How to Build an A-Class Real Estate Team

by Dan Mullin December 12, 2019

The most successful real estate investors all know this one simple truth. You can’t do it on your own. When it comes to being a successful real estate investor, you need to have a team you can rely on. One where each member has a unique, special skill set. Building the perfect team can have a profound impact on your investment success.

So, Who Do You Need on Your Team?

Before you decide who you need on your real estate team, let’s look at the typical investment process. Let’s think about an ideal investment and what’s involved – there are many pieces to this puzzle:

• Locating properties
• Financing all purchases
• Repairing the properties
• Closing the deals

These are the four major roles you’ll need to fill.

The 4 Players You Need on Your Real Estate Team

Without further ado, here are the 4 players you need on your real estate team.

1. Real Estate Agent – Best case scenario, you find an agent who is an agent and investor themselves. Or at least have been in the past. You see, there’s a huge difference between agents who are investors themselves and those who aren’t. Some agents simply locate investment properties for others, but don’t actually invest their own money. The agents who are investors themselves will know what to look for and may have more input to provide. These people will have seen how projects unravel firsthand and may know what to expect. Basically, they will be able to foresee things that other agents may not.
2. Mortgage Broker – Every team needs a money person. And even once you have the money, you’re going to want to leverage it so you can make even more money. This is where you’ll need the help of a mortgage broker. This person can help you fund projects and get your money out too (through refinancing).
3. Contractors – With the abundance of contractors out there, it’s very easy to fill this role. However, you don’t want to fill this spot with just anyone. It’s as key a part of your team as any other. It can have a major impact on the costs and timing of your project. For example, contractors are notorious for letting projects run behind schedule. This affects your bottom line since your money will be tied up for longer. Not to mention, you could end up spending more than you need to. So, make sure you have a team of contractors that are ready to work on your property as soon as it’s in your hands.
4. Title Company or Real Estate Lawyer – Depending on where you live, you’ll either need the help of a title company (U.S.) or real estate lawyer (Canada) to help you close your deals. These guys will handle the legal aspects of your transactions, making sure there are no outstanding liens and other claims.

 Conclusion:

So, there you have it. These are the four key players you need on your real estate team. Keep in mind, you can fill whichever role yourself. But we recommend finding experts for the other spots rather than trying to wear all four hats yourself.

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Tips for Estimating the Repair Costs of an Investment Property

by Dan Mullin December 12, 2019

When it comes to estimating the repair costs of a potential investment property, let’s face it. There’s no simple, easy answer. In a perfect world, we could call up the right contractors and price out piece by piece. Unfortunately, this convenience would likely come at an additional cost itself.

So instead, we’re going to show you some tricks you can apply to your estimates. By applying these rules of thumb, you can help keep yourself in the profit zone at all times. Here are our 3 tips for you:

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