Choosing a Real Estate Investment Dream Team
Published on: Wednesday, December 16th, 2015
Contributing Writer, Harvey Rental | Property management, Ohio, Harvey Goodman Realtor, apartment rentals, WV property management,
Sports teams thrive when they have clutch players who can rise to the occasion in a high-pressure situation along with dependable players who always put in a solid performance.
Have you marveled at the miraculous plays of Golden State’s Stephen Curry or Cleveland’s LeBron James during the current NBA Finals? And who doesn’t remember the original Dream Team, perhaps the greatest basketball team ever assembled?
Residential real estate investors should select their own dream teams to get a leg up on the competition. Here’s a look at who you should consider for your Real Estate Investment Dream Team:
- A financial partner. You’ll want someone who can offer financing options that will allow you to realize your real estate investment goals. Look for a reputable track record and loan products that meet your needs. It’s also a good idea to understand whether the lender will evaluate the cash flow of your investment property versus your personal income, as that may factor into your decision.
- A property manager. Select someone you can count on to efficiently screen tenants, collect rent and keep your properties occupied.
- An attorney. You may not need an attorney all that often, but when you do it pays to have done your homework in advance. Ask colleagues for referrals.
- A real estate agent. Foster a strong relationship with an agent who knows your region and understands the residential property investment business. This person can be priceless when it comes to giving you a heads-up about new properties hitting the market that fit your investment goals.
- A mentor. Get to know someone you trust and whom you can approach for sound advice when you need it. This should be someone who’s already achieved a level of success and has a good body of experience.
Have you chosen your team? Make sure you’ve included players who are dependable and can perform in a clutch. Just like the pros, you may need to occasionally remix the team to achieve top performance.