Property Investing is a Team Sport

Just as in basketball, hockey, or football, even the greatest property investment players can only reach their true potential with a good team around them. The right people make all the difference. You can only be in so many places at once, but if you know you can depend on your key partners, you will be more efficient both as an individual and as a team. Here are the key players you need to be part of your team.

Financial Expert

It’s all about the money, right? Well, not entirely, but it certainly starts with the money. After all, without the financing you need, you can’t even begin the process of rehabbing a property. Look for a financial partner who is familiar with traditional lending as well as more out-of-the-box options like hard money and private lending. Different scenarios may call for different financial solutions, and you want someone who can make connections in different lending streams.

Real Estate Agent

If you are not a licensed agent, you will need a team member who is. Agents with the right connections will be able to ensure timely closings on both ends of the process. They can assess property value (before and after the rehab work is complete), and help you get the most for your money. They also have connections to other agents with clients looking for a property like yours. Once that finished property is on the market, you want a quick sale. A good agent can help make that happen.

Real Estate Attorney

Like a good real estate agent, a real estate attorney will be an asset in protecting you from making costly errors throughout the rehab process. If there are any red flags that pop up, your attorney will be able to step in and provide guidance. When you are ready to close on the sale, your attorney will ensure everything is in order for a smooth closing.  If you have ever been through a real estate transaction before, you know how much paperwork is involved. A good real estate attorney will help ensure full compliance throughout the buying and selling processes.

Wholesaler

Wholesaler partners can find bargain buys that are quickly passed along to another investor at a smaller, but quicker, profit. Having a wholesaler on your team means you have a connection to another income stream. Whether you get into wholesaling as a regular part of your business, or just occasionally, having a partner who is keyed in to those connections is important.

Property Inspector

When buying distressed properties, the potential for hidden expenses is great. A good property inspector can tell you where the problem areas are and give you some peace of mind about your investment. While it is impossible to always identify hidden property conditions, a property inspector is a critical component to protecting your business.

Contractor

Once you have purchased a property, you will need a great contractor on your team to take the lead. Your contractor ensures the rehab work is completed well. Look for a contractor who can stay on task, and on time. Work delays and unexpected issues lead to cost overruns. You need a partner who has experience dealing with these situations and keeping projects on budget.

Title Company

Speaking of hidden surprises, do not get caught off guard by issues with the property title. A good title company will know how to complete the due diligence on your behalf. It can shave days off the title search process, which will save you time and money. A clean title is essential in moving forward on a deal; any unexpected liens can bring the process to a standstill.

While this is by no means an exhaustive list of the people you should have on your team, it is certainly a great place to start. Ultimately, you should always be on the lookout for individuals you can work with to meet your investment goals. Success in this business always starts with a winning team.