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  • Writer's pictureThe Gadfly

Real estate investments can be a lucrative way to create a passive income stream for building wealth and financial stability, but no one can do it alone. Having an investment team is crucial to achieving long-term success. After years of helping many of my clients achieve just that, I thought I’d share some insights on how to build your own team.


First & foremost, it is essential to have a clear understanding of your investment goals and strategy. Determine the type of properties in which you want to invest, the geographic location, and your time horizon. Secondly, but almost as important, have a sensible financing approach of what is affordable and how it will be funded (e.g., cash out-of-pocket or bank financing, etc.)


Once you have a clear understanding of your investment strategy, start assembling your team.


The first member of your team should be a seasoned, commercial real estate agent - Preferably an agent who specializes in the type of properties you want to invest in, with a deep understanding of the local market. A good agent will not only find the best deals but can also help you negotiate favorable terms. If bank financing is needed, your agent may likely have some banking contacts to refer you to.


If bank financing is needed, then an accountant is the next needed member of your team. Always be sure to look for an accountant with experience in commercial real estate investing, as well as a thorough understanding of the tax implications of your investment strategy. Often, the right accountant with connections in the industry and market will make the financing phase go much smoother, increasing the chances of successfully attaining the needed bank loan. Additionally, your accountant can help with tax planning, bookkeeping, and financial analysis, so you can make informed decisions about your investments.

Once you’ve acquired a property, you’ll need a good property manager or a management company. A good property manager can take care of the day-to-day operations of your properties, including finding and vetting tenants, handling maintenance and repairs, and collecting rent. A property manager can save you time and money by taking care of these tasks so that you can focus on the bigger picture of your investment strategy.


Another important member of your team will be a reliable, quality contractor. A contractor can help you renovate and improve your properties, which can increase their value and help you earn more significant returns on your investment. Look for a contractor who has experience in the type of work you need to be done and who is reliable and trustworthy.


Finally, consider adding a real estate attorney to the team. A real estate attorney can help you with any legal issues, such as drafting contracts, navigating zoning regulations, and resolving disputes with tenants or other parties. Look for an attorney who specializes in real estate law and has experience working with commercial real estate investors.


In conclusion, the right real estate investment team can help you find the best deals, manage your properties, improve their value, and navigate legal and financial issues. Lastly, choose team members who have the skills and experience you need and share your vision for long-term success.

 



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