Your Dream Real Estate Investing Team

Today’s blog will discuss the people and skills required to make up your real estate investment team. A dream team can make or break a real estate investment from corporate to trade, so you must select the right people. With many years of experience dealing with people in the trade, I will share my thoughts on my ideal dream real estate team, whether for a fix and flip project or a long-term rental investment. I have selected six members that every real estate dream team should consist of. Check out my videos on Youtube for more detailed information on these people.

#1 The star player of your team will always be The Realtor. A good realtor is always in the know, especially in their local area. They will possess invaluable information on a range of insights you were unaware of. The ideal realtor to employ invests in the market themselves. I suggest this because they view the market from an investor perspective, not just one that handles sales. They are clued to the properties ideally suited for investment projects and have a natural feel for the market.

#2 The Lawyer. This person is vital regarding the administration and legal requirements required for each area they reside in. They will be responsible for completing the sale transaction and all the legal documents, building requirements and registrations that go with it. They will advise on the best way to complete the sale from a legal point of view. They will also draw up all the contracts with contractors and industry contacts so that you are legally protected. They will advise on the scope of work and inform you of what you can and can’t do.

#3 The Contractors. A good contractor or tradesperson is worth their weight in gold. There are a lot of contractors out there, some more professional than others, so you must build a working relationship with a reliable one. This can be difficult as it’s seasonal work and the good ones are always in demand, so I advise you to keep them busy and on your books. Build a long-term relationship with them and ensure that you pay them well and on time; this will ensure that they stay loyal to you.

#4 The Accountant. The person that will handle all your expenses and costs and advise on the most cost-efficient and financially prudent approach to your investment. They are invaluable when it comes to taxation matters and filing end-of-year accounts. They will also advise on any tax rebates or schemes that will save you money. They will keep on top of your expenses and provide charts and sheets to keep a record of all your expenses. You would be surprised how all these expenses can add up at the end of the year and save you money.

#5 The Property Manager. If you are investing in a property far from your home base or don’t want to deal with tenants personally, then a good property manager to handle all property repair and maintenance is an important team member. You will need to identify your requirements and hire them specifically to manage those jobs. Remember, it’s your property, and you will need to manage the property manager to make it cost-efficient and a profitable experience. 

#6 The Investor. I have found it’s always a good idea to have an experienced investor on your team. One that can advise and inform you of any good deals or developments in the market. While they may be unable to invest due to a full portfolio, they can hand down relevant information on properties coming to market. They also offer the option of collaborating on projects or introducing you to a network of industry contacts. The best property deals are always the ones you find before they are presented to the open market. Building relationships with experienced investors will expose you to various offers and inside information. 

That’s it for this blog. Remember to check out my videos on Youtube for more detailed information concerning the above team members and how best to select them. Until next week; invest wisely. 

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