Why You Need a Team for Real Estate Investing
You may think you're on your own when it comes to real estate investing. Lone wolf tactics take up a lot of your time, and most people just don't have the time, skills, or knowledge to do it all. A team effort helps to spread out not only the work and responsibility, but it also puts people who have the skills and knowledge at your fingertips when you need them. Here are the 10 people you need on your real estate investment team.A banker or mortgage broker can pave the way for quick financing and closing. You could actually use both on your team.A bookkeeper or accountant to keep your books for your real estate investing and tax purposes, and one who understands and keeps up with all the laws will be an invaluable member of your team.
A real estate attorney who is familiar with the laws in your area and has experience with real estate investments is one of your top team members. You also want someone who keeps up with the many changes in real estate law.An experienced real estate agent who has access to the MLS and knows about the area you invest in is another invaluable member of your team.An appraiser can give you the value of a property, and suggest ways to improve its value. You need an appraiser who will communicate with you.An inspector who is qualified and ideally was or is a contractor can not only find issues with the property, but also give you a realistic idea how much it will cost to fix any problems.An insurance agent who is versed in working with real estate investments can save you money and protect your interests in the property. They may also be able to give you discounts if you use one agent for all of your rental investments.
An escrow officer can help to explain a contract to both the buyer and the seller. Most escrow officers are with closing companies.A cleaning crew or person will free you up from the mundane task of getting a rental property ready for a new tenant. They can also help to clean up after a rehab project.A rental property manager should have experience, have time for you when you call, and be responsive. They should also know what rent is fair and competitive in your area of investment.You don't have to do it all, and with a qualified and talented real estate investing team you won't have to. Real estate investing is less stressful and more profitable with a team behind you.