I had a tough time at first with
real estate investment. One reason was that I tended to be a
"lone wolf," trying to do too much myself. I've since
learned that to do well investing in real estate, you need to
a team of people you can trust and rely on. Below are some possible
team members, and what they need to be on the team.
1. Real estate agent. An agent
with experience in the area you invest in and access to the MLS
(Multiple Listing Service), can be a great help. If she's a seller's
agent, she can still ethically bring you the best deals once
she knows you're a serious buyer.
2. Real estate attorney. Find
someone familiar with the laws and legal customs of your area,
and with experience in the type of deals you intend to do (If
you're buying rentals, she should be familiar with doing evictions,
for example.)
3. Accountant. Keeping books
for real estate investments is getting more complicated with
all the tax-law changes. Find someone that understands the law
and you.
4. Mortgage broker or mortgage
banker. The first can offer many options, and the second can
make the loan decision. Each has advantages, and you could use
both. Either way, it's important they understand what you want
(fast closings, lower interest, corporate loans?)
5. Real estate appraiser. A good
appraiser give you an accurate valuation of a property, and they
should be able to suggest ways in which you can raise the value
of a property. Find someone that will talk to you.
6. Property inspector. Find one
that is, or used to be, a contractor, so he can find the problems
AND give you some idea of the cost of repairs.
7. Insurance agent. Good ones
will understand what you want, and find ways to save money. Insure
all your properties with one agent, and you're likely to have
better service.
8. Escrow officer. They'll usually
be with a closing company. Find someone that's efficient, and
can explain things clearly to both sides. If he or she is confused
by a slightly creative contract, he should educate easily or
be replaced.
9. Cleaning person. A trusted
person or crew ready means a fast turn-around when you buy a
rental or rehab project.
10. Property manager. Be sure
that the company you hire has exerience, is responsive, and will
have time for you when you call. A good property manager can
tell you what you should get for rent in a given area - BEFORE
you buy.
Real estate investment is more
profitable - and less stressful - with a good team on your side.
Steve Gillman has invested in
real estate for years. To learn more, and to see a photo of a
beautiful house he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com
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