Even the most experienced and successful real estate investors understand the importance of having the right team members to help them meet their goals. After all, most investment success is only as good as the community you have to help you along the way.
The best way to start investing in real estate is to focus on building your real estate investing team. When you begin, experts recommend that a solid team begins with these seven members we’ll talk about today. Each one serves an integral role in your real estate journey, and you can greatly benefit from the expertise they have to offer. So keep reading to learn about each of these crucial additions to your real estate investing community and why they are important.
A Reputable Real Estate Agent
A reputable real estate agent will be a key player in your real estate investment success. However, it’s critical to partner with an agent specializing in investment properties.
Thanks to their deep understanding of the market, these professionals will help you find properties that fit your long-term goals and help you negotiate the best deals. The housing market can be daunting and confusing, but a quality real estate agent can make it much more manageable. Partner with an expert that can represent you well as you buy and sell properties. You’ll work with this team member quite closely, so be sure to choose someone who is not only knowledgeable but that you also trust and get along with.
An Excellent Mortgage Professional
When it comes time to buy a new property, a real estate investor needs a mortgage professional at their side. As someone just starting in real estate investing, it’s best to secure one early to avoid scrambling to get the help you need during the closing process.
Partnering with the right mortgage professional means having your money lender ready to help you grab a great deal to beat out your competitors in a market. Seeking out an accredited mortgage professional early in your investing career helps you with mortgage preapproval when you’re ready to buy. However, before rushing into a partnership with “just any” financing professional, take time to ensure that both the company you go with and their rates are right for you.
An Experienced Real Estate Attorney
Along with an outstanding mortgage professional, a property investor needs a trustworthy real estate attorney on their team. In fact, in twenty-one states, an attorney is required at closing for new property purchases.
A real estate attorney helps ensure that the purchase goes as it should. If there is any fault with the transaction, its legality may come into question, and you’ll run into problems that could delay returns on a new investment. Your real estate attorney will also review all paperwork— including the mortgage documentation—to ensure it’s in order, saving you time, effort, and potential financial loss. With an excellent lawyer, investors can focus more time finding their next deal with peace of mind about each transaction.
A Capable Insurance Agent
Within the real estate investing community, insurance agents serve as a line of defense against unforeseeable problems that could arise down the road. However, even if you find that you’re doing well as a real estate investor, any number of unexpected and unpreventable events can wreak havoc on your success.
That’s why savvy investors have a capable insurance agent on their team. It’s their job to negotiate and secure the best policies and coverage that protects your real estate investments. Things like storms and break-ins can cause expensive property damage that hurts your returns. However, with the right insurance plan and a capable agent, investors have the protection they need to minimize income loss and delays when flipping an investment.
A Detailed Accountant
When starting in real estate investing, navigating facts, figures, income, and expenses can become overwhelming. At first, you might just have one or two properties to manage. However, as your real estate portfolio grows, you might end up with more figures than you can keep track of, especially if you’re new to all this.
Each new property comes with its budget and needs to manage them toward successful returns. A detailed accountant keeps track of expenses, property taxes, and income and reviews your financial records to manage budgets for profitability. An accounting expert also helps track potential deductions to minimize tax payouts on your rental properties or other property investments.
Since your accountant will closely monitor your finances and properties, it’s critical to choose someone you trust and feel comfortable working with. At the end of the day, they will be essential to helping you focus on the investing side of your real estate investing career while they handle the numbers.
An Available Home Inspector
A home inspector will be immensely valuable to you when considering a new investment property for purchase. An inspector should review every potential investment before investors close on a property to avoid hidden surprises that could be costly.
While nothing is guaranteed, a home inspector can help you make a good decision on a new property and avoid properties that could never pay off. Properties can have plenty of problems beyond what meets the eye, and it’s a home inspector’s job to discover them. They will walk through the house and yard and note its condition, providing you with a full report.
When choosing an inspector as a partner on your real estate investing team, it’s a good idea to check the qualifications and certifications before hiring them to make sure they will conduct a thorough and complete inspection. It’s also essential to choose an inspector that can be available when you need them to avoid delays when purchasing a property. Waiting too long for your inspector can mean losing out on an excellent deal that could boost your investment income.
An Expert Property Manager
If you plan to rent out your properties, most real estate investment experts recommend partnering with an experienced property manager. With a capable property management company in the markets where you invest in a rental property, you don’t have to worry about taking care of the tasks required to operate rental properties legally and profitably.
The right property manager oversees your properties and communicates with your tenants for you. If your tenants have an issue or if the property needs something, your rental manager will take care of it. They can also check up on vacant properties you may have and perform routine maintenance duties. Be sure to choose someone skilled and knowledgeable about the landlord-tenant laws that apply to properties in different markets to avoid legal issues or income loss.
The Right Real Estate Investing Team Helps You Succeed!
These seven team members are ideal partners as you start building your real estate investing community. As a new property investor, you will quickly find each of their roles and skills pivotal to your success. Because building your team is essential to success as you start investing in real estate, take your time and choose qualified, skilled, and friendly people to fill these roles. Then, when you’re ready to find new real estate investment properties to add to your portfolio, let Privy help!
Our software delivers properties directly to your inbox that meet your criteria and goals. Then, with your team ready to jump into action, acting quickly on the best deals (before they disappear) has never been easier than with the Privy Advantage! Reach out to learn more about how it works.