I love coming up with a Blogpost each week because it gets me to self-reflect, it sends me to my counterparts to ask more questions and naturally leads me to course- correction where I may have lapsed. So it becomes a self-mentorship exercise.
Let’s talk about your Power Team for successful Real Estate investing.
Real estate investment requires a core set of skills that cannot be found in one person. Therefore for successful in Real Estate Investing, one requires and must maintain a Power Team.
I am going to introduce you to the concept of a Power Team. This team may change or the composition may be different for different investment strategies or you may utilise some members more frequently than others.
Bottom Line though is… Do Not Do this on your own.
Real Estate Power Team.
Share Your Wealth Mentor is here to smooth your path as much as possible. To assist your journey. To introduce you to the property networks.
Conveyance lawyers don’t just transfer properties as you buy and sell. Find a good one that knows about Estate Planning too. As your portfolio grows, you need to be doing asset protection- in case of death, financial difficulties and when relationships break up.
Find a good contractor is tough and KEEP him- this is a great asset. Contractors can give you useful information about the building processes, like how much work a property needs and for how long. They point you to useful and reputable sub-contractors like electrician, plumbers, etc. They are really handy with repairs and remodelling of a property.
We utilise the services of a bold, smart Real Estate Professional that listens and understands your brief. A good agent will find you investment properties. You then repeat business and they keep finding you great cash-flowing deals. Treat them as business partners. When the deal is “sweet”, you make quick decisions, they get paid and you keep growing! This is one other asset in your team
The Bond Originator– he pre-qualifies you. He does the groundwork with the banks. This is not just an administrative (paper-work) exercise, your bank originator is meant to know the bank’s nitty-gritty elements and find you the best rate. He works for you, but is paid by the bank! There are really good ones and mediocre ones- Beware!
Funder could be the bank. Short-loan providers or other private investors. Stokvels are another good way of funding Real Estate- only if the correct
That is the core of your Power Team. There are however other professionals that we utilise on and off like:
Property Tax Expert: Your taxes need to be in order. A savvy accountant that knows how to set up your business to be “tax-efficient” as you build the portfolio.
Property Inspector: On your journey of shopping for bargain deals, you are going to need the inspector for the roof, major cracks and malicious damp on the walls. Some bargain deals can easily turn into your worst nightmare. You may need a formal inspector.
And as you grow and expand into Commercial real estate you may be speaking to Architects, Structural engineers, Commercial Real Estate Agents.
Real Estate business is a Relationship business!
Share Your Wealth Mentor: Miranda