Hello, everyone. Just recently attended a real estate seminar and it fired me up. One of the steps to getting back into the water of real estate investing is building a power team. So, I'm putting it out there. Do you have any recommendations for me to fill the following roles on my team: I would like advice on what to look for and if you have a specific person, I would appreciate that as well.
Real estate agent/ broker, real estate attorney, title company, CPA, banker, mortgage broker, contractors, insurance agent
Thanks in advance
What are you planning to do and how are you planning to invest? If you are going to buy 1 rental per year it is good to have all of these people but some may be unnecessary like the attorney, title company, CPA, banker. Look for people who you get along with and understand your style of investing.
Thanks for the answer. My plan is to try and do some wholesaling to build up some capital. Maybe even a flip or two. I'm still a newbie, but I want to experience both. I bought a buy and hold and that was quite the experience and challenge. Eventually, I would love to build a portfolio of buy and holds as retirement gets closer. According to the seminar, I should look at 100 prospects, make offers on 10 and try to close on one every 3-4 months.
How are you planning to do wholesaling, it is very difficult/ time consuming especially if you aren't willing to do direct mail marketing (which I probably wouldn't recommend for a newbie). Flipping is a little more doable for a newbie, but in terms of building a team I'd start with the most important first and work out from there. So start with a lender, then a realtor or wholesaler if you're comfortable with that then contractor, and after you have (hopefully) made a profit you can get in touch with an accountant if needed. You may contact an attorney before you buy something but unless you plan on forming a company or buying properties off market it probably isn't necessary and even if you plan on forming an LLC or something similar I would still talk to a lender and a realtor first to make sure your expectations are realistic before you drop a bunch of money on forming an LLC
In terms of lending, options will differ based on whether you're looking to buy/hold or flip...and if flipping, how large the project, how long, etc. Happy to answer any questions!
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