Real Estate Team: Get Ready Before The Purchase

Your Real Estate Team is your ticket to success. To build a competent, dependable, and winning Real Estate Team will determine the success of how you run your business. So to put the right Real Estate Team that will work for you for a long haul would be crucial.

To be a successful real estate investor we should know what we want to happen in our business. We should have a workable plan on how we go about it. Our determination to reach our goals can sometimes be distracted by uncontrolled situations. Investors battle this tendency to get caught in a ‘bottleneck situation’ by creating not just a list of goals, and plans but also a Real Estate Team that can help this goal materialized. Let’s enumerate some important people that constitute the winning real estate team:

Attorney

The attorney that you are going to choose to represent you should be qualified to handle real estate transactions. Check out if they are well versed in investment deals and closing deals. When it comes to a point where there are some unforeseen problems, the attorney will be there to settle disputes, review the papers being signed and make your real estate transaction a smooth one. Your attorney is part of your Real Estate Team who will be working to protect you and guide you in all of the legal aspects of real estate business so it’s important to invest on an attorney that you feel good at what they do.

Hard Money Lenders

Finding great financing for your real estate investment business can be a challenge. For real estate investors, hard money lenders can be the “Golden Key” to a successful flipping house business. They can provide you the funding you need for both your acquisitions and performing rehab work.

It is important that you establish access to several good hard money lenders so you won’t have to flip out when you find yourself holding a long list of attractive deals on your desk without money to fund them. Invest some time contacting several hard money lenders and what terms they are offering. If necessary get pre-approved so that you can put contracts on foreclosures and HUD homes with confidence. Hard money lenders is an important part of your Real Estate Team that can help you a great deal.

A Good Contractor

There’s plenty of contractors that you can get but finding a good contractor that works for you is like finding a needle in a haystack. It is true, and they can be very expensive, take a long time to finish a job or even quit on you. When you find a good contractor they will make your life easy with easy to read bids, great communication and quality work. A contractor should be someone that you’ll be comfortable working with to add to your Real Estate Team. It is important that you reach out to several contractors so you will have several to choose from. If you can’t find a good contractor to fix your homes, costs can skyrocket due to long timelines and increased repair costs which will not be helpful at all with your Real Estate Investing.

Insurance Agent

An important part of your Real Estate Team is your Insurance Agent. At closing you will need to prove your lender that your property is insured. You should need to find an insurance agent who specializes in homeowner’s insurance. He will recommend how much insurance you should have. Insurance agents also can often give you a safety inspection. It is also great to find an insurance company which offers discounts for installing security features. Choose one who can explain insurance products and services in a way you understand. He should be trustworthy and responsive. When you're going to hold properties as rentals, you definitely will want one who is looking after your interests.

To be continued...