Off-Market Properties: The Key to Real Estate Success

It was the “Wild-West” days of real estate! The market had just cratered, real estate agents were dropping like flies, and the implosion of “liar-loans” was decimating neighborhoods. Looking back, I sure picked one heck of a time to start!

When you begin in and survive a market like this, buying properties at the right price becomes permanently stamped on your being. It is very similar to how many people who survived the Great Depression would always keep an overstocked pantry.

So even though I have been a full-time real estate investor for seven years and the market is thriving, I still diligently seek out opportunities that will be financially sound in any market. In other words, I only buy really good deals!

The key driver of my real estate success has been OFF-MARKET properties. Using proven systems, I have consistently generated exceptional opportunities often on properties I never would have known were even potentially available!

So let’s look at three sources for off-market properties.

The first is working directly with homeowners. This is generally my preferred method and this is where I focus my marketing machine. It takes a little more effort but this is where you find those “once in a lifetime” deals. If you have a great system, you will find exceptional opportunities routinely.

The second is working with high-quality Wholesalers and Wholesale Brokerages. Here you have an entire group of people scouring the area looking for well-priced investor deals. Generally, they understand exactly what investors are looking for, how to estimate repairs, and what price an investor would pay for the property. So in addition to your own lead generation efforts, you have an opportunity to capitalize on the efforts of 10 or 20 other people as well.

Lastly, as counter-intuitive as it may seem, real estate agents can be a great source for off-market properties. You will often hear these properties referred to as “Pocket Listings.” A property where the agent knows the owner has an interest in selling, but for whatever reason prefers the property not be listed “on the open market” yet. This is very common with commercial real estate. If you want to learn about these opportunities before they hit the market, you will definitely need to have developed a strong relationship with the agent.

Off-market properties have incredible potential and can really accelerate your real estate investing success. They are going to take a little more effort but the payoff is definitely worth it. In today’s highly competitive property market, there is a tremendous advantage in being able to talk to potential sellers first!

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From Zero to a Million: The 7 Strategies I Used to Create a Million Dollar Real Estate Business

When I got started in real estate investing I was flat-broke, my credit was obliterated, and I was still trying to financially recover from a major business setback. As if that wasn’t enough, the housing market had just cratered and was in a complete state of distress. It certainly was an “interesting” time to choose to become a full-time real estate investor to say the least.

Believe it or not, this ended up being incredibly beneficial for me in the long run for two key reasons. First, I had to take action. I didn’t have time to wait. I had a stack of bills I needed to pay and I needed to pay them now. Second, I had to learn to acquire properties so cheaply that I would have no problem “quick selling” them even in an awful market. Both of these have been critical skills to my real estate investing success and have allowed me to build a million dollar real estate business.

Here are the 7 real estate investing strategies I used:

1) Wholesaling:

Wholesaling is when you put a property under contract and then assign your rights in that contract to an end buyer for a fee. It takes very little money to do. What you need is knowledge and a lot of “hustle.” Wholesaling served as the foundation of my real estate business and is what “kept the lights on” in the beginning.

2) Simultaneous Buy/Sell; Double Close:

Similar to wholesaling in that you don’t keep the property, a double close is when you both buy and sell the property at the same time. I would do a double close if I thought the markup was substantial enough that the potential buyer would balk. By having two sets of closing documents, the end buyer only sees the price you are selling the property at and not what you paid for it.

3) Rehabs (rehab to rent, rehab to owner finance, rehab to sell):

Thanks to HGTV everybody is pretty familiar with rehabbing. Basically you are completely transforming a house that needs repairs or updating. The finish-out of my rehabs vary pretty dramatically depending on whether I’m getting a house ready to rent or ready to sell. If I’m looking to sell, I certainly create that WOW factor!

4) Spec Home Building:

Short for speculative, this is building a home without having an end buyer lined up prior to starting construction. I view this as a somewhat risky strategy as at the tail end of every boom speculation runs rampant and often these spec homes wipe people out when the market inevitably comes back down to earth. If I build a spec home it is priced for moderate level housing and can be used as an excellent rental if it doesn’t sell.

