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Tags: Accountant, Creative Real Estate, Dreams, Fellow Investors, Financial Statements, Instances, Local Entrepreneurs, Nbsp, Real Estate Investing, Real Estate Investor, Real Estate Investors, Real Estate Mentors, Referrals, Reia, Successful Team, Supportive Team, Team Members, Team Sport, Teammates, Trial And Error
One of the things you have to consider as a real estate investor is matching buyers with properties that you acquire. When you develop a buyers list for your properties, whether you?re trying to wholesale or rehab, you will find that the simple saying, ?Different strokes for different folks,? applies. Some of the different ?strokes? might be low-end rentals, high-end rentals, multiple unit rentals, and rehabilitation projects.
The different ?folks? will often match these properties. For every investor, there is a niche they specialize in. If you want to wholesale properties, it?s up to you to offer the greatest spread of properties to fellow investors. Also, you must take into account, your regular home buyers (owner-occupants).
Part of any building block of a business is to identify the target market. For instance, with this site, we identified the people who would be visiting it most likely. We tailor the articles with content that is basic in order to meet the ?customer? needs. We don?t overload the articles with complexities, but we do offer the basic 1-2-3 steps for beginning a real estate investment business or a business in general. Part of this required developing a ?character? for our visitors. In doing this, we are constantly developing new avenues of interest that we think our visitors will benefit from, including hard money financing (coming soon).
So, for matching buyers with properties is to simply define what each potential buyer prefers. When you decide to advertise for buyers, you might put out ads like this:
Deep Discounts-Properties need Rehab, Priced to Sell, Call XXX-XXX-XXXX
or
Excellent Cash Flow Rentals offered at Discounted Prices, Call XXX-XXX-XXXX
This may attract buyers who are looking for rehab projects. Thus, you?ll be matching rehabbers/contractors with properties in need of rehab. However, when the phone starts ringing, you?ll need to distinguish the type of homes each potential buyer wants. For instance, some might want 4 bedroom, 2 Bath, high-end rehabs, while others will want your basic ?bread and butter? home, 3 beds and 1 bath. Also for the second advertisement, you?re looking for landlords. Additionally, you?ll need to identify the different areas each buyer will consider.
You may also run an ad like this:
Stop Renting-Starter Homes Available-Mint-Discounted Prices Call XXX-XXX-XXXX
These buyers might be your owner-occupants that are currently renting that you?ll add to your buyers list. Part of your strategy here might be buying, rehabbing and selling them yourself.
Of course, running one ad might be most economical:
Deep Discounted Properties for Sale, Home Buyers, Investors Call XXX-XXX-XXXX
Now, how do you determine what each investor/buyer wants? You may ask the following questions:
What type of property are you looking for?
Specifics? (# of bedrooms, baths, rooms)
What locations are you primarily interested in?
Have you closed on properties in these areas before?
What are your overall objectives for properties you buy?
What is the ideal return on investment you?re looking for?
What type of rentals do you prefer?
How do you continue to grow your customer base (the amount of people you can sell a property to)?
Well since money is always the bottom line and not all buyers have cash to buy (and you should never expect or rely on that solely), expanding the pool of investors and buyers you can sell to comes down to having contacts. If your buyers don?t have the contacts or the cash, you will need them. So four simple things you should do are:
Make contacts with good mortgage brokers and use them to qualify buyers
Make contacts with good hard money lenders to qualify investors (noobs)
Make sure these brokers and lenders can close deals quickly
Make sure you know the process inside and out so you can expedite the process
Lastly, you may look for ads that offer rehabbed homes for sale. For example, if you see a for sale ad that says, ??renovated? or some variation, call that number and begin the process of adding that individual to your buyers list. Visit the property to get a completely true feel for what they look for. This can be a very effective way of getting investors who are actually involved in performing on a contract because they already have demonstrated the ability to do so!
Always remember that you?re running a business. Every successful business has a well-defined strategy for marketing, sales and growth. Real estate investing is no exception!
?2006 noobdogs.com
Noobdogs.com offers a place for fellow new investors in real estate to ask questions and get good, sound information they can understand. Noobdogs.comis owned and operated by AmeriCountry Realty Group LLC. Founded in 2006 by Tom McGiveron, a Behavior Specialist and entrepreneur, noobdogs.com is becoming the premier site for new investors to achieve success in personal development and real estate investment.
