues and things like that, I do not have a regular go-to attorney on my team.  The reasons are that I operate in NJ, which only requires a title company at the closing table, and I have less than 10 properties at any given time.  But again, if your state requires legal representation at the closing table, or if you have more than 10 properties, do yourself a favor and find a good attorney to add to your team.



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