Building A Real Estate Investing Power Team

There is no “I” in team. And that is ever so true in the real estate investing business. In order to experience repeated success, you MUST build a strong investment team.

As with any team, in real estate, you need people you can trust and rely on. Here are a few team members you need to ensure your success.

Mortgage Broker or Banker: Mortgage brokers and mortgage bankers are similar, but they do have some differences. A broker can offer you more loan options by shopping your loan around to find the best deal for your current situation. A mortgage banker doesn’t have as many loan options, but they usually can make more decisions on your loan than a broker can. They both have their advantages, making it a wise choice to have both on your team.

Good Real Estate Agent: A good agent can be the lifeline to your investing business. A quality, investor friendly agent, can supply you with the bulk of your deals. Make sure that they have experience working with investors.

Property Manager: Research, Research, Research! As far as building long-term wealth, you need rentals. And good property managers will help to make sure you rentals continue to produce for you. Make sure the property manager is experienced, responsive, and knowledgeable. Interview them to make sure they meet your expectations and that they actually provide the services they say they do.

Real Estate Accountant: You don’t want a problem with the IRS! Find a REAL ESTATE accountant, not just any CPA. Don’t even try to figure out the tax laws, let them do it. It will save you your sanity!

Real Estate Attorney: Search for an attorney who is familiar with the laws in your investing areas.

Appraiser: There are dozens of appraisers, but your goal is to find one who is of help to you and your business. You need an appraiser who does more than just place a perceived value on a home. You need an appraiser who can give you advice as well. Find one and hold on tight!

Inspector: Sometimes overlooked, but immensely important. The easiest way to avoid problems is to spot them before they happen. A good inspector can identify potential problems which can eliminate risk!

Insurance Agent: Good ones understand your needs, and find ways to save you money. Most agents will go the full mile for you if you’re a repeat customer!.

Title Company: Find a company that is investor friendly. Someone you can communicate with and will work with you to make things happen. Sometimes deals can get “creative” and you want some who clearly understands what you are trying to do.

Real Estate Investment Firm: In addition to an agent, you should work with a good real estate investment firm. These companies offer pre-screened investment properties in growth markets around the country.

Just finding and negotiating deals is work enough. Build a quality team to relieve you from all the things that can become a distraction when investing in real estate!

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