How successful you become as a real estate investor will be determined by how well you assemble your team. You will need to have team members who have knowledge and expertise in their field, as well as be trustworthy and reliable. Following are players you need to recruit for your team.
Credit Repair Specialist – Even if you have good credit, it is always a good idea to have someone to repair and monitor your credit. Especially today where identity theft is prevalent, it is a good idea to monitor your credit in order to keep it in good standing.
Accountant – Keeping your accounts in proper order is difficult due to the various laws that apply to investors. Find an accountant who is familiar with these rules and regulations, is an investor himself, or works closely with real estate investors.
Real Estate Attorney – A good attorney is worth their weight in gold. There are just too many laws to learn yourself. Make sure they know the laws in your area and understand the types of deals you are going to be doing. Also I recommend you have them look over any contracts to make sure they are legal for your area.
Real Estate Agents – A real estate agent is good to have in case you decide to sell a property. In addition, the agent has access to the Multiple Listing Service (MLS). It may take a while, but find one that works with investors and understands the types of deal you are going to be looking for.
Title Company – You need to find a title company that works with investors and knows how to handle the types of deals you are going to be doing. They must also understand the investor terms you will be using and be able to close quickly if possible. Like the real estate agent, it may take awhile to find a title company you can work with.
Investment Advisor – An investment advisor is someone who can give you suggestions where to invest your profits. It is a good idea to have someone who does this full time and can give you sound advice to maximize your investment profile.
This should give you a good idea who you need to have on your real estate investment team. Having a good solid team will not only make investing easier, but it will also be more profitable.
John P. Myers is a successful real estate investor in N. Calif. He buys properties using various methods and specializes in re-habs, foreclosures and probate properties.