What is a real estate investor power team you ask? Well it’s an outsource team of people you depend on, to assist you in your real estate investing business.
What I’m talking about here is accountants, lawyers, bank managers, lenders, title agents, realtors etc….
You will need these people to complete transactions on most of your real estate investment deals. Since you will need these folks, you might as well get started finding them prior to requiring their services.
Now I know you’re probably thinking, how can I find all these people when I barely know what I’m doing as a new real estate investor and how can I afford all of them. Well the truth of the matter is, you will find a way to pay them as you begin to require their services.
The best way to find a power team in a short period of time is find another investor or realtor who is also an investor; ask for referrals from them. If you offer to include them in on one of your future property deals, they will most likely pass on a referral of some of their power team members.
Below I have listed business people you may require form time to time on your real estate investor power team.
1. Realtor s
2. Appraisers
3. Contractors
4. Mortgage Brokers
5. Private Lenders (hard money)
6. Real Estate Lawyer(s)
7. Certified Public Accountant (CPA)
8. Insurance Agent(s)
9. Bank Manger(s)
10. Title Agent
11. Home Inspector
12. Investors (Real Estate & financial)
13. Bird Dogs (people how find deals for you)
14. City Planner(s)
15. General Cleanup Laborers
16. Landscaper
One investor I read about in the past stated that he got his real estate power team by running an ad in a local newspaper advertising a property for sale. As he received telephone calls, he told the callers that the house advertised was sold. Then he asked each of them if they were home investors.
The ones that were investors, he would strike up a conversation with. He’d let them know when a new property became available he would contact them to see if they had any interested in buying or flipping it. During his conversation he asked if they knew of a good accountant, lawyer and so on. As he asked each of them for one good referral, he began building a power team of the members he needed.
Now, I understood that he did not have a house for sale when he ran his ad (a form of blind advertising), and I’m not suggesting that you do the same; however I believe investors run ads like this all the time for numerous reasons. I only mentioned the story as an insight of how to easily find a power team through referrals.
Good luck and have fun building a property investing power team.