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!
Great list! I think you could add one thing to the list. Other Investors or BirdDogs looking out for properties for you. As always, you continue to be helpful to us here and to real estate investors all around! Good job Josh
Someone who hires another, smarter than themselves, proves that's not the case.
or something like that.
I think your #1 is #1, and too often missing.
Landlord associations might also find a home on the list.
And, support of family and friends is #0, no matter the plan, or the team, if you can't get support at home.... :crazed:
I couldn't find a "beating head against wall" emoticon.
Josh - first let me say GREAT LIST. I think if you find a solid investor friendly realtor maybe one that is a real investor themselves they can be a true asset. Supportive family and friends are awesome and can easily be found at good local clubs. Remember not all clubs are equal.
Let me just get back to #1 real quick. There are a ton of people out there that will say they are MENTORS. That they will guide you to the "promise land". There are guru's that will offer coaching, and try to get you to fit their program. But are you a square peg being put into a round hole?
As Josh mentioned, start local, find the person that is doing what you want to do, successfully. Has been doing so in all types of markets and not just a flash in the pan that is likely to burn out. Ask others about that person, get their feedback.
Remember, a mentor isn't a cheerleader, they are someone that can give you the real answers because they have actually done what you want to be doing.
Thanks for reviving this old thread. I think it is one of the more important ones around.
Please continue to build upon what I started here, as I believe your team is an essential element of your success as an investor.
4rmgt, I found this looking through your website...go figure. Can you or Biggerpo suggest someone as a mentor for a newbie in the REO arena in the Los Angeles area ? :D
Hey Juan - I'm glad you like the thread, but I can't recommend anyone in particular in LA to help you out. You should post your needs in the "Make Deals, Find Partners, Mentors & BirdDogs, etc. " forum.....
Now, back to Your Real Estate Investing Team . . . any other thoughts on the makeup of a successful team?
Will do. Thanks for the advice.
As for the Team, I have access to pretty much everyone on the list, And will begin to assemble reliable associates to fill these roles. I was just not aware that these parts were needed to be successful. You learn something new everyday. No new suggestions at this time....... Just much thanks :D
I have one question haha please bear with me noob at all of this.
I got interested in REI through books and audio tapes so what if I don't have a Mentor
and on the attorney do you pay them on a monthly bases or do they charge you everytime you talk to them and stuff.
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