How To Build A Real Estate Investing Dream Power Team
New real estate investors get crowded with intimidating things they do not understand about the business. They are scared of messing things up.
As a smart real estate investor, you must let professional do their job. Instead of learning how to do everything yourself, building a power team can help you tremendously in your business.
This article helps you get started with your dream team.
What is a power team?
A power team, or dream team, is a team of people who can handle your business needs as a real estate investor. Depending on what you do, you will some professionals, and not others, in your team.
Here is a list of the main people you need in your dream team.
1) Title company - to close your deals for you. The title company you choose must work with real estate investors. They can handle most types of deals, making work very easy for you. You just fax them the contract and they handle the rest. Most title companies have their in-house lawyers.
2) Insurance agent - to insure your properties
3) Home inspector - very important person in your power team. Inspections have saved me sometimes tens of thousands of dollars when buying a property.
4) Contractors - Handy when you need to fix things up. Even if you are not a rehabber, you might need to do some light work.
5) Handymen, general cleaners - Sometimes you need these
6) Mortgage broker - you might need them when buying houses or when getting your buyers qualified for mortgages. You need a mortgage broker in your dream team.
7) Hard money lender or private money lenders - private money investors are cheaper and better. A real estate investing website for attracting private money is necessary for this.
At the foot of this article is a good recommended website.
Hard money lenders do not lend based on your credit, but on the property. Identify a good HML to work with.
8) Appraiser - when selling your properties or refinancing, you may need an appraiser
9) CPA - to keep your books clean!
10) Real estate investors - some have cash to buy the properties you have!
11) Realtors - sometimes you need the services of a real estate agent, e.g. to buy REOs. A good Realtor will help you get comps and general advice when you give them business. The Realtor you choose must like to work with real estate investors.
Where do you get all these people?
The best place to get your dream is your local real estate investment groups. Other real estate investors already work with these people. Investors know who delivers and who does not. Sometimes one or two networking meeting is all you need to build your entire dream team.
Must you have all the people above in your dream team? No, your business model determines who is in your dream team.
Do not be surprised to find that most real estate meetings are sponsored by vendors. These vendors form your dream team all under one roof! If you have no real estate groups in your area, then you will need to do some research.
You must be doing deals as a real estate investor. Do not wait until you build a dream team, so you can buy your first deal. Building a power team is a continuous process.
Successful real estate investing must be driven by a ready supply of private cash available from private money lenders. Targeting these lenders requires you convince them that their money is safely invested in your deals. Learn how you can attract investing cash through a private money website.
Good post.
Excellent!!!