Assembling your real estate investing team is one of the most important things that you can do when starting your real estate journey. Having a strong team behind you when doing this can be beneficial for you in the long run.
Building Your Real Estate Team
There are several important things you need to be successful in real estate investing, one of which is a great team. What exactly does it take to make a winning team and how easy is it to accomplish it?
1. Mentor: Every successful entrepreneur needs a good mentor. A guide. By training under the watchful eye of one smarter than us, we can only get smarter. Although this is merely a suggestion, it can be quite useful to gain knowledge from someone that has been through the route before.
2. Mortgage Broker: You want someone who has the experience of working with other investors. They need to be creative and smart!
3. Real Estate Attorney: It is really important to have someone on the team who can go through contracts, and who knows the legalities of all your moves. Legal contracts in real estate investing can become complicated if doing it alone.
4. Escrow Officer or Title Rep: Having a good one on the team helps to close deals that much quicker. You always want people looking out for YOUR interests.
5. Accountant: Preferably a CPA (Certified Public Accountant). Your numbers guy should also be well aware of the ins and outs of real estate. Come tax time, this is the man to help you through the write-offs!
6. Realtor – someone keeping an eye out for you
7. Contractor: The good contractor seems like the hardest one to find, but can often make or break your profit margin. You want someone who gets things done on time and under budget!
Other Optional Team Members:
9. Insurance Agent: It is always better to have an insurance rep that is looking out for you when things hit the fan. When it comes to real estate investing, being more prepared is always better than having little to no protection.
10. Property Manager – While you’re away, it may creep into your mind to have someone watch over your investments. This is a smart decision and can give you the peace of mind you deserve while you’re away from your properties, especially if you invest out of state.
11. Great Handyman – Someone to take care of the little things that come up on a daily basis.
Assembling the team will not happen overnight, but once together, they will give you the backing and help you’ll need to make your real estate investing dreams come true.