Team Building In Real Estate Investing
By Jamel Gibbs
November 13 2010
In the real estate business you can't do everything by yourself if you want to successful. You will need a team that can assist you in the areas that you are rough around the edges with. A foundation is not built with one person. A foundation is built with a group of people working towards the same common goal. Although the team is working together, there is always a team leader. In your real estate business you must be the team leader.
But, who are the most important team members? Who is your starting five? Who will help to build the strong foundation? In this article, I will briefly tell you what type of team members you need in your real estate investing business. I will tell you why they are important to your foundation. And I will tell you how to get these assets on your team.
Realtors: Realtors are very valuable in the sense that they can help you find the properties you are looking for. They can also help you with your comparable sales in an area that you are not too familiar with. If you explain to your realtor what type of property you're looking for, the realtor can be on the look out for that type of property, and if the property is worth buying then you both can make some money.
Bird dogs: Bird dogs are kind of like street realtors. You can train your bird dogs to look for a certain type of property for you. For example, in my business I look for people in distress (financially, as well as physically). My bird dogs know what type of deal I will buy, so when those deals come around they are all over them. The best thing about bird dogs is that they will find you properties for a finder's fee. I pay my bird dogs between $500 and $1000 for every house I buy.
Hard money lenders: If you want to be an investor, then you need a hard money lender on your team. Having a hard money lender on your team is like having cash on demand to buy properties. Hard money lenders can help you buy properties in as little as 7 days. That time frame varies depending on the lender. This can be effective when you are in competition with other buyers. If you can close fast then you will get the deal.
Title Companies: Title companies will help you get the deal closed. When you use title companies the hard work of closing a transaction is done for. Use reputable title companies. Use title companies that can close as fast as you need them to. This is very important in your house buying business. If you can't get the deal closed then you don't make any money.
Appraisers: Appraisers, like realtors can tell you what a home is worth before you buy it. An appraiser can give you an exact amount of what the property will be worth. Realtors will usually give you an estimate. Appraisers are good to use in your investing business. They can help you understand what you need to do to a property to get the value you need out of it. Having an appraiser on your team can make a difference in your deals.
These are just some of the team members that can be valuable in your real estate business. You can also use lawyers, accountants, and other team members as well. You can find these team members at your local real estate investment clubs, in the newspapers, online, through other investors, and by word of mouth. If you know how to apply them in your business, then you can run a smooth and successful operation.
Copyright Â© 2008 Jamel Gibbs - All Rights Reserved. WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? You can, as long as you include this complete blurb with it. Check out Jamel Gibbs at http://www.HowtoFlipforProfits.com.
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