Who Do You Need On Your Team?
Building a team might feel intimidating if you’re not sure where to start—especially if you’re used to tackling new things on your own. In addition, most successful real estate investors can also tell you that who you need on your team to get started might not be the same group of people you need for long-term success and support.
When first starting as a property investor, your team can be a small group of key players to help you develop strong real estate investing strategies. This starting team can include:
- A handyman to fix up properties
- A property manager or leasing agent to manage a rental home
- Your lawyer and accountant to manage contracts and budgets
When choosing an attorney, make sure they specialize in real estate investments. You might have a long-time family lawyer that helps you with various other needs. However, most successful investors will tell you that the expertise of an attorney that focuses on managing real estate deals, contracts, and helping you avoid potential legal issues (in multiple markets) can be some of the best money you’ll spend when building your portfolio!
With a solid group of trusted professionals, investors can make smart decisions about purchasing a property and getting it up and running. Then, as you begin generating revenue toward your goals, it’s time to think about expanding your team!
A Next-Level Team Takes Your Further
Many investors get a taste of success about learning how to begin investing in real estate, then they want more! However, developing a more significant (and successful) real estate portfolio requires more support along the way. Whether you choose real estate investing flipping houses or prefer rental properties, surrounding yourself with the best experts in the markets where you invest can help you avoid costly mistakes and potential losses.
A next-level team helps growing property investors with support in areas, including these professionals:
- Mortgage lending
- A real estate agent to find and negotiate deals
- An insurance agent
- A good general contractor for renovations
- A cleaning company (to clean up after renovations or tenant turnover)
- An accountability partner
Keeping your eyes on your goals is easier with a mentor or accountability partner to keep you on track, even if this person is your spouse or a family member that supports your goals.
Go Big With a Well-Rounded Real Estate Investing Team
If you have your eyes set on a significant portfolio that spans multiple markets or includes a combination of buy-and-hold rental properties, fix-and-flips, and REIT (real estate investment trust) opportunities for more diversification, you need a robust team!
Many property investors round out their teams with additional players, including:
- A staging crew (for flipping properties or marketing rental properties)
- A licensed plumber and electrician
- A pest control company
- An equity partner
- A hard money lender
- A home inspector
- A resource to find the best deals in the best markets
- And more key experts
Having these professionals available to move quickly on hot deals, rehab properties, find tenants, and keep up with your financials can be the difference between long-term success vs. struggling to find the revenue you need to meet your goals.