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Tags: Basic 1, Cash Flow, Complexities, Different Strokes For Different Folks, Fellow Investors, Hard Money, Home Buyers, Investing, Investment Business, Match, New Avenues, Niche, Owner Occupants, Real Estate Investment, Real Estate Investor, Rehab Projects, Rehabilitation Projects, Target Market, Wholesale, Xxxx
One of the things you have to consider as a real estate investor is matching buyers with properties that you acquire. When you develop a buyers list for your properties, whether you?re trying to wholesale or rehab, you will find that the simple saying, ?Different strokes for different folks,? applies. Some of the different ?strokes? might be low-end rentals, high-end rentals, multiple unit rentals, and rehabilitation projects.
The different ?folks? will often match these properties. For every investor, there is a niche they specialize in. If you want to wholesale properties, it?s up to you to offer the greatest spread of properties to fellow investors. Also, you must take into account, your regular home buyers (owner-occupants).
Part of any building block of a business is to identify the target market. For instance, with this site, we identified the people who would be visiting it most likely. We tailor the articles with content that is basic in order to meet the ?customer? needs. We don?t overload the articles with complexities, but we do offer the basic 1-2-3 steps for beginning a real estate investment business or a business in general. Part of this required developing a ?character? for our visitors. In doing this, we are constantly developing new avenues of interest that we think our visitors will benefit from, including hard money financing (coming soon).
So, for matching buyers with properties is to simply define what each potential buyer prefers. When you decide to advertise for buyers, you might put out ads like this:
Deep Discounts-Properties need Rehab, Priced to Sell, Call XXX-XXX-XXXX
or
Excellent Cash Flow Rentals offered at Discounted Prices, Call XXX-XXX-XXXX
This may attract buyers who are looking for rehab projects. Thus, you?ll be matching rehabbers/contractors with properties in need of rehab. However, when the phone starts ringing, you?ll need to distinguish the type of homes each potential buyer wants. For instance, some might want 4 bedroom, 2 Bath, high-end rehabs, while others will want your basic ?bread and butter? home, 3 beds and 1 bath. Also for the second advertisement, you?re looking for landlords. Additionally, you?ll need to identify the different areas each buyer will consider.
You may also run an ad like this:
Stop Renting-Starter Homes Available-Mint-Discounted Prices Call XXX-XXX-XXXX
These buyers might be your owner-occupants that are currently renting that you?ll add to your buyers list. Part of your strategy here might be buying, rehabbing and selling them yourself.
Of course, running one ad might be most economical:
Deep Discounted Properties for Sale, Home Buyers, Investors Call XXX-XXX-XXXX
Now, how do you determine what each investor/buyer wants? You may ask the following questions:
What type of property are you looking for?
Specifics? (# of bedrooms, baths, rooms)
What locations are you primarily interested in?
Have you closed on properties in these areas before?
What are your overall objectives for properties you buy?
What is the ideal return on investment you?re looking for?
What type of rentals do you prefer?
How do you continue to grow your customer base (the amount of people you can sell a property to)?
Well since money is always the bottom line and not all buyers have cash to buy (and you should never expect or rely on that solely), expanding the pool of investors and buyers you can sell to comes down to having contacts. If your buyers don?t have the contacts or the cash, you will need them. So four simple things you should do are:
Make contacts with good mortgage brokers and use them to qualify buyers
Make contacts with good hard money lenders to qualify investors (noobs)
Make sure these brokers and lenders can close deals quickly
Make sure you know the process inside and out so you can expedite the process
Lastly, you may look for ads that offer rehabbed homes for sale. For example, if you see a for sale ad that says, ??renovated? or some variation, call that number and begin the process of adding that individual to your buyers list. Visit the property to get a completely true feel for what they look for. This can be a very effective way of getting investors who are actually involved in performing on a contract because they already have demonstrated the ability to do so!
Always remember that you?re running a business. Every successful business has a well-defined strategy for marketing, sales and growth. Real estate investing is no exception!