5) Owner Finance (homes and land):

When you owner finance a property you are essentially taking the place a lender traditionally would be in. Instead of receiving a lump-sum at closing, you are paid out over a period of years and receive interest. This can be a great tool for creating passive income! You do a couple of months’ worth of work upfront and get paid for that work for 15, 20, or 30 years. What a business!

6) Land Investments:

I have bought prime properties that presented incredible value. Again as this is a speculative type of investment, every time I buy a piece of land I also make sure I can profitably develop it in case it doesn’t sell. Remember, until you sale, land generally only produces outflows.

7) Rental Properties:

Rental properties have historically been the #1 wealth building strategy in real estate. Someone is paying for the costs of your asset as you enjoy the benefits of appreciation, equity build-up, and tax advantages. I primarily focus on moderate income housing that performs well in any market environment. Additionally, every rental I purchase is always a positive cash flow deal; meaning the income more than covers all of the expenses associated with the property. Rental properties are a great way to generate sustainable passive income.

As you can see in the examples above, to be successful in real estate you don’t need lots of money or great credit to start. What you need is a willingness to learn and most importantly a willingness to take action. Real estate investing is an incredible tool you can use to transform your life!

Tips for Launching Your Real Estate Investing Career

Most investors looking to launch real estate in their investment portfolios may face a challenge on how to start the entire process and understanding the complexity involved in starting this business. Investing in Real estate is typically different from other investments such as bonds and stocks as it may look overwhelming to new investors. However, the real estate business does not have to be scary or difficult if you follow the helpful 5 tips that have been discussed below. The tips will help you in reducing risks and maximizing your returns in the long run. Real estate investing is among the best and safest wealth-building businesses in the world if carried out correctly.

• Find the best and convenient location for properties.

New investors often make a mistake by limiting their search and focusing on areas that are near their homes. You may find a Realtor to advise you on the most appropriate location for launching your investment, which in most cases might be a bit further away from your home. New investors often think that their properties need to be close to their homes in case tenants contact them with problems such as repairs. However, if the real estate property undergoes put into good quality and any necessary repairs done before the tenants move in, you will be able to find a more suitable location position for your investment.

• Start small, but go bigger as soon as possible.

It is perfectly okay to start investing in low-end and smaller properties depending on your capability. This is however not how to establish your empire. You should ensure to keep your records and as soon as your investment seems adequately stable, do not hesitate to acquire bigger properties. The larger assets have a tendency of appreciating faster which makes them more beneficial to your investment than cheaper and smaller properties.

• Be creative.

If you want to launch a long lasting real estate, creativity is among the most important aspects to consider. Your creativity may apply in marketing ideas and also investing in attractive properties which attract tenants effectively. It is recommended to do extensive research on the popular real estate patterns and you will definitely launch your real estate business successfully.

• Learn to Sacrifice.

If you are looking to start your business successfully and achieve financial freedom, it is vital to develop a habit of sacrificing some irrelevant activities. You might need to relinquish things like vacations and direct the funds toward the down payment of your investment. Sacrificing offers a great way of building up adequate initial capital for launching your real estate business.

• Find a supportive and highly recommended bank if you are looking to finance your investments.

A superb source for recommendations for a supportive bank or mortgage broker, for new investors who plan to finance their investments, includes a Realtor and other investors in the same business. They will offer you helpful advice on the bank that will finance the launch of your business effectively.

Conclusion

The above simple tips will certainly help in you in the successful launching of your real estate business. It is also important to keep in mind that putting more effort and working smart in your investment will give you quality results and greater rewards over time.

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How To Stay Motivated As a Real Estate Investor

So you’ve finally decided to pursue your life-long passion of becoming a real estate investor! More importantly, you’ve educated yourself on several investment strategies (to include exit plans). Although you love what you do, you find it quite challenging to stay motivated on a day-to-day bases. On some days you even ask yourself rather or not you’ve made the right decision. Yet the lure of lucrative passive income has propelled you to take the risk.

