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One area that you will come across when operating your investment business has nothing to do with cap rates, ROI or monthly rent prices. At some point, you will have to make a decision to do something about time management and how it affects your strategies. You will be faced with the decision involving should you hire help for your investment property business. It is too easy to spread yourself thin when you are managing every aspect of a property and new acquisitions. There are many talented people that can step up to the plate and help you hit a home run in real estate if you will let them. Experienced help can be hard to find leaving you with the option of training someone new. That's OK. Remember when you first started?
Why Hiring Help is a Good Decision
The word hire does not have to send you into a panic worrying about W2s and other tax considerations. There are many ways that you can bring someone aboard your real estate ship. Hiring someone can be one of the smartest decisions that you can make. One advantage is that it frees up your spare time that you used to spend doing mundane tasks. If you spend more than 2 hours a week on the phone, you could put someone else in charge of these phone calls and give yourself a needed vacation. Things like sending email, faxes, searching the Internet and responding to general inquiries can be completed by someone that you hire.
Paid Versus Intern
It does not matter where your property is located when you operate an investment property business. There is work to be done. You can spend as much money as you need to when hiring someone to take your place doing manageable tasks. It costs less than you think to hire someone on popular freelancing websites like Fiverr, oDesk and eLance. For about the price of a gourmet cup of coffee each day, you can pay someone to work an hour or two in your absence.
Interns have been the staple of the real estate industry for decades. While it is true that not all free help is beneficial, many college age workers are more than happy to work in professional industries like real estate. Many students attending local or state business colleges search for work every month out of the year. A well trained intern can help your business and hired intern to go places that neither of you dreamed before. Following the examples of the wealthiest real estate moguls in the world will back up the benefits of hiring help.
Possible Tax Benefits
The money that you pay a freelancer or intern could be offset at the end of each taxable year. Not every real estate investment company has the same tax structure and it is helpful to review what is and what is not deductable. Many investment property owners have found success using interns and freelancers and have been able to benefit from tax breaks from the investment made in their business. Doulble checking with a tax professional or CPA before you hire someone is always a helpful action.