Crafting Your Property Investment Team
Investing in property is something that should be approached in the same manner as you would setting up your own business. Whether you own one property, 10, or your empire numbers into the hundreds, you’re going to need a team of industry experts to assist you.
Not convinced? Read on to find out the pitfalls that are waiting to trip up the person who thinks they can do everything on their own…
The Reasons You (yes, you!) Need a Property Investment Team
- The expertise that leads to real estate investing success
- The 1, 2, 3 of crafting your property investment team
The expertise that leads to real estate investing success
No matter what your background, it’s unlikely that you have the knowledge to cover all the essential expertise for success.
Potential members of your property investment team might include:
- Lawyer: Your legal representative plays a pivotal role and, while it’s not 100% essential, you should lean towards a person who specializes in real estate. Solicitors work in niche areas, so be sure to select a person who understands the ins and outs of the property world. Another option is a conveyancer. While not a lawyer, these industry professionals have undertaken official qualifications to deal with all aspects of real estate ownership.
- Finance partner: While a bank might be an option, many real estate investors work with trusted hard money lenders to finance their portfolios. This allows for more fluid borrowing with less red tape. Good property investment lenders can make funds available fast. They’re also not constrained by regular mortgage stipulations, such as needing to delve into your financial status. A hard money lender provides the cash solely based on the property value and/or the amount of income it’s reasonably expected to generate.
- Accountant: A professional who’s experienced in real estate matters can advise on both the viability of an investment and how to minimize your tax implications. The best accountants can dramatically increase your earning potential—something that is critical, no matter how few or many properties you own.
- Valuer: Unless you have experience in property valuation, including a trusted valuer in your team structure is essential. You’ll need to provide this information to whoever is funding the purchase. In addition, they’ll provide a realistic market valuation when the time comes to sell or rent the property.
- The contract team: This includes all the people who make up your real estate team. From builders to decorators, plumbers to electricians, and—vitally—a project manager to ensure a seamless process. You should also include a property manager to take care of ongoing rentals (unless, of course, you plan to service this yourself).
The 1, 2, 3 of crafting your property investment team
The three golden rules of crafting your property investment team are:
- Start your search ASAP: Good professionals are hard to come by. As soon as you earmark the need for an expert, get looking. Ideally, your team (however small) should be in place before you sign any purchasing contracts.
- Use word-of-mouth recommendations: Finding these industry specialists won’t necessarily be simple. Recommendations from family, friends, colleagues, and other trusted sources is the best place to start.
- Nurture professional relationships: Once you find trusted members of your property investment team, look after them. Forging excellent long-term relationships is a key element of building a successful property portfolio.
Contact BRRRR Loans Today for the Ultimate Funding Expertise
Every member of your property investment team holds equal weight. However, so many people leave the financial element until way too late in the day. At BRRRR Loans, our expertise in funding your real estate investment is one of (the?) best in the industry. And that’s not just glib self-promotion—we’re truly proud that our repeat custom rate is one of the highest in the business.
But don’t just take our word for it.
Head across to https://www.brrrr.com to find out more. Then drop us a line or give us a call—and let’s discuss your next move…
Buy, Rehab, Rent, Refinance, & Repeat. A nationwide direct lender to real estate investors. If you have a project that needs to be funded, you’ve come to the right place.