How To Build A Real Estate Investing Dream Power Team
by
S.Macharia
New real estate investors usually get scared and intimidated by numerous things about the business that they do not understand. They are scared of messing things up.
As a smart real estate investor, you must let professional do their job. Instead of learning how to do everything yourself, building a power team can help you tremendously in your business.
These tips will help you get off the ground by building the right power team.
What is a power team?
A power team, or dream team, is a team of people who can handle your business needs as a real estate investor. Depending on what you do, you will some professionals, and not others, in your team.
Here is a list of people you may need in your power team:
1)Title company – to close your deals for you. You must get a title company that works with real estate investors. They know all the ins and outs of the business and this makes your work very easy. You just fax them the contract and they handle the rest. Most title companies have their in-house lawyers.
2)Insurance agent – to insure your properties
3)Home inspector – very important person in your power team. Inspection can be a huge bargaining chip when buying properties.
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 – you might need them when buying houses or when getting your buyers qualified for mortgages. 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. It is necessary to have a good real estate investing web site 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 relationship with a realtor will get you comparable sales on properties, etc. You must get a Realtor who likes to work with real estate investors.
Where do you get all these people?
The best place to get your dream is your local real estate investment groups. The local real estate investors already know these people. They can tell you who is good and who is not. Sometimes one or two networking meeting is all you need to build your entire dream team.
Do you need all the people above? The people that form your dream team are determined by your business model.
Do not be surprised to find that most real estate meetings are sponsored by vendors. These vendors form your dream team all under one roof! If you have no real estate groups in your area, then you will need to do some research.
You must be doing deals as a real estate investor. Do not be paralyzed and wait to do a deal because you do not have a dream team! You build one as you go.
Successful
real estate investing
must be driven by a ready supply of private cash available from private money lenders. Targeting these lenders requires you convince them that their money is safely invested in your deals. Learn how you can attract investing cash through a
private money website
.
Article Source:
eArticlesOnline.com
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