?2006 noobdogs.com
Noobdogs.com offers a place for fellow new investors in real estate to ask questions and get good, sound information they can understand. Noobdogs.comis owned and operated by AmeriCountry Realty Group LLC. Founded in 2006 by Tom McGiveron, a Behavior Specialist and entrepreneur, noobdogs.com is becoming the premier site for new investors to achieve success in personal development and real estate investment.
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Tags: Basic 1, Cash Flow, Complexities, Different Strokes For Different Folks, Fellow Investors, Hard Money, Home Buyers, Investing, Investment Business, Match, New Avenues, Niche, Owner Occupants, Real Estate Investment, Real Estate Investor, Rehab Projects, Rehabilitation Projects, Target Market, Wholesale, Xxxx
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Real Estate Investing - It Takes A Team
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| Submitted By: Chris Parks |
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That’s right, Real Estate Investing is a team sport, and if you want to be successful, you will have to build a strong team. No matter how badly you want to, you can not do everything yourself. You just will not have the time or expertise.
As new Real Estate investor you need to begin thinking about who you want on your team. Get referrals from other Real Estate Investors and Real Estate Mentors. It is best to select people who have some type of Real Estate investing experience.
Also, it is extremely important to not have teammates who tell you this can not be done. You need only supportive team members. Surround yourself with link-minded people; negativity will get you no where.
You will build your Real Estate Investing team over time, not overnight. Sometimes it will be by trial and error. Yes, in some instances you will have to pay your teammates, but if you have chosen wisely you will get your investment back many times over.
To build a successful team you need to build a relationship with many different individuals. Choose your teammates wisely and they will help you reach the Real Estate Investing dreams that you so desire.
Your Team Should Include…
Your Spouse/Significant Other
Support at home is critical.
Your Local REIA
In order to associate with like-minded Real Estate Investors and local Entrepreneurs, it is essential that you find a REIA to attend in order to network with fellow Investors.
Other Real Estate Investors
Other Investors are a major player on your team. You will seek their advice or input often and they will be able to provide referrals for many of your other teammates.
Real Estate Attorney
Select an attorney that is familiar with creative Real Estate Investing.
Accountant
You want a certified professional keeping your books, preparing your financial statements, and advising you on tax issues. Make sure they also understand creative Real Estate Investing.
Title Insurance Company
Title searches and closing are often done by Title Companies. Note that in some areas it is common for attorneys to do these functions.
Insurance Agent
Insurance will be needed for all properties that you buy and hold for whatever reason. Not to mention liability insurance. You will also probably want an all-encompassing umbrella policy to protect you and your business. Again select an agent that is familiar with what you do.
Real Estate Agents
Yes, you want Investor friendly Real Estate Agents on your team. It will probably take some time to find a few, but they are worth their weight in gold. Make sure the relationship will be mutually beneficial.
Mortgage Broker
If you need to help a tenant owner get financing, a mortgage broker can come in handy. They can start early in the process and try to get your tenant owners a mortgage to cash you out. Have several different companies at hand. Get referrals and stay on top of them throughout the loan process.
Inspector
Eventually you will become pretty good at inspecting structures, and systems but until then use a professional. A wrong evaluation can cost you thousands.
Licensed Contractor
This is the best person to estimate repair costs. While an Inspector can spot things that need to be repaired, your contractor can give you accurate labor and material estimates.
Appraiser
Again, you will eventually get very good at this, but have an appraiser on your team as you will need help in the beginning.
Notary Public (Mobile)
Some documents have to be notarized and you do not want to wait until the next day when a Motivated Seller is ready to sign your contract. Having a mobile notary on your team allows someone to meet you right at a property.
A Few Others to Take Care of:
? General Handyperson Work
? Demo and/or Hauling Junk
? Plumbing
? Electric
? Termites/Pest Control
? Roofer
? Painter
? Carpet/Flooring
I think you get the point. And if not, do not worry because once you have a Real Estate deal in hand, you will quickly figure out if there are others that you need.
