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Assembling your Real Estate Investing Team

by Joshua Dorkin on March 15, 2006 · 20 comments

  

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

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{ 17 comments… read them below or add one }

Todd March 16, 2006 at 2:23 am

That so thought out and structured. I need to get my team refined and built up. So far the only team member I have is a friend who just got realtor certified.

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Boston March 16, 2006 at 8:57 am

Just came across your blog you made some great observations on putting together a great real estate team.

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Justin March 21, 2006 at 11:18 am

Nice job. Mabye add a fanatical planner to your list also. But it looks like a great place to get started. thanks for the insightfull info.

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Chris Dawson April 19, 2006 at 7:54 pm

Add in your Money Man (or Women) and the team is even stronger at getting you to the goal line. I like a Money Man who I can call with the details on the pre foreclosure I’m ready to purchase and he is ready to close within 48 hours.

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Todd July 18, 2006 at 3:02 pm

Make sure you have known what tool you will use to manage your property. Even if you hire a property manager do not assume you should use their property management tool, make sure you have complete access to your property information. We like, iRealtyManager.com.

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JIM MCGHEE August 11, 2006 at 7:29 am

ADD A GOOD CONTRACTOR TO THE LIST , ONE WHO LISTENS TO YOU !!!1

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Kevin February 18, 2007 at 12:00 pm

Good list, and nice to see you have mentor at the top of the list. I come across too many people that are too proud to think they need a mentor, and this is a huge mistake in my opinion. Excellent list though and I’m glad I stumbled upon your blog.

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Mike May 9, 2007 at 3:09 am

The list is not full but it’s still ok.

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Joshua Dorkin May 9, 2007 at 6:13 am

Thanks for all the additions guys!

Mike . . . if the list isn’t full, can you help us fill it? Why post a comment like you did if you have no intention of adding anything constructive to the conversation?

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Henry_CA July 17, 2007 at 8:46 am

I just began assmenbling my team and they consist of 1) Short sale experience Realtor, 2) Mortgage broker with conventional underwriting experience, 3) Title rep., 4) former code enforement officer, 5) former building and safty staff member, 6) Hudge Fund person, 7) Bird dog organization, 8) Certified REO inspector, 9) Experiece sales agent.

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Ray-REI August 7, 2007 at 8:43 am

Great post! As a beginner is there a good starting line-up or should this be the team to have to make that first deal? I suppose this would be a question for a mentor though.

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Wallace S. Gibson CPM October 5, 2007 at 11:41 am

I would move PROPERTY MANAGER up to the TOP of the list rather than lower down as is shown….property managers KNOW the rental market, what residents want to RENT and WHERE they want to rent it…remember * location, location, location * a good property manager can advise you WHERE to start your search and if you want to expand your RE portfolio, a good PM can advise you on diversification.

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ERIC December 22, 2007 at 9:40 am

any preforeclosure investors out there… would like to network with a mentor.

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John Paul Manego February 7, 2008 at 2:26 pm

Should we even number these? I feel most, if not all, are equally important in the success of being in real estate. Correct me if I’m wrong and there’s one more important than the other, thanks!

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John Paul Manego February 7, 2008 at 2:29 pm

edit above **is there one aspect of RE (any of the top 8) more important than the other and one can survive without? Thanks

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Joshua Dorkin February 7, 2008 at 2:33 pm

John –
They are likely all relatively equal in importance, although you certainly will find some more important than others depending on your focus in the REI game.

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Jeffrey Hare April 14, 2012 at 10:50 pm

As a real estate attorney and an investor, I talk to a lot of new investors — often after they have taken the plunge and find themselves up to their necks in legal, er, waste. Or worse, after they’ve hired the wrong attorney who just charged a lot of money but didn’t fix anything. Establishing a productive attorney-client relationship early in the process not only can help save you from making serious mistakes, but could turn out to be one of the highest returns on your money, and may actually help you identify other members of your team that the attorney knows from experience can provide you with good advice. Important: let your attorney know what your investment objectives are so the legal advice can be tailored to helping you achieve your goals!

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