If you’re getting into real estate investing, you know that you need a dream team. But who should be on it? This guide explains.
Who Do You Need on Your Investment Dream Team?
As a new real estate investor, you’ll probably read multiple sources that say you need a “dream team.” these are the members you need to get a good start:
- Real estate agent
- Property manager
- General contractor
Here’s a closer look at each.
Dream Team Member #1: A Reliable Lender
Every investor needs a good source of funding, so it’s a good idea to get to know a reliable lender who can help you pounce on great deals when you find them. For many people, a hard money lender is the perfect source for real estate investment funding.
Related: What are the downsides to getting a hard money loan?
Dream Team Member #2: A Strong Real Estate Agent
real estate transactions can be pretty complicated, so it makes sense to have an experienced, knowledgeable and strong real estate agent in your corner. A good agent (with whom you have a great working relationship) will also be able to let you know when hot properties are about to hit the market.
Dream Team Member #3: A Great Property Manager
If you intend to rent out properties that you own, it pays to have an experienced property manager on your side. Your property manager will handle everything from finding and vetting tenants to handling tenant requests for repairs and collecting rent payments.
Related: Down payment requirements for hard money loans
Dream Team Member #4: A Handy General Contractor
It’s always smart to have a handy general contractor on speed dial. That way, when you have a maintenance emergency, or your property needs important repairs or updates, you know who to call.
Dream Team Member #5: A Smart Accountant
Keeping your books clean is incredibly important when you’re all in on the real estate game. You need a smart accountant to crunch the numbers for you so you stay in the black.
Do You Need a Hard Money Loan?
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