Article Tags: estate, real, team
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Tags: Accountant, Creative Real Estate, Dreams, Fellow Investors, Financial Statements, Instances, Local Entrepreneurs, Nbsp, Real Estate Investing, Real Estate Investor, Real Estate Investors, Real Estate Mentors, Referrals, Reia, Successful Team, Supportive Team, Team Members, Team Sport, Teammates, Trial And Error
One of the things you have to consider as a real estate investor is matching buyers with properties that you acquire. When you develop a buyers list for your properties, whether you?re trying to wholesale or rehab, you will find that the simple saying, ?Different strokes for different folks,? applies. Some of the different ?strokes? might be low-end rentals, high-end rentals, multiple unit rentals, and rehabilitation projects.
The different ?folks? will often match these properties. For every investor, there is a niche they specialize in. If you want to wholesale properties, it?s up to you to offer the greatest spread of properties to fellow investors. Also, you must take into account, your regular home buyers (owner-occupants).
Part of any building block of a business is to identify the target market. For instance, with this site, we identified the people who would be visiting it most likely. We tailor the articles with content that is basic in order to meet the ?customer? needs. We don?t overload the articles with complexities, but we do offer the basic 1-2-3 steps for beginning a real estate investment business or a business in general. Part of this required developing a ?character? for our visitors. In doing this, we are constantly developing new avenues of interest that we think our visitors will benefit from, including hard money financing (coming soon).
So, for matching buyers with properties is to simply define what each potential buyer prefers. When you decide to advertise for buyers, you might put out ads like this:
Deep Discounts-Properties need Rehab, Priced to Sell, Call XXX-XXX-XXXX
or
Excellent Cash Flow Rentals offered at Discounted Prices, Call XXX-XXX-XXXX
This may attract buyers who are looking for rehab projects. Thus, you?ll be matching rehabbers/contractors with properties in need of rehab. However, when the phone starts ringing, you?ll need to distinguish the type of homes each potential buyer wants. For instance, some might want 4 bedroom, 2 Bath, high-end rehabs, while others will want your basic ?bread and butter? home, 3 beds and 1 bath. Also for the second advertisement, you?re looking for landlords. Additionally, you?ll need to identify the different areas each buyer will consider.
You may also run an ad like this:
Stop Renting-Starter Homes Available-Mint-Discounted Prices Call XXX-XXX-XXXX
These buyers might be your owner-occupants that are currently renting that you?ll add to your buyers list. Part of your strategy here might be buying, rehabbing and selling them yourself.
Of course, running one ad might be most economical:
Deep Discounted Properties for Sale, Home Buyers, Investors Call XXX-XXX-XXXX
Now, how do you determine what each investor/buyer wants? You may ask the following questions:
What type of property are you looking for?
Specifics? (# of bedrooms, baths, rooms)
What locations are you primarily interested in?
Have you closed on properties in these areas before?
What are your overall objectives for properties you buy?
What is the ideal return on investment you?re looking for?
What type of rentals do you prefer?
How do you continue to grow your customer base (the amount of people you can sell a property to)?
Well since money is always the bottom line and not all buyers have cash to buy (and you should never expect or rely on that solely), expanding the pool of investors and buyers you can sell to comes down to having contacts. If your buyers don?t have the contacts or the cash, you will need them. So four simple things you should do are:
Make contacts with good mortgage brokers and use them to qualify buyers
Make contacts with good hard money lenders to qualify investors (noobs)
Make sure these brokers and lenders can close deals quickly
Make sure you know the process inside and out so you can expedite the process
Lastly, you may look for ads that offer rehabbed homes for sale. For example, if you see a for sale ad that says, ??renovated? or some variation, call that number and begin the process of adding that individual to your buyers list. Visit the property to get a completely true feel for what they look for. This can be a very effective way of getting investors who are actually involved in performing on a contract because they already have demonstrated the ability to do so!
Always remember that you?re running a business. Every successful business has a well-defined strategy for marketing, sales and growth. Real estate investing is no exception!
?2006 noobdogs.com
Noobdogs.com offers a place for fellow new investors in real estate to ask questions and get good, sound information they can understand. Noobdogs.comis owned and operated by AmeriCountry Realty Group LLC. Founded in 2006 by Tom McGiveron, a Behavior Specialist and entrepreneur, noobdogs.com is becoming the premier site for new investors to achieve success in personal development and real estate investment.
