Building Your Real Estate Investing Team
Building your team is one of the most important parts of running a successful and sustainable real estate investing business.
So who do you need on your team?
Investing in Real Estate is a team sport. That’s true whether you are an individual looking to pick up a fix and flip deal or rental property, or whether you plan to build a business. Here are eight professionals you want to have on your team.
1. Attorneys
If you do enough deals, or are in real estate for long the long haul you will eventually need an attorney. No question about it. You may even want several at your disposal. You’ll want a real estate specific attorney. You’ll want one who can help with your legal questions. Get recommendations from fellow real estate investors and associations in your area to find an attorney that specializes in working with real estate professionals like yourself.
2. Accountants
More money, and more forms of income and expenses mean you’ll want a higher level of accounting help and expertise who specializes in working with people in the real estate industry. You’ll want some form of software or bookkeeper to help you out on a daily basis, and then a real CPA to help prepare taxes and aid in tax strategy. This is not something you want to leave to H&R Block, or to take the D.I.Y. approach with.
3. Real Estate Agents/Realtors
Even if you never plan to buy or sell a property through a Realtor or Real Estate agent you’ll find they can really come in handy in a number of ways. Start building these relationships.
4. Title Company
Title companies are critical relationships that will make a big impact on how many of your real estate deals actually get closed, and how fast. A good title company has a streamlined process. These businesses are usually owned and operated by real estate attorneys.
5. Inspectors
You want to build relationships with building inspectors. Depending on the the niche you choose this may be just a home inspector or building relationships with commercial property appraisers, and local government building inspectors.
6. Insurance Agents
Insurance is one of the necessary evils of investing in real estate. Good agent relationships can better help to protect your assets, minimize liability, and keep your costs down before and after a transaction closes.
7. Contractors
Whether you are fixing and flipping houses or just holding rental property at some point you are going to need maintenance and remodeling help. It can be really hard to find good, reliable and trustworthy contractors. This is where you can gain an edge on the competition.
8. Coaches and Mentors
Don’t underestimate the need for a coach or mentor. They provide the wisdom, knowledge, tools and resources that will help you get results faster and avoid the mistakes that take other people out of the game.
I”ll See you at the closing table,
Marcel Umphery the “R.E.I. Successmaker”