Have Your Team In Place Before Making an Offer!

Before you start buying and flipping homes in your area, you are going to need a whole lot of help to become an overnight success. From real estate agents to CPAs, here are 5 essential members of your real estate investing team that you need before making an offer!!

A CPA

The first thing that people want to skimp out on as an investor… but this is by far one area that you cannot afford to cut out of your budget. A certified public accountant will help you to save every dollar that is humanly possible. They also provide protection as most investors start out buying real estate under their name. This is trouble at tax time and your CPA can help you to set up an LLC or whatever entity that you choose to use to keep things kosher.

A Real Estate Agent

A real estate agent is someone who will see properties hit the market long before the general public. This can get you in the door on great deals long before others see the property. While not all of your offers will be accepted, eventually you will find one that is accepted and a property that you can pour a little love into for the sake of flipping. As a bonus, your real estate agent may know about the neighborhood when you don’t or know when a home needs far more work than you might be willing to put into it.

A Mortgage Broker

Whether you go through a traditional lender or not, a mortgage broker is a key element to your team. A mortgage broker has plenty of connections and may be able to set you up with a hard money lender that you did not even know existed. Their main role is to find the best financing option for you and your real estate business.

A Good Contractor

A contractor is someone who can help you to fix up properties when you find one that is worth working on. You will want to interview a few and make sure that they give free estimates. You will also want to let them know that not all properties will sell quickly, but for those that do not, there will be a bevy of other properties that will need work and provide income.

A Real Estate Attorney

A real estate attorney ensures that deals stay in your favor. A real estate attorney will be the cornerstone of your investing business and they will protect your interests. They will offer advice on how you can structure your business and help you to change the course of your business if it goes south. They will go over your contract with a fine toothed comb and make sure that everything you need is inside of it.

As you begin your career buying real estate, you will want to have a good team behind you. Remember, nobody can do it alone. Even the pros need help… and if you accept it, your business will go far.