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Tags: Basic 1, Cash Flow, Complexities, Different Strokes For Different Folks, Fellow Investors, Hard Money, Home Buyers, Investing, Investment Business, Match, New Avenues, Niche, Owner Occupants, Real Estate Investment, Real Estate Investor, Rehab Projects, Rehabilitation Projects, Target Market, Wholesale, Xxxx
One of the things you have to consider as a real estate investor is matching buyers with properties that you acquire. When you develop a buyers list for your properties, whether you?re trying to wholesale or rehab, you will find that the simple saying, ?Different strokes for different folks,? applies. Some of the different ?strokes? might be low-end rentals, high-end rentals, multiple unit rentals, and rehabilitation projects.
The different ?folks? will often match these properties. For every investor, there is a niche they specialize in. If you want to wholesale properties, it?s up to you to offer the greatest spread of properties to fellow investors. Also, you must take into account, your regular home buyers (owner-occupants).
Part of any building block of a business is to identify the target market. For instance, with this site, we identified the people who would be visiting it most likely. We tailor the articles with content that is basic in order to meet the ?customer? needs. We don?t overload the articles with complexities, but we do offer the basic 1-2-3 steps for beginning a real estate investment business or a business in general. Part of this required developing a ?character? for our visitors. In doing this, we are constantly developing new avenues of interest that we think our visitors will benefit from, including hard money financing (coming soon).
So, for matching buyers with properties is to simply define what each potential buyer prefers. When you decide to advertise for buyers, you might put out ads like this:
Deep Discounts-Properties need Rehab, Priced to Sell, Call XXX-XXX-XXXX
or
Excellent Cash Flow Rentals offered at Discounted Prices, Call XXX-XXX-XXXX
This may attract buyers who are looking for rehab projects. Thus, you?ll be matching rehabbers/contractors with properties in need of rehab. However, when the phone starts ringing, you?ll need to distinguish the type of homes each potential buyer wants. For instance, some might want 4 bedroom, 2 Bath, high-end rehabs, while others will want your basic ?bread and butter? home, 3 beds and 1 bath. Also for the second advertisement, you?re looking for landlords. Additionally, you?ll need to identify the different areas each buyer will consider.
You may also run an ad like this:
Stop Renting-Starter Homes Available-Mint-Discounted Prices Call XXX-XXX-XXXX
These buyers might be your owner-occupants that are currently renting that you?ll add to your buyers list. Part of your strategy here might be buying, rehabbing and selling them yourself.
Of course, running one ad might be most economical:
Deep Discounted Properties for Sale, Home Buyers, Investors Call XXX-XXX-XXXX
Now, how do you determine what each investor/buyer wants? You may ask the following questions:
What type of property are you looking for?
Specifics? (# of bedrooms, baths, rooms)
What locations are you primarily interested in?
Have you closed on properties in these areas before?
What are your overall objectives for properties you buy?
What is the ideal return on investment you?re looking for?
What type of rentals do you prefer?
How do you continue to grow your customer base (the amount of people you can sell a property to)?
Well since money is always the bottom line and not all buyers have cash to buy (and you should never expect or rely on that solely), expanding the pool of investors and buyers you can sell to comes down to having contacts. If your buyers don?t have the contacts or the cash, you will need them. So four simple things you should do are:
Make contacts with good mortgage brokers and use them to qualify buyers
Make contacts with good hard money lenders to qualify investors (noobs)
Make sure these brokers and lenders can close deals quickly
Make sure you know the process inside and out so you can expedite the process
Lastly, you may look for ads that offer rehabbed homes for sale. For example, if you see a for sale ad that says, ??renovated? or some variation, call that number and begin the process of adding that individual to your buyers list. Visit the property to get a completely true feel for what they look for. This can be a very effective way of getting investors who are actually involved in performing on a contract because they already have demonstrated the ability to do so!
Always remember that you?re running a business. Every successful business has a well-defined strategy for marketing, sales and growth. Real estate investing is no exception!
?2006 noobdogs.com
Noobdogs.com offers a place for fellow new investors in real estate to ask questions and get good, sound information they can understand. Noobdogs.comis owned and operated by AmeriCountry Realty Group LLC. Founded in 2006 by Tom McGiveron, a Behavior Specialist and entrepreneur, noobdogs.com is becoming the premier site for new investors to achieve success in personal development and real estate investment.
