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Real Estate: Team Building
I didn't understand the concept of a real estate team at first, so I had a hard time with real estate investing. I tended to be a "lone wolf," trying to do too much myself. I have learned over the years that in real estate, you need a team of people you can trust and rely on. Here are some possible team members, and why they need to be on the team.
1. A Credit Repair Specialist : You may be saying - Why? My credit is fine or I can get by with my FICO score. The truth be told ,we can always use someone to monitor and repair our credit, especially in the age of identity theft. Why not have a professional monitoring your credit 24/7 - don’t let a deal fall apart because you are unaware of a ding on your credit. Did you know that anyone can put a mark against your credit without you knowing about it - sad but true! Enough said.
2. An Accountant & Or Bookkeeper : To keep proper books for real estate investments is getting more complicated with all the tax-law changes. Find someone that understands the law, and understands what you want and what you do as a creative real estate investor.
3. A Creative Real Estate Attorney : Find someone familiar with the laws and legal customs of your area, and that has experience with the type of deals you intend to do (If you are buying rentals, he/she should be familiar with doing evictions, if your're doing lease options they should be familiar with all the aspects of them.)
4. A Good Real Estate Agent. An agent with experience in the area you invest in and access to the MLS (Multiple Listing Service), can be a great help. If he/she is a seller's agent, she can still ethically bring the best deals to you once he/she knows you're a serious buyer.
5. A Payoff Specialist : We all have personal and business debts all through our working years. It has always been my recommendation to have someone who is good with numbers that can keep investors on track with the pay down of their obligations in the least amount of time possible. Example: pay down an investment property 30 year loan in 9 ½ years without increasing my monthly payment. Can’t be done you say ! Wrong, with the right individual at the helm, it can be a reality.
6. Investment Advisor : When you start making profits from your investments, you must have someone on your team that will make investment suggestions based on your leverage tolerance . So many people try to reinvent the wheel and spend thousands of dollars on information that is never going to get them the return they seek. Why not have a person who devotes 24/7 to the investment industry, while giving you sound diversification strategies to maximize your investment dollar. Never place all your eggs in one basket.
Start building that team Now. Investing in real estate is a whole lot less stressful and more profitable with a good real estate team. That being said, most gurus’ tell you to go out and interview at least 3-4 of the above listed individuals before you assemble your team. If you take their advice you will spend more time on interviews rather than devoting your time to investing in real estate - does that sound like good use of your valuable time?
So, what’s the answer?
After 15 plus years of real estate investing I have found the answer to assembling the best team to achieve all of the above goals for a ridiculously low fee structure.
What is it?
Visit my website and E-Mail me with your contact information and I will be happy to share the information with you.
James A. Gage. is a best-selling author and internationally-known expert in Lease Purchase, AKA Rent To Own Real Estate Investing and Negotiating. He Mentors One-On-One throughout the U.S. and across the world. James is also director of the Gage Consulting Group, LCC , 800 Main Street, Suite 104 Holden, MA 01520 . http://www.jgage.com |
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