Most if not all successful real estate business owners share similar struggles. However, to stay driven and reduce risk, practice the following tips starting today:

1. Have clearly defined investment goals upfront: visualize it, do it and be it!

2. Make a list of your “whys”. Your list should evoke some emotions. In other words, write down the reasons why you want to achieve your list of goals. Your list of “whys” will keep you motivated and unafraid of accomplishing your investment goals. Your “whys” will also help you overcome the hurdles that may stand in your way.

3. Knowledge. Know and understand the latest techniques and investment strategies. Knowledge prevents mistakes and mitigates risk. It will also give you the confidence to be able to influence others.

4. Kick the Tires. Evaluate real estate deals estate deals by talking to brokers and other investors. Fully immerse yourself by learning while doing!

5. Always be grateful. Practicing gratitude and spending some time reflecting on the things you are thankful for gives you a much better perspective and mindset.

6. Focus on the long-term plan. Focus on your long-term goals when you’re feeling unmotivated. Having problems collecting rent from tenants? Just got hit with major repairs for one of your properties? Expenses and problems will happen from time to time. Assess the situation, fix/solve them and move forward with your business.

7. Plan for how you will deal with a lack of drive. Temporary setbacks are bound to happen. You’re only human. Think of what others in more adverse situations have endured. Yet ultimately they have reached their goals, Using them as an example will push you through your most trying times.

Lastly, stay positive! Be positive and surround yourself around positive people. Positive energy will lift you up and increase your motivation and productivity. Being positive will also help you deal with the various changes in your business. This in turn will enable you handle the pressures that come with the real estate investing industry.

Teaching others how to eliminate debt and fire their boss one real estate deal at a time. Meet me over at REI Success With Gloria for income opportunities, free training, free videos plus events in your area!

Always Bet on Safe Real Estate Investment Rather Than Quick Investment

Financial planning and investment is all about finding out where to invest your money so that you can get the best possible returns. Real estate investment has always been considered as safe because seldom the demand for real estate witnesses a dip. Property investment is the safest and there are strong reasons as to why it is given priority than other forms of investments like mutual funds, bonds, stocks and ETF. You can literally grow your money through property investment with minimum risk.

Investors skittish of stock market investments prefer to invest in the real estate market but there are many who have not yet got over the 2008 downturn. Scars of those days have not yet healed for many and they are not ready to invest just for the sake of property investment. They need strong and logical reason behind this investment; they prefer to wait it out rather than put in all their money hastily.

If you take property investment decisions in haste, chances are high that you will end up with something in your portfolio that would fail to produce the desired ROI. In property investment, only four different routes prevail; however, here we are going to look at only two of the most popular ones.

First: You can go ahead and invest in a rental property

Second: You can buy shares in the REIT or real estate investment trust

Buying the rental property is quite straightforward method wherein you buy a rental property and give it out on rent. However, this type of investment is not for everyone as many fail to juggle their professional lives and at the same time upkeep a property like a landlord. It takes a lot of time and effort to maintain the property you buy unless you are using the services of a management company. You can obviously use the services of a management company but be ready to take a cut in your profits.

On the other hand if you invest in REIT, you don’t have to actually own a property on the ground and go into the landlord-mode. It operates just like a mutual fund and the only difference here is that it is property investment. The trust is a group of investors who make property investment and lets the individual investors buy its shares. The trusts are able to receive tax benefits as they pay a major chunk of their income to their shareholders. You can buy shares on public investments, which implies that your investment is quite liquid. You are ensured of regular dividends.

Two other methods of property investment that are often used by investors include notes and croudfunding portals.

Notes – You will be able to invest in second mortgages, paper notes etc. You can even sell or buy notes just like other real estate invest estates. The best thing is that there are no brokers involved in this.

