Building a strong professional real estate team will take time and effort but I highly recommend getting it done before buying your first rental property. Whether you plan to invest your first rental in your hometown or in other region, you still want to have all these professional team players in your rolodex.
The wealthiest real estate investors realize it’s a team effort.
Below are the must have real estate team:
1. Real Estate agents; specialized in bank owned properties (REO or distressed properties) and has extensive knowledge working with real estate investors. It is even better if they’re investor themselves.
2. Mortgage broker or mortgage banker
4. Real Estate Attorney
5. Real Estate Certified Public Accountant (CPA)
6. Trade service people, e.g. plumbers, electricians, A/C, roofers, handyman. (Make sure the property manager that you hire will have a good set of trade services)
You next step is to do your homework by googling, interviewing, filtering these professionals. Make sure they are credited, bonded, and are well reviewed. Always find at least three qualified candidates for each profession needed and schedule for an in-person meeting or set a lunch meeting so you get to know them and they get to know your real estate investing objectives.
Sometimes the best way to meet one real estate agent and then you can ask for his referral for three other mortgage brokers the he has worked with. You can do the reverse: when you meet with a mortgage broker and ask her for a recommendation for three good real estate agents. Do similar cross referral with plumbers/electricians, etc.
Most noteworthy, you will go through a few changes to form a outstanding real estate team. Everyone has their own way to operate their business. You keep looking until you find the one that meets your criteria, style and values.
I have a reliable professional team (with backups) for each location that I have invested in, and with repeated business, they help me meet my objectives and deliver results! Make sure to treat them well; pay them promptly. They will maximize your return on investment and minimize your unexpected expenses due to overage.
Please leave your comment below of who are your power team besides my list above.