When you start investing in real estate, it's important to have a “dream team” of professionals behind you, ready to help you out on your journey. Getting started in the real estate investment community can be challenging, and it's especially risky if you're new to the game or trying to go it alone. With the right experts at your disposal, you have access to insights from people who are not only great at what they do but contribute to your success—but how do you know which team members you need on your side? Here is a list of fifteen essential team members that every real estate investor needs.
An Experienced Attorney
When you start investing in real estate, hiring an attorney specializing in real estate investments is critical. Attorneys can not only help you understand basic real estate knowledge in the specific area you're interested in, but they can also help you avoid legal pitfalls, zoning problems, and more. Additionally, a lawyer can assist you during real estate closings, review legal documents, and help you set up the right business entities for your property investments.
A Reputable Mentor or Accountability Partner
The last thing new investors want to do is dive headfirst into a market with no experience, then end up leaving empty-handed or, worse, in debt. A reputable mentor is a valuable member of your real estate investment team. Even if you know the basics of investing, they can help you achieve your goals more quickly and efficiently. What's more, a quality mentorship can even help you make additional connections to support your real estate investing growth.
Start by finding a local and experienced mentor in the area where you want to focus your real estate investing strategies. The mentor you choose should be someone you not only look up to but reflects who and where you want to be in the next few years.
A Real Estate Agent
A real estate agent with experience working with investors is an ideal team member to have on your side. Real estate agents can help you find the best possible properties based on your preferred location, budget, and more. Like your attorney, they also have connections with potential business partners and help ensure that the buying and selling process goes smoothly for you.
A Mortgage Professional
Real estate investors need a strong partnership with a mortgage professional. With this member of your team, it’s easier to snap up the best deals before competitors get to them first.
Heaving your funding in place helps investors avoid delays from finding a new property to closing on the home. The right mortgage expert understands your goals and can act quickly to finalize financing when it’s time to buy a new property.
A Home Inspector
Whether you prefer rental properties or fix-and-flip investments, having a go-to home inspector also helps you move quickly to finalize a new acquisition and avoid potential money pits. Partner with an inspector that can be available on short notice, knows what to look for (and how to advise you on the condition of a potential investment), and offers competitive rates for you and your continued business.
A Knowledgeable Insurance Agent
When you start investing in real estate, you mustn't forget about finding an insurance agent. An insurance agent helps property investors protect their investments with critical coverage.
The right agents find the best possible insurance deals at the best rates or with helpful discounts. With an insurance agent on call, a real estate investor can get faster quotes and prevent delays when it’s time to protect a new investment. In addition, the right insurance agent can help you minimize losses if something goes wrong with a property, but the wrong agent can end up costing you both time and money.
Quality General Contractor
If you're planning on flipping properties or operating a rental property, it's vital to have a general contractor to help you renovate these homes. General contractors not only have the knowledge and skill to renovate the property, but they also know which features will most likely get you tenants or buyers faster. The right general contractor can also ensure that your projects are completed on time and within budget.
A Detailed Bookkeeper
Outsourcing your bookkeeping is critical when starting and continuing your real estate investment career. The right bookkeeper tracks receipts, invoices, and rental payments, so you don’t have to worry about these details. As your real estate portfolio grows, having a detailed bookkeeper becomes even more critical for long-term success!
A Licensed Plumber
Having a licensed plumber on call is crucial when dealing with investment properties. Many residential properties experience a plumbing problem, either during renovations or while tenants occupy the homes. By having a plumber on your team, you can save money, get better rates on services, and receive prompt responses during a plumbing emergency.
A Professional Property Manager
Once you've acquired rental real estate, you'll want someone who has experience taking care of properties and the tenants. Whether you're considering investing in single-family homes or multi-tenant apartment buildings, a property manager can help take some of the responsibilities off your plate while maximizing returns.
An On-Call Pest Control Service
Even if you hope to never deal with pest issues, it’s better to be prepared and have a pest control service on your team to prevent infestations from causing property damage. If you buy foreclosed homes or abandoned properties, a quality pest service is crucial during the rehab and resale process.
A Real Estate CPA
A certified public accountant (CPA) with experience in real estate investing is crucial to track income and expenses and manage budgets. CPAs also take care of financial records and file monetary reports such as inventories and tax records.
An Experienced Administrative Assistant
From scheduling contractors to answering calls and emails and being the first set of eyes on potential new deals, an experienced administrative assistant is an essential team member! Offloading day-to-day details to either an in-house employee or an experienced virtual assistant can keep you organized and help projects stay on schedule.
A Cleaning Company
After rehabbing a property or preparing for a new tenant, investors need a quality cleaning company to get properties ready for their next steps. Partner with a cleaning crew that’s available when you need them, trustworthy, thorough (yet efficient), and offers reasonable pricing for being part of your go-to team of professionals.
An Equity Partner
We talked about having a mortgage lender on hand, but savvy investors also connect with a trusted equity partner to generate capital for down payments and new investments. As you build your team for long-term success, make sure your equity partner shares your goals and is committed for the long haul.
Make Sure Privy Is Part of Your Real Estate Investing Team!
Once you've assembled your dream team and you're ready to get started investing in real estate, make your job even easier with Privy. As the 16th critical team member for success, Privy is a real estate investment software that helps investors find and track real estate investors and opportunities to make the best investment decisions for a growing investment portfolio. For more information about how the Privy Advantage can help you build long-term success, reach out to us today!
Learn more about the team that can help with your real estate investment success. Download our free resource, “Assemble Your Real Estate Investing Team: A Worksheet.”