Crowdfunding Portals – Many people with similar investment interests can come together to fund real estate investments. This is a new form of investments and is being tried out by some.

US Real Estate Predictions for 2017

It is with great sadness and generosity that my annual rollout of US. Real Estate predictions can proceed forward. This year will have more of a political bent given that 2016 was all about the politicos and the mental consternation it brought to the American psyche. Most often, real estate predictions are about hard numbers, sales expectations, housing starts, etc., etc., etc. Pretty dry stuff if you’re a normal human being, but if you’re a policy wonk or a real estate broker, it’s a nirvana jubilee. This year I shall call my prescient forecast “Sidney’s Pix Six”.

Millennials (Send in the Millennials)
According to Zillow magazine, “More millennials will become homeowners, driving up the homeownership rate. Millennials are also more racially diverse, so more homeowners will be people of color, reflecting the changing demographics of the United States.” Unless you’re a devout racist, this is probably a good omen. Similar to the saying: Happy wife… happy life. An active housing economy saying is as follows: Happy labor market… happy America.

In addition, the 2017 National Housing Forecast is in lock step with Zillow, with its position that millennials and baby boomers are fully expected to constitute the majority of housing market participants in the coming year. The National Housing Forecast also noted “… that millennials will represent the largest share of buyers at 33 percent, a market ratio that has actually been lowered due, largely in part, to the impending interest rate hike”. In terms of the Mid-West, researchers believe they will lead the pack in aggregate purchases. “This year, average millennial market share in these markets is 42 percent, far higher than the U.S. average of 38 percent.”, said the report.

New home growth connected to Obama job creation
Will new housing starts have been better under Obama or the President-elect. There is varying opinion on that speculation, but here are what some for the pros say. “Buyers of new homes will have to spend more as builders cover the cost of rising construction wages, driven even higher in 2017 by continued labor shortages, which could be worsened by tougher immigration policies under President-elect Trump”, says Dr. Svenja Gudell, the chief economist at Zillow. Furthermore, “A shortage of construction workers as a result may force builders to pay higher wages, costs which are likely to get passed on to buyers in the form of higher new home prices.”

Home Appreciation (The froth on the Top)
Even non-policy wonks like to sip the froth on the top. In real estate terminology, real estate home appreciation is the Eighth Wonder of the world. And according to Zillow, once again they’ve conveyed that sediment in numeric value. However, just like stats inherently lie, there’s good news and bad news. The good news is that there’s appreciation (remember, several years ago there’s wasn’t), the bad news is that it will be lower than 2016.

“Home values will grow 3.6 percent in 2017, according to more than 100 economic and housing experts surveyed in the latest Zillow Home Price Expectations Survey. National home values had risen 4.8 percent so far in 2016.
—Zillow.com

The good news on this disappointing forecast, is that the slow pace in price growth will be great for home buyers, since a slower market means slightly lower prices. However, some real estate experts refer to this as Phase-two of the post-Recession market. Phase-one having been the boomer-rang of price acceleration after the market had hit dirt bottom. The other 800-pound gorilla expert in the room is Reator.com, which anticipates a 3.9 appreciation rate, compared to Zillow’s 3.6.

Foreign buyers will play a smaller role (No Visa, No Dinero)
Lately, there’s been quite a bit of heightened drama with Number 45, even before he’s signed the lease at 1600 Pennsylvania Avenue. Arguing with world leaders seems to be the new norm, given the tit-for-tat with China, England and others. This raises the question of foreign buyers. The word on the street is that foreign buyers will be a bit more circumspect, since they will now have to consider their own visa and permanent Alien status given the President-elects stance on immigration policies and visa reform. Translated: Hesitant foreign buyers will mean less buying on the home luxury market, a longtime favorite cash bucket for foreign nationals to invest their money in the states.

