Building an effective team can make your life as a real estate investor a lot easier. You are only one person and cannot do everything or be an expert in every aspect of real estate investing. Going at a project alone can become one of the most frustrating experiences you will ever encounter. Many people have become frustrated and quite real estate investing because they try and juggle too many things. Make sure that when putting a team together you provide everyone with win-win opportunities. When someone knows that working with you is going to make them money they will put you as a higher priority on their list. But you have to prove it to them that you are the real deal.
People to have on your real estate investing team include
- Real Estate Agents: Find the top agent for volume of sales in your area and other agents who work with real estate investors. Real Estate agents can be a great source for leads and help you get your rehabbed properties sold.
- Real Estate appraisers: Find an appraiser that has done a few hundred jobs or more and make sure they carry errors and omissions insurance.
- Real estate contractors: Good rehab crews that can get the job done in a timely manner, have 3-5 crews on your speed dial and on every deal get 3 estimates done. Ask for referrals from them and make sure they are licensed.
- Real estate attorneys: Every investor needs an attorney, they can help to protect your assets, make sure you find one that works with investors and knows what you are doing.
- A property management company: Can manage your properties and will give you leads on property they are managing that might come up for sale.
- Title companies: Take care of the legal process and make sure there are no liens against the property you are buying, choose one that does hundreds of closings a year.
- Home inspectors: Charge about $400 but will give you a great inspection and could save you thousands in the long run.
- Bankers/Mortgage brokers: Help you get financing for your deals and can get financing for your buyers?
- Bird Dogs: Every big investor has bird dogs searching every crack and crevice for vacant houses and motivated sellers. Get some bird dogs and it will save hundreds of hours of your time.
- Other Investors: other investors may be experts in other investing niches. You can out source your short sales to short sale experts in your area. Wholesalers can get you some amazing deals. You also need rehabbers to wholesale your deals to. Land lords to sell deals too. Networking with investors is one key to a successful real estate business. Do not think of them as your competition, think of them as part of your team.
- And your Mentor
All of these people can help you in various aspects of real estate investing. You might find that there are a couple others that are keys to your business but this is just a list of a few. Everyone will also be a source for leads. You have to let them all know what you do by proving that you keep your word and back up what you say you are going to do. Also treat each one with respect, and act ethically or your team will turn on you.
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