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How To Build A Good Power Dream Team For Real Estate Investing
By: Simon Macharia |
| word count: 553 comments(0) views: 93 |
| New real estate investors usually get scared and intimidated by numerous things about the business that they do not understand. |
New real estate investors get crowded with intimidating things they do not understand about the business. They are scared of doing things wrong.
As a smart real estate investor, you must let professional do their job. An effective power team helps you not have to do everything yourself, and be more effective in your business.
These tips will help you get off the ground by building the right power team.
What is a power team?
A dream team is a team of people who will handle your real estate investing business needs. Depending on your business model, you may need some more than others.
Here is a list of people you may need in your power team:
1) Title company - to close your deals for you. Make sure they work with real estate investors. They can handle most types of deals, making work very easy for you. Once you fax them the contract, they will handle the rest. They also have attorneys in the title companies.
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. Most real estate investors need rehab work, even if it is minor.
5) Handymen, general cleaners - Sometimes you need these
6) Mortgage broker - either you need financing, or you need to get your buyer qualified to buy your houses. This is a very important person in your dream team.
7) Hard money lender or private money lenders - private money lenders are more preferable and cheaper. A real estate investing website for attracting private money is necessary for this.
A good website is suggested at the foot of this article.
Hard money lenders lend on the property, not your credit. 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. Get a Realtor who is friendly to real estate investors.
How do you find all these people?
Start from your local real estate investment group. The local real estate investors already know these people. Investors know who delivers and who does not. Do not be surprised to have your entire dream team ready in one or two networking meetings.
Must you have all the people above in your dream team? No, your business model determines who is in your dream team.
Most real estate meetings have vendors as sponsors. These vendors are your dream team all in one roof! If you do not have such groups in your area a little more research will be needed.
Ultimately, the most important thing in real estate investing is doing deals. Do not be paralyzed and wait to do a deal because you do not have a dream team! You build one as you go. |
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