The right real estate agent will bring more value to your real estate investing team than just locating listed properties and writing contracts.
You may even work with several different agents, each working a niche, such as an area or property type. Each will bring certain skills to the table for a win-win relationship.
02Choosing the Right Real Estate Attorney
The right attorney does more than just facilitate closings or advise about real estate transactions. They can also help you to structure your business to protect your personal assets. It's always better to work with an attorney to structure your business and procedures than it is to hire them to defend you in a lawsuit.
When you're selling retail or to a long-term investor, the right mortgage broker on your team will make sure that you get your money. Most real estate agents will tell you that the loan process has delayed or killed more closings than any other single part of a transaction.
An aggressive mortgage broker can also help you to locate buyers and qualify them quickly to get a transaction through contract negotiations.
04Your Insurance Agent - Most Valuable When You NEED Them
From insuring structures long-term to short-term construction insurance and even business liability coverage, you must put a strong, independent insurance agent on your real estate investing team.
Business liability, property protection, and rental home coverage are all jobs that make your insurance agent of great value to the team.
When most new investors think about an accountant for their team, they're thinking about down the road, when they're doing enough deals to complicate their taxes and will not be able to use the tax preparer in the mall.
The right accounting professional will do much more than that for your business. They can help you to structure your business in the right way to maximize profits and minimize taxes.
06The Title Company is Your Closing Nerve Center
After the mortgage and housing meltdowns beginning in 2007, title companies have become much more cautious, and they are operating under regulations that keep getting more restrictive.
The title company can also help you in property evaluation and avoiding nasty surprises after a purchase. The right title research and insurance coverage are crucial to your real estate investment business.
There is little more frustrating than to have to pass up a really profitable deal because you can't get the short-term funding you need to make it happen.
Whether you're just cleaning out a foreclosure for a fast wholesale deal, or you're renovating a home for a flip to a long-term rental investor, you'll need to have the right trades people and contractors for the job.
Building Your Real Estate Success Investment Team
You won't find a mega-successful real estate investor without a carefully selected team helping them to make deals happen. Learn who your key team members should be, what they bring to the team, and how to select the best.