5 People You Need On Your Team As A Wholesaler
Posted by Theprosperus1 in Buying Real EstateAssembling your team will not happen overnight. It will take time and effort. But it is something you need to give special attention to.
You will want to begin by creating a list of the qualities you want in your team members. While experience is valid and necessary, it can often be a challenge to find those who have the same values that you do. Or who have the right qualities and personality that you feel you can work with.
Assembling your team is a fluid process. The individuals you begin with today may not be the ones you end up with two years from now. Or even six months from now. And that’s okay. The key is to work through the process until you have the people on hand that you can call on when needed.
1. A Mentor
Hopefully you have a mentor. If not, find one. Of course there are those you can find online who are the known guru’s,and you can learn much from them. But you really need someone you can work with locally. Find someone in your area who is successful and see if that person might be willing to teach you the ropes. A good place to begin is at a local real estate investor association (REIA) meeting. If there is an active one in your city, attend and get to know your peers.
2. Real Estate Attorney
A good real estate attorney is vital to the success of your business. One of the first questions you want to ask a candidate is: What experience do you have in creative real estate investing? The attorney you choose must be open to understand this subject. If you get a glassy-eyed stare, keep searching. Another question to ask is if the attorney has other real estate investors as clients. Take your time and do a thorough search. Your attorney will be a valuable member of your team.
3. Mortgage Broker
Look for a mortgage broker who has had the experience of working with other investors. They need to be creative and flexible. Find out what programs they have available. Does this broker work with a few lenders, or with many? If you come upon a willing buyer who needs financing, you’ll want this relationship secured far in advance.
4. Real Estate Agent
It’s an ongoing question of whether a wholesaler needs to work with a realtor or not. The answer is, have one ready just in case. Find one who is possibly already working with investors. Explain that you are not asking them to “show” houses, just forward leads to you. Invest the time needed to seek out the one (or ones) who understand how investors do business. This can be your connection to the MLS listings, as well as getting access to expired listing.
5. Contractor
A good contractor is hard to find. And one who is trustworthy and dependable is even harder to find. Even though you may not be planning to do any rehabbing, you never know when you might need general repairs done. While most investors guard their contractors jealously, you might begin by asking around at your local REIA meeting. This is one team member you will not want to leave to chance.
Conclusion
Your real estate investing business requires a number of knowledgeable professionals. The ones listed here will be just the beginning of your team building efforts. You will also be looking for such entities as a title company, an insurance agent, an accountant, and possibly a few hard money lenders.
This is not something to be left to chance. Reputable professionals don’t just appear. It will be your job to seek them out. And to do it before you need them.
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