While Orange is the New Black, Small is the New Big (or vice versa)
Based on facts, not speculation, the median square footage for new homes in 2016 fell downward. That’s a canary in the coal mine event. Meaning it’s not good. The Texas A&M’s Real Estate Center notes there are serval reasons for this present and future shrinkage, which can be attributable to several factors: higher demand for homes close to city centers, the Tiny Home movement (thanks HGTV), and the Come to Jesus Moment of home builders who now realize that poor home buyers can only afford so much square footage. The solution, build smaller homes. Problem solved.

Loan Democracy is Loan Democratization
I have advocated residential mortgage loans that are more user friendly. And that’s just not me, it’s think tank policy wonks as well, since some are pro-business advocates. Translated: Increase the FICO score requirement, but allow buyers and market players (aka small investors), into the game with less money down. According to the Mortgage Credit Availability Index, it’s easier to get a mortgage now than at any time in the past eight years.

Banks may also be more willing to work with borrowers over the next few years as they look to make up for a decline in refinancing business when interest rates go up. “The pendulum has been swinging toward a loosening of the credit box a bit,” says Daren Blomquist, a senior vice president with Attom Data Solutions. “I don’t think we’ll see a reversal of that with the new administration. We’ll likely see an acceleration.
—The Fiscal Times, November 22, 2016

In a nutshell, these are the primary issues of why 2017 will be different in terms of real estate. The reasons are fairly basic and logical. The newly elected president, and his administration have three major policies that are game changers. Think the following: 1) Infrastructure spending, 2) Tax cuts, and 3) Changes to immigration policy. The cause and effect will directly effect new construction starts and mortgage rates.

So there you have it. One hates to be the bearer of bad (and good) news. May we have a propitious year and hope the real estate Gods are open minded to their favorite Son.

5 Essential Features That Make Real Estate Investing Profitable

Every now and then persons trying to make up their minds where to put their money ask me if real estate ventures are more or less profitable, compared to other businesses opportunities around.

My response is always that apart from its potential for yielding significant profits, investing in real estate often confers long terms benefits.

I discuss five such advantages below:

1. You Can Refurbish (to Enhance the Value of) Real Estate
After you buy a stock, you hold it for a period of time and hopefully sell it for a profit. The success of the stock depends on company management and their corporate success, which is out of your control.

Unlike other conventional investment instruments, like stocks, for instance, whose rate of returns, depend on third parties (e.g. company management), real estate investments are directly under your control.

Even though you will not be able to control changes that may occur in demographic and economic aspects, or impact of nature induced changes, there are many other aspects that you can control, to boost the returns on your investment in it.

Examples include aspects relating to adding repairs, or improvements/enhancements to the physical property and tenants you allow to live in it.

If you do it right, the value of your investment will grow, resulting in increased wealth for you.

2. Real Estate Investing, When Done Right, is Proven to be Profitable Even During a Recession (like the one we’re in right now)
It has on several occasions, been used to effect a bail out, from financial setbacks, such as those that many have experienced during the economic downturn happening in Nigeria today.

A considerable number of clients have confided in me that due to the present economic situation, they are not sure of profitable channels to invest their money. Some of them are done with bonds and treasury bills, but are in dire need of a new investment.

We had extensive discussions, and based on my expertise as a real estate consultant, I recommended landed property investment, as the most suitable and secure alternative channel of investment.

This is because, even if all businesses crumble, land will always appreciate greatly. Then to drive my point home, I ended by sharing the following apt quote, by a former American president:

“Real estate can’t be lost, nor carried away, managed with reasonable care, it’s about the safest investment in the world” – Franklin Roosevelt.

Not surprisingly, the client chose to take my advice – and signed up: it was the obvious, common sense thing to do!

3. Real Estate Investments Are Immune to Inflation
In other words, investing your money in ownership of viable real estate can protect you from the harsh effects that inflation usually has on other conventional investments.

This is because the value of real estate generally tends to rise in positive correlation with inflationary pressures. This is why property values and rental rates go up with rising inflation.