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Tags: Basic 1, Cash Flow, Complexities, Different Strokes For Different Folks, Fellow Investors, Hard Money, Home Buyers, Investing, Investment Business, Match, New Avenues, Niche, Owner Occupants, Real Estate Investment, Real Estate Investor, Rehab Projects, Rehabilitation Projects, Target Market, Wholesale, Xxxx
One of the things you have to consider as a real estate investor is matching buyers with properties that you acquire. When you develop a buyers list for your properties, whether you?re trying to wholesale or rehab, you will find that the simple saying, ?Different strokes for different folks,? applies. Some of the different ?strokes? might be low-end rentals, high-end rentals, multiple unit rentals, and rehabilitation projects.
The different ?folks? will often match these properties. For every investor, there is a niche they specialize in. If you want to wholesale properties, it?s up to you to offer the greatest spread of properties to fellow investors. Also, you must take into account, your regular home buyers (owner-occupants).
Part of any building block of a business is to identify the target market. For instance, with this site, we identified the people who would be visiting it most likely. We tailor the articles with content that is basic in order to meet the ?customer? needs. We don?t overload the articles with complexities, but we do offer the basic 1-2-3 steps for beginning a real estate investment business or a business in general. Part of this required developing a ?character? for our visitors. In doing this, we are constantly developing new avenues of interest that we think our visitors will benefit from, including hard money financing (coming soon).
So, for matching buyers with properties is to simply define what each potential buyer prefers. When you decide to advertise for buyers, you might put out ads like this:
Deep Discounts-Properties need Rehab, Priced to Sell, Call XXX-XXX-XXXX
or
Excellent Cash Flow Rentals offered at Discounted Prices, Call XXX-XXX-XXXX
This may attract buyers who are looking for rehab projects. Thus, you?ll be matching rehabbers/contractors with properties in need of rehab. However, when the phone starts ringing, you?ll need to distinguish the type of homes each potential buyer wants. For instance, some might want 4 bedroom, 2 Bath, high-end rehabs, while others will want your basic ?bread and butter? home, 3 beds and 1 bath. Also for the second advertisement, you?re looking for landlords. Additionally, you?ll need to identify the different areas each buyer will consider.
You may also run an ad like this:
Stop Renting-Starter Homes Available-Mint-Discounted Prices Call XXX-XXX-XXXX
These buyers might be your owner-occupants that are currently renting that you?ll add to your buyers list. Part of your strategy here might be buying, rehabbing and selling them yourself.
Of course, running one ad might be most economical:
Deep Discounted Properties for Sale, Home Buyers, Investors Call XXX-XXX-XXXX
Now, how do you determine what each investor/buyer wants? You may ask the following questions:
What type of property are you looking for?
Specifics? (# of bedrooms, baths, rooms)
What locations are you primarily interested in?
Have you closed on properties in these areas before?
What are your overall objectives for properties you buy?
What is the ideal return on investment you?re looking for?
What type of rentals do you prefer?
How do you continue to grow your customer base (the amount of people you can sell a property to)?
Well since money is always the bottom line and not all buyers have cash to buy (and you should never expect or rely on that solely), expanding the pool of investors and buyers you can sell to comes down to having contacts. If your buyers don?t have the contacts or the cash, you will need them. So four simple things you should do are:
Make contacts with good mortgage brokers and use them to qualify buyers
Make contacts with good hard money lenders to qualify investors (noobs)
Make sure these brokers and lenders can close deals quickly
Make sure you know the process inside and out so you can expedite the process
Lastly, you may look for ads that offer rehabbed homes for sale. For example, if you see a for sale ad that says, ??renovated? or some variation, call that number and begin the process of adding that individual to your buyers list. Visit the property to get a completely true feel for what they look for. This can be a very effective way of getting investors who are actually involved in performing on a contract because they already have demonstrated the ability to do so!
Always remember that you?re running a business. Every successful business has a well-defined strategy for marketing, sales and growth. Real estate investing is no exception!
