Build Your Real Estate Team
For many wanting to get involved in real estate investing there is no need to attend a real estate coaching program or boot camp to get started. In some instances you can avoid real estate boot camps if you have a well built team behind you. I'll touch on three essential people to have on your team.
With the home prices at the lowest levels in years, the first person you want to find is a realtor who has at least 10 years of experience. That realtor will have seen the markets struggle before and will be very familiar with the situation. It's very important that you make sure this realtor has experience working with investors as well.
In this tightening credit market, a quality mortgage broker is a must. Again you want a broker who has experience working with investors and have a surplus of different funding programs still available.
Establish a working relationship with a trusted title company. That company can help you get more information about a property and help you make a well informed decision when making an offer on that property. The title company can also keep you up to date with your state laws and the available ways you may close a deal, this is key when your using creative financing to structure your deals.
Now, without spending any money on a real estate boot camps, you have a qualified coaching team ready to support you. I want it to be clearly understood that I'm not downplaying the importance of real estate boot camps.
I try to give information of value to the begining investor who may not have a good deal of expendable cash to pay for a boot camp, so I'm suggesting that you can still give investing a try. When these three people help you to complete a few deals then attend a boot camp to expand your real estate investing knowledge.
Like Nike, Just Do It.
Comments (7)
I like to think of it as building on strengths and shoring up weaknesses. A good title company can certainly help an investor discover things otherwise not obvious in a deal. Many other relationships can prove helpful as well.
Account Closed, over 13 years ago
I've talked to a few Realtors and gave them an address on a property to help me find additional info do to the fact that in that particular county you have to pay for info otherwise I could have looked it up myself. This property was in a high dollar area and long story short I never heard anything back from any of the Realtors, my question is how can you really decipher if they have your best interest opposed to them just looking out for themselves and taking your leads?
Leonard Lewis, over 13 years ago
Leonard Lewis, over 13 years ago
I would go against the grain of your suggestion for a realtor. I think a good wholesale company in your area could be a better start-up source. Realtor's, while they have access to more information and can and probably do get bombarded by new investors that they do not give them the proper customer service to help them on their way.
Kevin Kaczmarek, over 13 years ago
Thanks Brian and Will you both mentioned very valuable things that need to be added.
John Glover, over 13 years ago
I would say that an experienced RE attorney and CPA should be selection #1, not a Realtor. While realtors may be a useful resource, your selection of such must be done carefully. The wrong realtor will hinder you rather than help you.
Will Barnard, over 15 years ago
I'd also like to suggest a reliable credit repair service. They can help you get your buyers qualified for financing as well as helping distressed homeowners get back on their feet after you've acquired their home. Smart investors pay for the sellers credit repair as an incentive to do business and cooperate.
Brian Diez, over 15 years ago