Having a great team is one of the many things you need to know in order to be a successful investor in the world of real estate. So who makes up your award-winning team? Below is a brief list of people you should consider having on your team.
1. Mentor – someone who has successfully done it and can now guide you through the ropes. Start your own network of investors and reap the benefits of having a mentor.
2. Mortgage Broker – seek an experienced broker. You will need someone who is both smart and creative.
3. Attorney Specializing in Real Estate – find someone who can review contracts and knows the ins and outs in the business real estate from a legal point of view.
4. Escrow Officer / Title Representative – this is the person who can help you close the deals quicker.
5. Certified Public Accountant – this is the numbers person. When tax season comes around, this person will know how navigate his/her knowledge around real estate to help you with your write-offs!
6. Insurance Agent – just in case you need someone to keep an eye out for you when things don’t go your way, find yourself a knowledgeable and trustworthy insurance agent.
7. Contractor – this one is a hard one, but a good contractor is critical to making or breaking the profit margin. Make sure you find someone who can meet deadlines and stay under budget!
8. Family and Friends – for moral support. Moral support is always critical for any major project and/or venture of financial undertaking, especially in times when things don’t go as planned.
Other Members for the Team (Optional):
9. Realtor – to be your eyes and ears.
10. Property Manager – to help you manage your projects and investments.
11. One-of-a-Kind, Super Handyman – someone you can count on to take care of the unforeseen “little” things that may arise out of the blue.
Have patience. Finding the perfect team will take some time. However, once you find the right combination, you get the help and much needed support that will bring your investments in real estate into reality.