?2006 noobdogs.com
Noobdogs.com offers a place for fellow new investors in real estate to ask questions and get good, sound information they can understand. Noobdogs.comis owned and operated by AmeriCountry Realty Group LLC. Founded in 2006 by Tom McGiveron, a Behavior Specialist and entrepreneur, noobdogs.com is becoming the premier site for new investors to achieve success in personal development and real estate investment.
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Tags: Basic 1, Cash Flow, Complexities, Different Strokes For Different Folks, Fellow Investors, Hard Money, Home Buyers, Investing, Investment Business, Match, New Avenues, Niche, Owner Occupants, Real Estate Investment, Real Estate Investor, Rehab Projects, Rehabilitation Projects, Target Market, Wholesale, Xxxx
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Real Estate Investing - It Takes A Team
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| Submitted By: Chris Parks |
| |
| |
|
That’s right, Real Estate Investing is a team sport, and if you want to be successful, you will have to build a strong team. No matter how badly you want to, you can not do everything yourself. You just will not have the time or expertise.
As new Real Estate investor you need to begin thinking about who you want on your team. Get referrals from other Real Estate Investors and Real Estate Mentors. It is best to select people who have some type of Real Estate investing experience.
Also, it is extremely important to not have teammates who tell you this can not be done. You need only supportive team members. Surround yourself with link-minded people; negativity will get you no where.
You will build your Real Estate Investing team over time, not overnight. Sometimes it will be by trial and error. Yes, in some instances you will have to pay your teammates, but if you have chosen wisely you will get your investment back many times over.
To build a successful team you need to build a relationship with many different individuals. Choose your teammates wisely and they will help you reach the Real Estate Investing dreams that you so desire.
Your Team Should Include…
Your Spouse/Significant Other
Support at home is critical.
Your Local REIA
In order to associate with like-minded Real Estate Investors and local Entrepreneurs, it is essential that you find a REIA to attend in order to network with fellow Investors.
Other Real Estate Investors
Other Investors are a major player on your team. You will seek their advice or input often and they will be able to provide referrals for many of your other teammates.
Real Estate Attorney
Select an attorney that is familiar with creative Real Estate Investing.
Accountant
You want a certified professional keeping your books, preparing your financial statements, and advising you on tax issues. Make sure they also understand creative Real Estate Investing.
Title Insurance Company
Title searches and closing are often done by Title Companies. Note that in some areas it is common for attorneys to do these functions.
Insurance Agent
Insurance will be needed for all properties that you buy and hold for whatever reason. Not to mention liability insurance. You will also probably want an all-encompassing umbrella policy to protect you and your business. Again select an agent that is familiar with what you do.
Real Estate Agents
Yes, you want Investor friendly Real Estate Agents on your team. It will probably take some time to find a few, but they are worth their weight in gold. Make sure the relationship will be mutually beneficial.
Mortgage Broker
If you need to help a tenant owner get financing, a mortgage broker can come in handy. They can start early in the process and try to get your tenant owners a mortgage to cash you out. Have several different companies at hand. Get referrals and stay on top of them throughout the loan process.
Inspector
Eventually you will become pretty good at inspecting structures, and systems but until then use a professional. A wrong evaluation can cost you thousands.
Licensed Contractor
This is the best person to estimate repair costs. While an Inspector can spot things that need to be repaired, your contractor can give you accurate labor and material estimates.
Appraiser
Again, you will eventually get very good at this, but have an appraiser on your team as you will need help in the beginning.
Notary Public (Mobile)
Some documents have to be notarized and you do not want to wait until the next day when a Motivated Seller is ready to sign your contract. Having a mobile notary on your team allows someone to meet you right at a property.
A Few Others to Take Care of:
? General Handyperson Work
? Demo and/or Hauling Junk
? Plumbing
? Electric
? Termites/Pest Control
? Roofer
? Painter
? Carpet/Flooring
I think you get the point. And if not, do not worry because once you have a Real Estate deal in hand, you will quickly figure out if there are others that you need.
Article Tags: estate, real, team
| |
Tags: Accountant, Creative Real Estate, Dreams, Fellow Investors, Financial Statements, Instances, Local Entrepreneurs, Nbsp, Real Estate Investing, Real Estate Investor, Real Estate Investors, Real Estate Mentors, Referrals, Reia, Successful Team, Supportive Team, Team Members, Team Sport, Teammates, Trial And Error
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