Building your team.

Building your team
For many new investors the whole concept of real estate investments can be intimidating, even for the most basic business plan. Building a team of good quality players will give you confidence through out your investment process. Here is a simplified roster of the 4 team members that will make your business a championship team. It's critical to keep in mind to have these players in position before your game starts. Here is the list of the 4 basic investment components.

1) Finance (short & long term)
2) Acquisition (buying)
3) Rehab and repair
4) Exit plan (resale or rental)

Finance:
Knowing what and how much money you will need, and can get, will give you a clear perspective of what you will be able to do. Keep in mind that all lending institutions are only as good as there loan officers. Make sure that the loan officer that you will be working with is a good one.

Acquisition:
Find a specialist for buying your investment. You would not take you car to a tire shop if it needed breaks, the same applies here. A good wholesaler has ties to many different sources for discount properties including probate attorneys, banks, auctions, divorce attorneys as well as the MLS.

Rehab & Repair:
This is the most challenging of the group. There is always the problem of turn over. A licensed and bonded contractor is the safest way to go. The register of Contractors can provide information to help you make a calculated decision.

Exit plan:
There are two types of realtors listing agents and buyer's agents. When selling your house use an agent that specializes in marketing a houses or a "listing agent" A good listing agent will have a well designed marketing plan for your property. In todays market it all about marketing. If you are building a rental portfolio a good management company will be essential.

Every real estate deal that has gone bad had a break down in one or more of these team members. Wither it's "I bought it wrong" "The rehab went over budget", the profit was eaten up in a bad loan, or "I just couldn't sell it" it all comes down to the TEAM. Building a successful business starts with building a successful team.

Happy investing
Chris Bianco
chris@valleywideforeclosures.com
and be sure to visit our website at http://www.valleywideforeclosures.com/