In this episode of the High Return Real Estate Show Jeff Schechter, Jack Gibson, and special guest John Carney, a real estate investor, author, and established speaker, discuss the key players in your real estate dream team.
- How did you get into this line of work?
- Who were you trying to reach with your book?
- Who are the nine key players?
- What’s an example of an accountant holding you accountable?
Key Lessons Learned:
Building Your Team
- Investing in real estate is similar to owning and building a business, you need a team to support you.
- Real estate is not like buying stocks, you have to be active in the investment.
- Ideally, the people on your team should know and work with each other.
- The team is more than the sum of its parts when everything synergizes the possibilities are much greater than when you’re on your own.
- The first player everyone needs to have is an accountant that understands real estate and the tax laws in your state. Preferably with experience in their own real estate investments. An accountant can help you make sure the numbers and your deals make sense.
- An attorney is the second key player. It’s a good idea to ask your CPA if they know any good business attorneys as a way to locate one, this works with a lawyer when you’re looking for a CPA too.
- The third key player is the source of funds. Whoever that may be, you have to build the relationship and find lenders that will meet your needs and what they require for you to work with them.
- The fourth key player is the title company. Title work can get pretty complicated when it comes to rural properties and having the right title company will make sure you’re covered. Having a personal relationship with a title company will help in the inevitable unforeseen situations come up.
- The fifth key player is an insurance agent, one that understands your risk profile and stage of life. You would be surprised how many houses burn down, you should have a good insurance policy.
- The sixth key player is a property manager. Ideally, you should have a good relationship with your property manager because you will have to work with them a lot.
- The seventh key player is your real estate agent or deal source. Find someone you can trust that has your best interest at heart. They should understand the market and be able to connect you to deals that you wouldn’t be able to find yourself.
- The eighth key players are partners and mentors. You should always try to find someone more experienced than you if you can so you can learn from their mistakes instead of your own. Having overlapping skillsets is important as well.
- The ninth key player is your mentor. Information is so readily available, your mentors don’t even have to be in the same room.