There are several important things you need to be successful in real estate, one of which is a great team. I'm going to talk briefly about who should be on the winning team:
1. Your Mentor - every successful entrepreneur needs a good mentor. A guide. By training under the watchful eye of one smarter then us, we can only get smarter. Start at your local investment club.
2. Mortgage Broker - you want someone who has the experience of working with other investors. They need to be creative and smart!
3. Real Estate Attorney - it is really important to have someone on the team who can go through contracts, and who knows the legalities of all your moves.
4. Escrow Officer or Title Rep - having a good one on the team helps to close deals that much quicker. You always want people looking out for YOUR interests.
5. Accountant - Preferably a CPA (Certified Public Accountant). Your numbers guy should also be well aware of the ins and outs of real estate. Come tax time, this is the man to help you through the write-offs!
6. Insurance Agent - It is always better having an insurance rep that is looking out for you when things hit the fan.
7. Contractor - The good contractor seems like the hardest one to find, but can often make or break your profit margin. You want someone who gets things done on time and under budget!
8. Supportive Family & Friends - Having the support and backing of loved ones is important in any endeavor.
Other Optional Team Members:
8. Realtor - someone keeping an eye out for you
9. Property Manager - someone to watch over your investments
10. Great Handyman - Someone to take care of the little things that come up on a daily basis.
Assembling the team will not happen overnight, but once together, they will give you the backing and help you'll need to make your real estate investing dreams come true.
Joshua Dorkin is the Founder and President of BiggerPockets Real Estate Investing Community - http://www.biggerpockets.com where you can read more articles about real estate investing, find investing resources, chat with investors, use free investing tools, and discuss investing in our free real estate investing forums - http://forums.biggerpockets.com
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