Building Your Real Estate Investment Team
As a real estate investor, what can you do to grow and expand your real estate business? It’s important to set goals for your business and determine what you ultimately want to accomplish through real estate investing; but what’s also important is to have a solid plan in place that includes the steps you need to take to achieve those goals. One of the things you can do to help grow your business is build a strong team of professionals around you. Having a strong team allows you to expand your operations and will ultimately help you reach the goals that you have for your real estate investing business.
Who should you look to add to your real estate investing team and how can you find the right fit for your business? To help you build your real estate team, we’ll provide you with tips on who you should look to add to your team, and what resources you can use to find them.
1) Real estate agents
One of the first members you should look to bring onto your real estate team that will help you grow your business is a real estate agent. Real estate agents usually have in-depth knowledge of their market and can point you to the particular hot spots that offer investors the greatest returns. They can help you find a property quickly and help you make a strong offer. A real estate agent can also help you sell your properties by scheduling open houses and walk-through with potential buyers. There are several resources available to find a reliable real estate agent including REIA events and web searches.
Another key member to add to your team is a contractor. Contractors can help you estimate costs on your fix-and-flip projects and help you complete the renovations. If you own rental properties that need work, you can also use a contractor to help you make those fixes. Finding the right contractor can be tricky, but it’s important that you have someone that you can depend on to do quality work at a fair price. With many freelance resources available, be sure to research the contractors in your area to determine the best fit for your budget and project.. Once you’ve narrowed your list down to two or three contractors, request bids on your project and references from previous clients.
Similar to a real estate agent, a wholesaler can help you find deals in the hot areas of your market. A wholesaler will typically have a property under contract and then pass the contract onto you as the investor at a profit. It’s important to network with local wholesalers through REIA events and other real estate investor focused events in your area because once you make the right connections with a wholesaler, they’ll be able to pass along deals in the area that they think have potential. This can help you find more deals quickly without as much research on your end, which will allow you to focus on scaling and growing your business.
4) Appraisers and Inspectors
Other key members that you should consider bringing onto your team are appraisers and inspectors. Appraisers and inspectors can be valuable members of your team because they can help you determine the as-is value and after-repair-value of a fix-and-flip property, and what kind of cash-flow you can expect from a rental property in your area. Appraisers and inspectors know the true values of the properties in your area, and can help you determine if your contractor’s estimate of cost is accurate. Again, you can find the right appraisers and inspectors through REIA events and networking with other investors who use these appraisers and inspectors.
Growing a sustainable real estate investment business is a great way for you as an investor to grow your personal net worth and create a positive impact on your community. As you flip and acquire more properties, you’ll need to consider growing your team. The four real estate professionals listed in this article are great connections for you to make, and can help achieve your goals and elevate your business. Take your time as you grow your business and make sure that you hire people whose values and vision align with what you want to accomplish.
Lima One Capital is the premier lender for real estate investors. We make it easy it finance all of your fix-and-flip, rental property, and multifamily investments. We are a national hard money lender lending in 41 states as well as Washington, D.C. We have a passion for real estate and helping real estate investors become successful in their pursuit of their entrepreneurial goals. If you would like to learn more about our FixNFlip program, click here.