Real Estate Investment Requires A Team

I had a tough time at first with real estate investment. One of the reasons was that I tended to be a "lone wolf," trying to do too much myself. I've since educated that to really do well investing in real estate, you require to have a team of people you can believe them and rely on. Here are some probable team members, and what they need to be on the team.

1. Real estate agent. A licensed agent with knowledge in the area you invest in and access to the MLS (Multiple Listing Service) can be a great help. If she is a seller's agent, she can still fairly bring the most excellent deals to you once she knows you're a serious buyer.

2. Real estate attorney. This should be someone well-known with the laws and legal customs of your area, and have knowledge with the type of deals you intend to do (If you are buying rentals, she should be familiar with doing evictions, for instance.)

3. Accountant or bookkeeper. Keeping appropriate books for real estate investments is getting more difficult with all the tax-law changes. Find somebody that understands the law, and what you desire.

4. Mortgage broker or banker. The first can offer a lot of options, but the second can make the loan decision. Every one has their advantages, and you can use both. In either case it's vital that they understand what you desire (fast closings, lower interest, corporate loans?)

5. Appraiser. Not only can a good appraiser give you a truthful valuation of a property, but they should be able to advise ways in which you can lift the value of a property. Use someone that will speak to you.

6. Inspector. In some areas it is simple to turn out to be an inspector with little knowledge. Its best if you use one that is or used to be a contractor, so he can discover the problems AND give you several idea of the cost of repairs.

7. Insurance agent. A good one will understand what you desire, and discover ways to save you money. Insure all your belongings with one agent, and you're likely to have discounts on hand and better service.

8. Escrow officer. They will generally be with a closing company. Look for somebody that's efficient, and can make clear things clearly too both sides. If he is puzzled by a slightly innovative contract, he should educate easily or be replaced.

9. Cleaning person. Having a trusted person or crew all set means a fast turn around when you purchase a rental or rehab project.

10. Property manager. Be sure that the company you take on has experience, is responsive, and will have time when you call. A fine property manager can tell you BEFORE you buy, what you be supposed to get for rent in a given area.

Real estate investment is less stressful and more profitable with a excellent team on your side.