The nature of real estate, therefore affords owners the unique advantage of being able to adjust the rates they offer, to match inflation.

Monthly rents for example can be raised to compensate for inflation – thus providing a cushion effect against inflation induced losses that other monetary investments suffer.

4. Real Estate is Uniquely for Being Universally Acceptable as Collateral, Towards Securing Funding from Banks
Today, real estate in form of either building or lands, with proper titles (i.e. Certificate of Occupancy – aka “C of O”) is the most recognized and accepted form of collateral in Nigeria – and some other parts of the world.

It has the unique feature of being able to protect the interests of both the borrower and the bank (that’s doing the lending), so that funds can be released i.e. after due verification, and terms and conditions are agreed.

This is one of the key advantages a private C of O has over the global C of O, because the former (i.e. private C of O) is what will be needed by the intending borrower, in the event of any future financial dealings with bank in Nigeria.

5. Real Estate Investing Allows Use of Other People’s Money
In other words, you can do it even if you do not have enough money. You just need to know how.

This is possible because real estate is physical property or what is called a hard asset. That is an attribute that makes it attractive to financiers i.e. people with money to invest.

This is why many times real estate products are bought with debt – unlike conventional investment products like stocks which are NOT tangible, and therefore perceived as being more risky to invest in.

So real estate investment can be done using cash or mortgage financing. In the latter case, payments can be so arranged to allow payment of low initial sums, provided by you or a willing third party.

Those payments will be happening on landed property which will continue increasing in value throughout the duration of such payments – and indeed beyond. That further inspires confidence in the minds of those financing the acquisition, that their investment is safe.

Little wonder that real estate investing has continued to prosper for so long!

[A WORD OF CAUTION] The listed benefits notwithstanding, I still tell prospective investors that due diligence is a crucial requirement for succeeding.

Whether you do everything yourself or use industry professionals like me, it is imperative that you exercise caution and arm yourself with relevant information and education.

This is something I advice my clients to do all the time, so they can make good decisions in investing.

The importance of the above cannot be overstated, especially in Lagos where quite a number of individuals, have had their fingers badly burnt, because they failed to take the needed precautions.

My purpose is to help clients avoid having such horrible experiences, by bringing my years of experience in this field to bear in serving them.

References/Related Article:

[You can read about more advantages of real estate investing, in this excellent article I found at: http://realestate4investing.com/articles/real-estate-investments/10-advantages-disadvantages-real-estate-investments ]

Lanre Karim is the author of the Real Estate Investment Chronicles (REIC)™: a thought-leading online publication that features tried and tested Investment strategies- and solutions – for everyday persons.

Need To Learn About Real Estate Quickly? Read On

Investing in real estate can be very profitable over time. However, in order to do well you must know what you are doing. The tips below can help you become a great real estate investor.

Learn all you can about the market before investing a dime in real estate. There is a ton of knowledge to gain and many methods that can make or break you. Read every source you can get your hands on; you can’t be too informed.

Decide which type of investing you will focus on with real estate before you begin. Flipping a property may be for you. Or, maybe you prefer rehab projects. Look at your interests and skill set when making a determination.

Make sure you pick a comfortable niche. You will find more success by focusing on a single market segment, as opposed to taking on varied projects. It is very important that you stay with what works and what you are good at, and that is the best way to generate lots of success for you.

Don’t assume that any property values always rise. It is dangerous to assume that any piece of property will rise in value. You want to instead focus on those properties that can provide you with a cash flow. Property value appreciation will help you invest in future properties.

If you plan to rent a property, use caution when selecting a tenant. The prospective tenant needs to be able to afford both rent for the first month as well as a deposit. If they can’t get their money together at this time, they probably won’t be able to make the rent. Keep on looking for a tenant.

Consider business properties as well as residential ones when you are considering new buildings to buy. Not only can a business property be rented for longer terms, but they can bring in a lot of money. You might think about a mini-mall or an office center, allowing you to broaden your portfolio.

