Your Real Estate Team

Fix And Flip Course

Who should be on your real estate team? The list is below. Why do you need a team of people to help you? If you are a "lone wolf," trying to do too much by yourself, you won't have nearly the success you can have when others help you.

Don't get intimidated by the thought of building a real estate investing team. You don't have to get these people all together in a room to work with you. You don't even have to work hard to convince them to be on your team. The idea here is just to have good help lined up in all the various areas. Everyone involved will be paid in one way or another, so they will naturally want to help you out.

Possible Real Estate Team Members

Real Estate Agent

Find an agent who has experience in the area you plan to invest in. His or her access to the MLS (Multiple Listing Service) and new listings that aren't yet in the system will be a great help. There are some advantages to working with a buyer's agent, especially when you are looking for that first fixer upper. But you'll need an agent that can sell your properties as well. In any case, even an agent that represents the sellers can still bring you the best deals once she knows you're a serious investor.

Accountant

You need someone that is more than a tax return preparer, because there are a lot of complicated tax issues when it comes to real estate investing, especially when you are flipping properties quickly. You should find someone before you start investing, too, because some of the things you do might require consideration of the tax consequences before you make a decision. Find an accountant who will advise you, do your tax returns, and answer the phone when you call with a question. Make sure he or she has some experience with accounting for real estate investors.

Mortgage Banker or Broker

It speeds things up and makes deals more likely to happen if you already know where you can borrow money before you make an offer. Mortgage brokers can offer many options, but a banker can make the loan decision, so you could use both on your team. It's important that they understand what you want (fast closings, corporate loans, lower interest?), and can help with that.

Attorney

You don't have to have a lawyer on retainer or spend much for a little help. Just know who you will call for help with a contract or closing, and make it someone familiar with the laws and legal customs of your area, and who has experience with the type of deals you intend to do. Plans like those from Pre-Paid Legal include a certain number of reviews of contracts at no extra charge. It might be worth the $30 per month for a service like that.

Property Inspector

In many states people can become an inspector with little experience or training. Try to find one that is or used to be a contractor. That way he can find the problems AND give you some idea of the cost to correct them.

Appraiser

Of course a decent appraiser can give you an accurate valuation of a property, but a good real estate agent might do that for you as well. An appraiser that you can talk to, however, can also suggest ways in which you can most efficiently raise the value of a property. Meet with the appraiser that the bank sends to the next house you buy, and get to know him on a first-name basis.

Insurance Agent

A good agent will understand what you want. He'll also find ways to save you money. If you insure all your properties with one agent, you might get some discounts, and better service too. An independent agent may have the most options for you.

Escrow Officer

This will usually be someone at a closing company or title insurance office. You want someone who is efficient and can explain things clearly to you and your sellers or buyers. Ask your real estate agent who has done the best job for him.

Cleaning Crew

With a trusted person or crew ready, you get a fast turn-around on your fixer/flipper. That means less holding time and expense.

General Contractor

It helps a lot to know someone that can build, repair and improve almost everything in a house. Find someone who is prompt, and understands what you want.

Other Real Estate Team Members

As you start looking at properties, you'll find that there are others you need to hire. Keep a file of business cards from good carpet cleaners, electricians, plumbers and others.

Steve

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Fix And Flip Real Estate Investing Course.

Tips For Flipping A House | Your Real Estate Team