There’s no quarterback without a string of defensive linemen to support him.
What’s behind every successful business? A team. A team of specialists helping business owners find serious success. No matter how much one person thinks they can accomplish independently, in order to create a successful real estate business, you must organize your team. This all depends where your expertise lies in the real estate field.
If you are a licensed real estate agent who wants to become more of an investor, find trusted contractors. If you are a contractor, seek help on the real estate roles of purchasing and selling.
One person cannot be an expert in every field. Whether flipping houses or investing in long-term rentals, establish a team to guarantee successful real estate investment outcomes.
Real Estate Specialists
You will always need an expert on your side who is fluent with the ins and outs of the market. A licensed real estate agent will assist in determining final price on your property after you make repairs, or if you are renting will be knowledgeable about rental rates.
The advantages of having a licensed real estate agent include:
• Ready access to the multiple listing services in your area.
• Knowledge of the real estate market. A licensed real estate agent will know which neighborhoods are hot, which neighborhoods are up and coming, and just as importantly, which neighborhoods are falling out of favor.
• Savings on agent fees if you are not a real estate agent.
Trusting your contractor is essential. A reliable and punctual general contractor is a mandatory asset to your team. You never want to lose a contractor in the middle of a project. If you are the contractor, you’ll need good subcontractors that you can count on to meet your quality standards and strict deadlines.
Often a general contractor can perform this service, but an inspector who specializes in this field might be a better choice.
An experienced inspector knows how to evaluate the property and review the property. These people have years of experience examining each aspect of a home.
Oftentimes, a single company will provide these two services. A title company will research your property during the purchase to ensure the seller has a clear title and they can handle all the paperwork of transferring the title as you purchase the home and later sell it.
Escrow service will handle the transfer of money between you and the seller. They are responsible for holding earnest money that seals the deal.
Another important member of a successful team is the lender who will be providing your funding to purchase and renovate the property. Whether you are flipping or holding real estate, you will want to consider financing options.
By taking advantages of private funding, borrowers can stretch their money over several projects instead of just one.
As you start or grow your real estate investment business, whether flipping or holding for rentals, contact us about joining your team as a valuable member who can help you develop a successful business.
Call Center Street Lending today!
Center Street communications are not intended to provide business, legal, tax, investment or insurance advice. No Center Street communication should be construed as a recommendation for any business or investment strategy by Center Street or any third party. You are solely responsible for determining whether any investment, investment strategy, business strategy or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation.