Real Estate Investing 101: Building Your Dream Team

Behind every successful, real estate investor is a team of professionals that know their stuff. No investor does it alone, which is why you must begin building your dream team right away. Sure, your team will evolve and grow as your business does but starting with the right people by your side is crucial. Here are a few tips to help you build that team. 

Do Your Research

Putting together a team of experts for your real estate investing business is a lot like hiring people for a job. You want the best of the best. To that end, you need to take the time to research and interview each person before making any decisions. Be sure to ask others in the industry their opinions, but don’t take their word for it. Do your own research and interviewing to make sure each member of the team has the same goals in mind as you. 

When you’re ready to begin building your team, be sure it includes the following professionals. 

Accountant

It’s hard to make money when you don’t have a clear picture of your financial situation. An accountant will handle all your finances and offer advice if you need it, but they are especially handy to have around come tax time. 

Administrative Assistant

There’s a lot to do when it comes to running a successful business. An administrative assistant can answer phones, help in data entry, and make sure the technical side of your business is running smoothly. 

Attorney

No business big or small should be without the assistance of legal aid. You never know when you’re going to need one. 

Cleaning Company

You may not need a cleaning company right away, but when you’re ready to rent out that rehab, they will come in handy. 

Electrician

There are some things that you simply shouldn’t do yourself, and repairing electrical systems is one of them. If you’re not an electrician yourself, hire one for all your electrical needs rather than risk doing it yourself. 

General Contractor

If you’re rehabbing properties, having a general contractor on call is a smart decision. Even if you have the skills of a general contractor, having a construction expert on your team will be priceless as your business grows and you find you don’t have enough time in a day to do it all. 

Inspector

Not every state licenses home inspectors, but if yours does, look for one that is licensed. You’ll pay more for a licensed inspector, but this isn’t an area where you’ll want to cut corners to save money. 

Marketing Coordinator

Marketing is a big part of running any business. You’ll want to get the word out, so hire a marketing coordinator with real estate experience to make sure you’re targeting the right audience and attracting the right clients. 

The professionals listed above are just a few of the people you should have on your real estate dream team. Some others to consider include a mentor, pest control company, plumber, property manager, title company, and wholesaler. This list is just a beginning point for building your team, as depending on the type of investing you’re doing, you may need to add different experts to your team.