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Mortgage Brokers |
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A broker is different from a mortgage lender. The broker doesn’t make the loans, he or she has dozens of contacts with lenders and can tailor your financing package to your needs, whether a mortgage, a piggyback combination or hard money (don’t worry about the terminology – we get to it later). |
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A Real Estate Attorney |
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This is all about asset protection; you don't want to amass your empire only to lose it to frivolous lawsuits. In certain states, attorneys rather than title companies do the closings, so you want your own on your team. |
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An Accountant |
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The accountant should know real estate and tax law. This is not just to get your taxes done at the end of the year, this is so you can strategize with someone who understands the impact of income taxes and capital gains on what you want to do. |
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An Appraiser |
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Appraisers compute the market value of a property, usually for the
lenders. Although you will use comparable sales reports to figure the future market value of projects for yourself, the appraiser can help you get a buy-fix-sell project moved quickly by getting the information you need for financing for your buyers. |
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A Banker |
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This is not just the manager of a local branch. This should be a vice president level executive with lending authority. If borrowing a quick $10,000 on your signature allows you to take advantage of a great opportunity, you will be grateful for the time it took to cultivate this relationship. |
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A Title Company |
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A title company can provide you with property reports on properties you are looking at so you know in advance if there are problems with the title. In return, you let them handle your closings in most states. |
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A Handyman |
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The handyman will act as the general contractor for your rehab projects, someone you have tested and can trust to do good quality, honest work in a timely fashion. He can do estimates of costs for you to save you time on the front end and to ensure profitability. He can also oversee the sub-contractors. |
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Sub-Contractors |
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• A Painter
• A Flooring (Carpet, Tile & Linoleum) Person
• A Roofer
If you get them on your team, you can work it so that they get paid when the property sells – when you get paid, rather than at completion of the job. |
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A Mentor |
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You should always expand your network of other investors. Find a local real estate investors organization and join. These can be great allies for quick contract flips, joint ventures, funding, and other deals. Plus, you can learn a lot from people who have been doing it successfully. Modeling the actions of a Mentor is how you learn from the success of others. |
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