How to Build the Best Real Estate Investing Team for You
TL;DR - Find your Core 4 - a deal finder, property manager, contractor, and lender - and you’re set to make passive income with real estate investing.
As the old saying goes - alone you can go fast but together you can go far.
Except in real estate, you really need a team to do either.
Besides lifting a ton of stress off your shoulders, having a real estate investing team that supports you is crucial for your success.
They are the people that’ll find you deals, get you a good loan, help you manage your property, and much more.
So before you start your real estate empire, make sure to build up a team of real estate professionals you can count on.
Build your team
Great Team Members and Where to Find them
In a little bit, we’re going to discuss the main members you need for your real estate team.
But first, where do you even find these people?
Personal References
The best way to find the right people for your team is through word of mouth. We’re talking personal references from people you know and trust.
By talking with trusted advisors, you can figure out who’s going to set your up for success and who will do the opposite.
Does this property manager know real estate well? Do they have a track record of collecting rent on time, getting necessary repairs done when required, etc?
Instead of relying on trust with a prospective team member, you can be assured through your personal sources that they are good at their job.
This is especially helpful if you know other real estate investors that have experience with these real estate professionals.
Professional References
If you don’t know any trusted real estate advisors, then you can ask real estate professionals for their advice.
A good real estate agent will have plenty of people in their network that they can refer you to - contractors, inspectors, lenders, property managers, and more.
Professionals build networks of people that they enjoy working with. And that clients have had success with in the past.
Forums and Social Media
Similar to personal references, these people will tell you their experiences with real estate professionals. Who made their lives easier or harder.
Make sure to connect with other real estate investors for the inside scoop.
Online Research
If you’ve exhausted all of your other options, you can always do an internet search.
Google will be able to connect you with plenty of real estate professionals that you can add to your team.
Who You Want on Your Team
Bigger Pockets has coined the phrase “The Core 4” to describe the four main real estate members you’ll need on your team.
There are plenty of people you could have on your team, but it’s most important to focus on these four first.
A Real Estate Agent/Deal Finder
The deal finder (usually a real estate agent) is someone who begins the whole real estate investment process for you.
They find the prospective real estate properties that fit the criteria you set.
Usually, they’ll have connections and sources that aren’t available to the average person. Which means you get to choose from the best properties and deals out there.
While you could find your own deals through the MLS, hiring a deal finder will reduce your workload.
A Property Manager
Keeping up with the day-to-day of a rental property isn’t something many investors want to do. We’re sure you don’t want to either.
And that’s why it’s so important to hire a property manager - especially if you’re investing from out-of-state.
A property manager will supervise and coordinate everyone that has a hand in your property. Whether that’s a leasing agent, handyman, or tenant - they’ll take care of it.
A Contractor
When you want to start fixing and rehabbing your rental property, this is who you’ll call. They’ll take care of all the manual labor your property requires.
Your contractor is a huge piece in increasing the value of your property.
A Lender
Unless you’re a millionaire already, chances are that you need access to some capital. And that’s what a lender is for!
They’re the ones that make your real estate dreams a reality. You need money? They have it.
It’s good to build a strong relationship with a lender. Once they know what your goals are, what you’re looking for, and how your finances look, you’ll be cranking out real estate deals in no time.
Develop These Relationships and You’re Golden
Once you have a real estate team investing team in place, you’re set to make some great passive income through rental properties.
You’ll likely add to your team as you expand and test out different markets. But for now, take care of your people.
If they do a good job for you and your properties, refer them to other people. All parties involved will benefit. And you’ll all be making money together!
How We Can Help You
Does investing in real estate sound intriguing to you? Would you like to learn more? We’d love to be of value!
At Undoor, we pride ourselves on teaching new and experienced investors how to maximize their gains with minimal stress. Our goal is to help you fall in love with real estate and real estate investing. What we’re most passionate about is maximizing investment gains for people like you.
Do you want to get key insights and advice that’ll help you get ahead of the game? Don’t hesitate to contact us for any and all real estate wants or needs.
