First, you need an experienced and motivated real estate agent. He should have practice handling short sales and foreclosures. The investor needs an agent who knows how to go after the good deals and has skills in wholesaling properties. Many times, this one person can handle your purchases from beginning to end and then some. Your real estate agent is really the head of your power team.
Look to your real estate agent for recommendations on the other members of your team. A knowledgeable agent will know other individuals in the real estate world who have the experience and work ethic you need to succeed in your investment endeavors.
If you require funding or wish to find other investors, ask your agent if he knows of anyone looking for a partnership. More than likely, your agent knows many investors since that is the type of work he does. Look to him for an accountant and insurance agent as well.
A title company is next on your list. Particularly in these complicated economic times with the many foreclosures and short sales available, a good title company is absolutely necessary. Many times, there may be other banks or contractors having liens on your potential investment property. Your title company will research and inform you of any issues.
Find a good real estate attorney. Ideally, a firm who has its senior attorneys very involved with its associate attorneys will provide the best service. Multiple layers assure you the work will get done in a timely manner but there will be an experienced attorney involved at all times. Your attorney will not only advise you as you purchase an investment property but will then negotiate tenant leases to protect your investment in the future.
Often times, your agent may also have a property management department. And, if that is not an aspect he handles, he will be able to help you find a good manager. You want a property manager who is in tune with your desires. If you want to be directly involved or if you really only desire periodic updates, your property manager will perform all the necessary aspects of maintaining your investment. Your manager will also have many experiences with contractors. Often times, they have had either good or bad experiences and can offer suggestions.
Becoming a successful real estate investor is not done alone. You need a power team to help propel your investment portfolio. But, putting that team together really begins with your real estate agent. He is your partner along the investment road.
