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Real Estate Team - Building One
from: Steve GillmanI didn't understand the concept of a real estate team at first,
so I had a hard time with real estate investment. I tended to be
a "lone wolf," trying to do too much myself. I have since
learned that in real estate, you need a team of people you can
trust and rely on. Here are some possible team members, and what
they need to be on the team.
1. A mortgage broker or banker. A broker can offer many
options, but a banker can make the loan decision. They each have
their advantages, and you could use both on your team. In either
case it's important they understand what you want (fast
closings, lower interest, corporate loans?)
2. An accountant or bookkeeper. To keep proper books for real
estate investments is getting more complicated with all the
tax-law changes. Find someone that understands the law, and
understands what you want.
3. A real estate attorney. Find someone familiar with the laws
and legal customs of your area, and that has experience with the
type of deals you intend to do (If you are buying rentals, she
should be familiar with doing evictions, for example.)
4. A good real estate agent. An agent with experience in the
area you invest in and access to the MLS (Multiple Listing
Service), can be a great help. If she is a seller's agent, she
can still ethically bring the best deals to you once she knows
you're a serious buyer.
5. An appraiser. A good appraiser can give you an accurate
valuation of a property, but they can also suggest ways in which
you can most efficiently raise the value of a property. Find
someone that will talk to you.
6. An inspector. Some states make it too easy to become an
inspector with little experience. You may want to find one that
is or used to be a contractor, so he can find the problems AND
give you some idea of the cost of repairs.
7. An insurance agent. Good ones will understand what you want,
and find ways to save you money. Insure all your properties with
one agent, and you're likely to have discounts available, aas
well as better service.
8. An escrow officer. They'll usually be with a closing
company. Find someone that's efficient, and can explain things
clearly to both sides. If he is confused by a slightly creative
contract, he should educate easily or be replaced.
9. A cleaning person or crew. When you have a trusted person or
crew ready, it means a fast turn-around when you buy a rental or
rehab project.
10. Rental property manager. Be certain that the company you
hire has exerience, is responsive, and will have time when you
call. Good property managers can tell you what you should get
for rent in a given area BEFORE you buy.
Start building that team. Investing in real estate is a whole
lot less stressful and more profitable with a good real estate
team.
About the author:
Steve Gillman has invested in real estate for years. To learn
more, get a free real estate investing course, and see a photo
of a beautiful house he and his wife bought for $17,500, visit
nderFiftyThousand.com
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