If are involved in Real Estate Investing you have likely had people tell you that you need to build your team.
Sometimes people will explain to you who that means and other times you simply have only a few obvious ideas.
That being said, to build a successful team you need to build a relationship with many different individuals.
Choose your teammates wisely and they will help you reach the Real Estate Investing dreams that you so desire.
Your Team Should Include...
Your Spouse/Significant Other Support at home is critical.
If possible get your spouse/significant other involved in the business somehow.
Maybe they can go to a Real Estate Investment Association (REIA) meeting with you.
Get them involved even if it is just giving their opinion on something such as your marketing materials.
Your Local REIA: In order to associate with like-minded Real Estate Investors and local Entrepreneurs, it is essential that you find a REIA to attend in order to network with fellow Investors.
Visit the National REIA website to find a group near you.
Other Real Estate Investors Other Investors are a major player on your team.
You will seek their advice or input often and they will be able to provide referrals for many of your other teammates.
Real Estate Attorney You will have contracts that need to be reviewed; you will need help with closings, and you will need legal advice on your business.
Select an attorney that is familiar with creative Real Estate Investing.
Accountant You want a certified professional keeping your books, preparing your financial statements, and advising you on tax issues.
Make sure they also understand creative Real Estate Investing.
Title Insurance Company Title searches and closing are often done by Title Companies.
Note that in some areas it is common for attorneys to do these functions.
Insurance Agent Insurance will be needed for all properties that you buy and hold for whatever reason.
Not to mention liability insurance.
You will also probably want an all-encompassing umbrella policy to protect you and your business.
Again select an agent that is familiar with what you do.
Real Estate Agents Yes, you want Investor friendly Real Estate Agents on your team.
It will probably take some time to find a few, but they are worth their weight in gold.
Make sure the relationship will be mutually beneficial.
Licensed Agents also have MLS access which gives them lots of information not available to the general public.
I will often ask a Real Estate Agent to help me with values (by providing the necessary data) when I am purchasing a property.
Then I will have that agent list the home when it is time to re-sell the property.
Mortgage Broker If you need to help a tenant owner get financing, a mortgage broker can come in handy.
They can start early in the process and try to get your tenant owners a mortgage to cash you out.
Have several different companies at hand.
Get referrals and stay on top of them throughout the loan process.
Inspector Eventually you will become pretty good at inspecting structures, and systems but until then use a professional.
A wrong evaluation can cost you thousands.
Licensed Contractor This is the best person to estimate repair costs.
While an Inspector can spot things that need to be repaired, your contractor can give you accurate labor and material estimates.
Make sure you get referrals and make sure you also get or at least see a copy of the Contractor's insurance policy that lists you or company on it.
Appraiser Again, you will eventually get very good at this, but have an appraiser on your team as you will need help in the beginning.
Notary Public (Mobile) Some documents have to be notarized and you do not want to wait until the next day when a Motivated Seller is ready to sign your contract.
Having a mobile notary on your team allows someone to meet you right at a property.
A Few Othersto Take Care of:
And if not, do not worry because once you have a Real Estate deal in hand, you will quickly figure out if there are others that you need.
Sometimes people will explain to you who that means and other times you simply have only a few obvious ideas.
That being said, to build a successful team you need to build a relationship with many different individuals.
Choose your teammates wisely and they will help you reach the Real Estate Investing dreams that you so desire.
Your Team Should Include...
Your Spouse/Significant Other Support at home is critical.
If possible get your spouse/significant other involved in the business somehow.
Maybe they can go to a Real Estate Investment Association (REIA) meeting with you.
Get them involved even if it is just giving their opinion on something such as your marketing materials.
Your Local REIA: In order to associate with like-minded Real Estate Investors and local Entrepreneurs, it is essential that you find a REIA to attend in order to network with fellow Investors.
Visit the National REIA website to find a group near you.
Other Real Estate Investors Other Investors are a major player on your team.
You will seek their advice or input often and they will be able to provide referrals for many of your other teammates.
Real Estate Attorney You will have contracts that need to be reviewed; you will need help with closings, and you will need legal advice on your business.
Select an attorney that is familiar with creative Real Estate Investing.
Accountant You want a certified professional keeping your books, preparing your financial statements, and advising you on tax issues.
Make sure they also understand creative Real Estate Investing.
Title Insurance Company Title searches and closing are often done by Title Companies.
Note that in some areas it is common for attorneys to do these functions.
Insurance Agent Insurance will be needed for all properties that you buy and hold for whatever reason.
Not to mention liability insurance.
You will also probably want an all-encompassing umbrella policy to protect you and your business.
Again select an agent that is familiar with what you do.
Real Estate Agents Yes, you want Investor friendly Real Estate Agents on your team.
It will probably take some time to find a few, but they are worth their weight in gold.
Make sure the relationship will be mutually beneficial.
Licensed Agents also have MLS access which gives them lots of information not available to the general public.
I will often ask a Real Estate Agent to help me with values (by providing the necessary data) when I am purchasing a property.
Then I will have that agent list the home when it is time to re-sell the property.
Mortgage Broker If you need to help a tenant owner get financing, a mortgage broker can come in handy.
They can start early in the process and try to get your tenant owners a mortgage to cash you out.
Have several different companies at hand.
Get referrals and stay on top of them throughout the loan process.
Inspector Eventually you will become pretty good at inspecting structures, and systems but until then use a professional.
A wrong evaluation can cost you thousands.
Licensed Contractor This is the best person to estimate repair costs.
While an Inspector can spot things that need to be repaired, your contractor can give you accurate labor and material estimates.
Make sure you get referrals and make sure you also get or at least see a copy of the Contractor's insurance policy that lists you or company on it.
Appraiser Again, you will eventually get very good at this, but have an appraiser on your team as you will need help in the beginning.
Notary Public (Mobile) Some documents have to be notarized and you do not want to wait until the next day when a Motivated Seller is ready to sign your contract.
Having a mobile notary on your team allows someone to meet you right at a property.
A Few Othersto Take Care of:
- General Handyperson Work
- Demo and/or Hauling Junk
- Plumbing
- Electric
- Termites/Pest Control
- Roofer
- Painter
- Carpet/Flooring
And if not, do not worry because once you have a Real Estate deal in hand, you will quickly figure out if there are others that you need.
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