Having a great team is one of the many things you need to know to be a successful real estate investor. So who makes up your award-winning team? Below is a short list of people you should consider having on your team.
1. Mentor – Someone who has done it successfully and can now guide you through the ropes. Start your own investor network and reap the benefits of having a mentor.
2. Mortgage Broker: Look for an experienced broker. You will need someone who is both intelligent and creative.
3. Real Estate Lawyer: Find someone who can review contracts and knows the ins and outs of the real estate business from a legal standpoint.
4. Escrow Officer / Title Representative – This is the person who can help you close deals faster.
5. Certified Public Accountant: This is the person in charge of the numbers. Come tax season, this person will know how to navigate their real estate knowledge to help you with your write-offs.
6. Insurance Agent – In case you need someone to watch over you when things don’t go your way, find yourself a reliable and knowledgeable insurance agent.
7. Contractor – This one is tough, but a good contractor is critical to making or breaking your profit margin. Make sure you find someone who can meet deadlines and stay on budget!
8. Family and Friends – for moral support. Moral support is always essential for any major project and/or financial venture, especially at times when things don’t go as planned.
Other team members (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 “little” unforeseen things that can come out of the blue.
Have patience. Finding the perfect team will take some time. However, once you find the right match, you’ll get the much-needed help and support to make your real estate investments a reality.