I had a hard time at first with real estate investment. One of the reasons was
that I tended to be a "lone wolf," trying to do too much myself. I've since
learned that to really do well investing in real estate, you need to have a team
of people you can trust and rely on. Here are some possible team members, and
what they need to be on the team. 1. Real estate agent. A licensed agent with
experience in the area you invest in and access to the MLS (Multiple Listing
Service), can be a great help. If she is a seller's agent, she can still
ethically bring the best deals to you once she knows you're a serious buyer. 2.
Real estate attorney. This should be someone familiar with the laws and legal
customs of your area, and have experience with the type of deals you intend to
do (If you are buying rentals, she should be familiar with doing evictions, for
example.) 3. Accountant or bookkeeper. Keeping proper books for real estate
investments is getting more complicated with all the tax-law changes. Find
someone that understands the law, and what you want. 4. Mortgage broker or
banker. The first can offer many options, but the second can make the loan
decision. Each has their advantages, and you could use both. In either case it's
important that they understand what you want (fast closings, lower interest,
corporate loans?) 5. Appraiser. Not only can a good appraiser give you an
accurate valuation of a property, but they should be able to suggest ways in
which you can raise the value of a property. Use someone that will talk to you.
6. Inspector. In some areas it is easy to become an inspector with little
experience. It's best if you use one that is or used to be a contractor, so he
can find the problems AND give you some idea of the cost of repairs. 7.
Insurance agent. A good one will understand what you want, and find ways to save
you money. Insure all your properties with one agent, and you're likely to have
discounts available, and better service. 8. Escrow officer. They will usually be
with a closing company. Look for someone that's efficient, and can explain
things clearly to both sides. If he is confused by a slightly creative contract,
he should educate easily or be replaced. 9. Cleaning person. Having a trusted
person or crew ready means a fast turn around when you buy a rental or rehab
project. 10. Property manager. Be sure that the company you hire has exerience,
is responsive, and will have time when you call. A good property manager can
tell you BEFORE you buy, what you should get for rent in a given area.Real
estate investment is less stressful and more profitable with a good team on your
side. About the author: Steve Gillman has invested real estate for years.
To learn more, and to see a photo of a beautiful house he and his wife bought
for $17,500, visit http://www.HousesUnderFiftyThousand.com
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