How To Build A Good Power Dream Team For Real Estate Investing

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by: simon87
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Word Count: 648
Date: Wed, 23 Feb 2011 Time: 11:25 AM

The first time most people venture into real estate investing, they are intimidated by numerous things they do not understand about the business.   They are scared of messing things up.

 As a smart real estate investor, you must let professional do their job. Instead of learning how to do everything yourself, building a power team can help you tremendously in your business.
 This article helps you get started with your dream team.

What is a power team?
A power team, or dream team,  is a team of people who can handle your business needs as a real estate investor.  Depending on your business model, you may need some more than others.

 Here is a list of people you may need in your power team:
 
1)    Title company - to close  your deals for you.  The title company you choose must work with real estate investors.  They know all the ins and outs of the business and this makes your work very easy.  Once you fax them the contract, they will handle the rest.  Most title companies have their in-house lawyers.
2)    Insurance agent - to insure your properties
3)    Home inspector - very important person in your power team.  Inspection can be a huge bargaining chip when buying properties.
4)    Contractors - Handy when you need to fix things up.  Even if you are not a rehabber, you might need to do some light work.
5)    Handymen, general cleaners - Sometimes you need these
6)    Mortgage broker - either you need financing, or you need to get your buyer qualified to buy your houses.  This is a very important person in your dream team.
7)    Hard money lender or private money lenders - private money lenders are more preferable and cheaper.   You must have a good real estate investing website for this.

A good website is suggested at the foot of this article.

Hard money lenders lend on the property, not your credit.  Identify a good HML to work with.
8)    Appraiser - when selling your properties or refinancing, you may need an appraiser
9)    CPA - to keep your books clean!
10)    Real estate investors - some have cash to buy the properties you have!
11)    Realtors - sometimes you need the services of a real estate agent, e.g. to buy REOs. A good relationship with a realtor will get you comparable sales on properties, etc.   Get a Realtor who is friendly to real estate investors.

 How do you find all these people?
 Your local real estate investment group is the first place to start.   Local professionals already serve the real estate investors in your area.  They can tell you who is good and who is not.  Sometimes one or two networking meeting is all you need to build your entire dream team.

 Must you have all the people above in your dream team? No, it depends on your business model.

 Most real estate meetings have vendors as sponsors.  These vendors form your dream team all under one roof!  If you have no real estate groups in your area, then you will need to do some research.

Ultimately, the most important thing in real estate investing is doing deals.  Do not be paralyzed and wait to do a deal because you do not have a dream team!   Building a power team is a continuous process.

About the Author

Successful real estate investing must be driven by a ready supply of private cash available from private money lenders. Targeting these lenders requires you convince them that their money is safely invested in your deals. Learn how you can attract investing cash through a private money website.

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