Real Estate Team - Building Your Real Estate Investing Team

http://www.REIClub.com - Who Should You Have On Your Real Estate Team? Here Are The Professionals You Want On Your Successful Real Estate Investing Team...

Hi, this is Frank Chen with REIClub.com, the only site you need as a real estate investor. Today I've got quick video on how to put together a real estate team.

Building Team

Introduction
- need knowledgeable, experienced professionals
- need those who understand investor needs
- prefer large % of their biz is investors
- talk to other real estate investors for referrals
- talk to closing agents (title co, attorney) for referrals
- ask referrals at local rei club meetings

Team Players (not in any particular order)

Closing Agent - title co, attorney
- must be quick, experienced
- familiar with investors, creative

Insurance Agent
- must work with investors
- diff policy types - vacant, landlord, tenant
- volume discounts
- affordable coverage with reasonable premiums

Real Estate Agent
- must work with investors regularly
- MLS access (Realtor)
- ok with making offers, running comps
- make sure they get paid frequently (per task, listings, etc.)

Buyers
- cash buyers
- foreclosure auction buyers
- rehabber landlords
- Section 8 landlords

Contractors
- general contractor or handyman
- free repair estimates for your offers and your buyers
- quality work to level needed for end buyer
- offer repair estimates to buyers so contractors get paid

Home Inspector
- fast, thorough inspections
- affordable
- can teach you basics (follow them around, ask questions
- volume discounts

Appraisers
- may be necessary last minute to fund deal for contingency
- fast, thorough, knowledgeable on "subject to" appraisals
- volume discounts

Lenders
- traditional - banks, credit unions, mortgage brokers, etc.
- hard money lenders - equity-based lenders low LTV's and high fees
- private money lenders - loan terms negotiable

RE Attorney
- expert with investment issues
- reasonable fees
- possible closing agent

Tax Professional
- expert with investment issues
- knows how to save you money

In conclusion, it is very important who's on your team. You absolutely need to qualify them and make sure that everyone's goals are in-line with yours. This business is all about networking and maintaining relationships and one of the best ways to find quality players is through referrals. Over time, with more experience these team players WILL change, but that's ok, it's the name of the game. It's also not completely necessary to have all these players in place in order to complete a real estate transaction. Remember, this is a process, and it will take some trial and error, but it will definitely pay off in the end.

Again, this is Frank Chen with REIClub.com. Please take the time to leave your comments for this video below and please subscribe to our YouTube channel so you'll be automatically notified when we upload more quick video tips for you. Take care and good investing.

http://www.youtube.com/watch?v=jBq-Q04mi5w

Category:

Education

Tags:

• real estate team
• real estate teams
• real estate investing team
• real estate investment team
• real estate investor team
• build real estate team
• building real estate team
• real estate
• realestate
• real estate investing
• invest in real estate
• real estate investments
• real estate investors
• real estate club
• real estate investment
• real estate investor
• rei clubs
• reiclub

[JaxInvest]

 Fab videos... thanks for taking the time to share them!

[moneysites1]

You are a blessing in disguise. Thank you very much. ( Smile )

[esantiago340]

right on the money great advice.

[Himithor]

Very good info!!

[daydreamer1216]

Very good especially for new investors. Thanks for sharing. (Correct spelling)

[daydreamer1216]

Very good especially for new investors. hanks for sharing.

[DennisLish]

Very informative and helpful to me a new REI. Thumbs up!

[CarolAnnPaulton]

In FL, because the seller pays for title insurance (except at auction), the seller chooses the title company. If you are purchasing at auction you will want to arrange a title company to do title searches for a set fee. Well worth the cost.

[derbyrun1]

Very good information Frank. Keep all of this great Real Estate training coming. Jerry in Louisville

[honkytoky]

Great information, very beneficial, thanks for sharing.