Work well and play well when dealing with other people. Try to lose the image of them as competitors. By working well with others, you can network and increase your overall success rate. You can have many satisfied clients if you help one another. This can better your reputation.

Search the market for foreclosures, as these can gross you the most income during your investing. These properties will be listed below the market value of the home, as you can get some great deals to turn a profit with. There will be a bidding war, but if you win you could be sitting on a gold mine.

If you hope to sell a property you buy, then you need to factor in any remodeling or upgrades and repairs you make. If you plan to rent it out, set aside a maintenance budget, as well. Regardless, you must have a little discretionary income to put towards these things.

Reputation is important in the investing world. Therefore, always tell the truth and try not to make any enemies. Most importantly, follow through on what you say you are going to do. If you are not sure if you can do something, do not make the claim in the first place. Your reputation could suffer and affect your business as a result.

Try to eliminate emotion while you are negotiating. You won’t live here; you’re making an investment. Control your emotions so that you never overpay and cut into your potential for profit. You’ll end up with more money this way.

There are many benefits to investing in real estate when it comes to wealth and income. It can be hard to figure out. With any luck, this article can help new investors get started.

Building Your Investment Team

As you start your real estate investing business or continue to grow as an investor you will soon learn that building a solid team is a top priority. Many people I talk to go to several seminars each year, are always reading a real estate investment book and flat out spend thousands on education trying to learn everything there is to know about real estate. They want to know everything before they buy a piece of property. Here is the problem; you will never know everything so you might as stop trying to learn it all. My guess is you already know enough to be successful and what you don’t know you probably don’t need to know. Here is what I mean. One of the most brilliant things I have ever heard originally came from Henry Ford. Once upon a time he was giving testimony in court and did not know how to answer several questions about his company. The attorney asked him how he was able to run such a large and successful company without being able to answer basic questions about its operation. He responded with something similar to “I don’t need to know the answers to these questions, I just need to know who to call to get the answers” If you understand what he is saying here this should eliminate 99% of anything that is holding you back in real estate. The key is not knowing everything but building a solid investment team to give you advice or provide the services you need to prosper.

I can’t tell you how nice it is to know exactly who I am going to call no matter what the issue is that comes up. This virtually eliminates stress from my life and allows me to handle any problems no matter where I am.

Here is a partial list of professionals that will help ensure your success:

· Realtor

· Mortgage broker/banker/other funding sources

· Attorney (you might have several attorneys)

· Accountant

· Insurance broker

· Contractor/handyman

· Property manager

Here is a quick list of important qualification when choosing team members:

They invest in real estate– You need someone that understands what you are doing and that has experience in the industry. Just because your neighbor is a realtor with 20 years experience does not mean that he understands investing and the different strategies that will help make you rich. People who are doing what you are doing will be the best to give you sound advice.

Care about your goals – When you speak to a possible team member see if they ask you about your goals and what it is you are trying to accomplish. Someone who does all the talking and none of the listening is obviously in the business for their benefit and probably does not care if you reach your goals or not. Occasionally Travis or I will tell a client that the deal they are working on is not a deal at all. We walk them through the numbers and show them why they need to pass. Often they get angry at us because they are emotional about the deal but will call us several months later to say thank you. Be sure the potential team member wants you to succeed and is not just trying to get a commission.

Qualified – This is pretty self explanatory. If they say they are a Realtor you may want to be sure they are. I like working with the best so often times I will ask for referrals and verify those and inquire about how long they have been in business. They best way to find team members is referrals from other successful real estate investors.

Reasonable fees – Don’t be cheap but don’t pay someone more than the going rate for their service. This should be easy to verify online. When I say don’t be cheap I mean it, many times you will get what you pay for. There are expenses related to running this business just like any other business so be prepared to pay your team members.

Chemistry – You are not getting married here but you want to work with someone you can stand to be around. Ask yourself if you like the person and can handle spending time with them. Do you feel the feeling is mutual? You will also want to ask if you can trust them.