I love this time of the year because it's football season. I especially love the concept of football. You play as a team, each member has his own important role. You win as a team, you lose as a team. If a member of the team cannot meet the challenge of his role he is replaced, plain and simple. Investing in real estate has the same concept as the game of football. You must assemble your team of players who have your best interest at heart. The biggest mistake that a beginning real estate investor make is going it alone or the lone-wolf syndrome. If you want to be successful as a real estate investor you must have your own all star team of players that will help you to succeed. So who are these players: 1: Real estate attorney, notice I said real estate attorney, not any attorney. You want someone who is familiar with your state and local real estate laws, also someone who has experience with the type of deals you present them with. 2: A accountant who is knowledgeable about the new tax-laws that seem to change every year when dealing with real estate investing. 3: A real estate broker or agent. Sometimes dealing with the wrong broker or agent to help you find certain deals can be frustrating as a real estate investor. The only thing on a broker/agent mind is commissions, commissions, commissions. They do not understand the no-money down concept. To save yourself time and effort, find yourself a broker or agent who is flexible and knowledgeable about certain no-money down deals. Let them know that no-money down does not mean that they do not get a commission, it's just that it won't come out of your pocket. Also the most important part about dealing with a broker/agent is that they have access to the M.L.S (multiple Listing service). Only license broker/agents have access to this database. Other members of your all star team can be: Title companies, Banker/mortgage broker, Appraisers, Home Inspector, Property manager, Handyman/carpenter. With the right members on your team you can have a very profitable season year round. Happy Investing |
