This episode of The Real Investor Podcast helps you build your investing A-Team! You’re most likely going to need a rockstar agent, lender, general contractor and property manager, and we’re going to teach you the traits to select in each for a rock solid team.
Real estate agents can be crucial when looking at properties in outside markets. As a local resource, they can vet the opportunities for you and leverage their own relationships to help you find more deals. First, you need someone who is licensed. You also want an agent who is seasoned in the investment sector. Not all real estate agents have investment experience and this will be apparent if they are unable to keep up with you as an investor as opposed to a traditional homebuyer.
Getting financed with the right lender is critical to investment success too. A lender who understands your goals will be able to help you grow your portfolio. Fast response time should be at the top of your list when evaluating lenders. If you have a property in mind, you need a lender who can act fast!
General contractors are by far the toughest part when it comes to assembling your A-Team. Unless you come from a construction background, finding a quality GC is going to be essential. This person will evaluate your rental property and help you decide on renovations and estimate costs. You put a tremendous amount of faith into this person! Therefore the first thing you need to look for is a bonded and licensed contractor. It’s also important to have strong communication so that your goals and budget are understood and adhered to.
The final member of your A-Team is your property manager. If you are holding onto a long term rental and won’t be self-managing, this person is your lifeline! Property managers tend to be incentivized to keep properties occupied, but it’s important to make sure their goals align with your own. Make sure the property manager has experience in the local market and knows how to get your rental property leased to a quality tenant. They will also be managing your tenant and property so it’s vital that you find a reputable manager to serve as your partner and liaison.