BiggerPockets

Building Your Real Estate Investing Team

Building Your Real Estate Investing Team

Real estate investing IS NOT a go-it-alone undertaking. To be successful, you need a team - a great team - behind you, helping you every step of the way.

Many new investors make the mistake of NOT putting a team together BEFORE making their first offer. This causes many investors - because no one is watching their back - to fail even before they begin.

Think about it: You are a new investor with no team behind you. You meet with a homeowner who needed to sell his house yesterday. The seller offers to sell you his $100,000 house for $40,000. An incredible deal, right? One problem: The seller needs you to close in ten days. Now what do you do, hombre?

Many people wrongly think the scariest part of real estate investing is when you knock on a seller's door. Other people think the scariest part is when you sit at a seller's kitchen table and present your written offer - and they're wrong, too. The most terrifying part of real estate investing is when you present your written offer and the seller says, "YES!" Lions and tigers and bears, oh my!

The fear of a seller accepting the offer is what prevents most new investors from ever making an offer in the first place. After all, if a seller accepts, what do you do then? Where do you get the money to buy the property? Who will do the closing? What about insurance? How do you know whether the house is really worth $100,000? Who will do the repairs? Once you own the property, what will you do with it?

By having an experienced, knowledgeable, wise real estate investing team in place before you make an offer, you will be able to quickly get the answers to your most important will-this-be-okay questions.

Our real estate investing team is actually two teams: Our primary team and our secondary team.

Our primary real estate investing team consists of four professionals who's job it is to keep our business running straight and/or protect our assets. They are our real estate attorney, CPA, insurance agent, and banker.

Our secondary team is made up of all the other people we work with on a regular basis: Realtors, mortgage brokers, a home inspector, contractors, landscapers, painters, appraisers, a bookkeeper, etc.

You are probably wondering where to find the best, most experienced professionals and contractors to be on your team. Easy answer: Ask experienced investors in your area who they use. You'll discover that most investors use the same attorney, CPA, etc.

Remember, one of the reasons these investors are successful is because they work with great people who know what they are doing!

Now, get started building your real estate investing team!

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