Real Estate Articles » Starting Out Investing

Assembling Your Real Estate Investing Team

By: Joshua Dorkin
Submitted: 10:34PM on Monday 04 August 2008

There are several important things you need to be successful in real estate, one of which is a great team. I’m going to talk briefly about who should be on the winning team:

1. Your Mentor - every successful entrepreneur needs a good mentor. A guide. By training under the watchful eye of one smarter then us, we can only get smarter. Start at your local investment club.

2. Mortgage Broker - you want someone who has the experience of working with other investors. They need to be creative and smart!

3. Real Estate Attorney - it is really important to have someone on the team who can go through contracts, and who knows the legalities of all your moves.

4. Escrow Officer or Title Rep - having a good one on the team helps to close deals that much quicker. You always want people looking out for YOUR interests.

5. Accountant - Preferably a CPA (Certified Public Accountant). Your numbers guy should also be well aware of the ins and outs of real estate. Come tax time, this is the man to help you through the write-offs!

6. Insurance Agent - It is always better having an insurance rep that is looking out for you when things hit the fan.

7. Contractor - The good contractor seems like the hardest one to find, but can often make or break your profit margin. You want someone who gets things done on time and under budget!

8. Supportive Family & Friends - Having the support and backing of loved ones is important in any endeavor.

Other Optional Team Members:

8. Realtor - someone keeping an eye out for you
9. Property Manager - someone to watch over your investments
10. Great Handyman - Someone to take care of the little things that come up on a daily basis.

Assembling the team will not happen overnight, but once together, they will give you the backing and help you’ll need to make your real estate investing dreams come true. If there are any other team members you use, please tell us about them!

At 11:28AM on August 08, 2008 - Denton Ward said...

If you are a busy professional, assembling a real estate investing team is a must! They have the know how, time and experience that sometimes the investor does not. Plus, how important is your time? The opportunity cost of time vs. doing it yourself is a big question you must ask yourself.

At 01:48PM on August 10, 2008 - Joshua Dorkin said...

Thanks for the comments, Denton.

At 03:04PM on September 02, 2008 - Craigly J said...

Is an Escrow Officer or Title Rep what I've often heard others refer to as a Closing Agent with a title company?

At 03:22PM on September 02, 2008 - Mark Davis said...

They would be essentially the same thing, Craig.

At 04:27PM on November 26, 2008 - Will Barnard said...

Great list. I would add to it an alternative lending source (either HML or private investor) Access to funds is much more important than the cost of the funds.

At 11:53AM on January 11, 2009 - Tim Taggett said...

I maybe partially bias here but you put Realtor as an optional team member. Personally I think the right one can make a lot of difference and the best part, it is a free education when buying. In fact personally I believe if you get the right Agent you will work 1/2 the amount of hours trying to get your properties. Just make sure it is not a Realtor whose clients are mostly regular buyers and sellers because most of them have no clue how an investor needs, should and does think. Great Article Josh!