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