Team Building Essentials : The Key Players you Need for Successful Investing

When it comes to real estate investment, team work makes the dream work. This is especially true if you are just starting out and don’t have a lot of experience. Investment teams come in all shapes and sizes. They grow and expand as you do. No one person can do it all when it comes to real estate investing. You need a team of key players to help you be successful. But who makes up this team and what are their roles?

Here is a look at the four essential members of your investment team: 

1. The Realtor

The Realtor is the first key player on your investment team. They are responsible for helping you find properties that meet your criteria and are a good fit for your portfolio. A good Realtor will have a deep understanding of the local market and what investment work best there. They should help you determine a fair price for the property, guide you through the process, give advice on negotiations, and much more.

Working with the right agent makes all the difference and finding one who specializes in investment properties gives you a leg up on other investors.

2. The property manager 

This person will take care of renting out and managing your properties on a day-to-day basis.  A good property manager will take care of all the little details, like finding and screening tenants, collecting rent, handling maintenance and repairs, and more. They should also be able to provide you with regular reports on how your properties are performing. This is a critical role, as it frees up your time to focus on other aspects of your business.

Some people choose to self-manage their properties. This is a difficult job and not right for everyone, so be honest with yourself before jumping in. Can you have difficult conversations? Evict a tenant who is going through a hard time and hasn’t paid you in months? If not, leave this to the professionals.

3. The lender

A good lender will be able to get you the best terms for your loans and help you stay in compliance with regulations.  They should also be able to answer any questions you have about the lending process. Be sure to shop around and compare rates before settling on a lender. And always make sure you understand the terms of the loan before signing anything.

You will likely need to work with a few different lenders over the course of your career, so it’s important to build and maintain good relationships with them.

4. The contractor 

The final key player on your investment team is the contractor. A good contractor will be able to do quality work at a fair price. Depending on your strategy they should also be able to help you with the construction process, from getting the necessary permits to managing workers.

Finding a reliable contractor is like finding a pot of gold. Everyone wants it and no one wants to share. Don’t be that guy. Sharing your connections builds your community and provides value to your contractor. This will in turn keep a good relationship and he is likely to return the favor.

When it comes to real estate investment, team building is essential to your success. Each person plays a vital role in helping you achieve your investment goals. So take the time to build a strong team and watch your business grow!

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