13
Feb
12

It’s a team sport……….

If you’re reading this blog, then you’ve probably figured out that owning real estate is an integral part of your wealth growth strategy.  You may be just starting to learn about real estate investing or you may own some property already.

Either way,  you will soon figure out that to be profitable in this business (and it is a business..not a hobby), you need to have the right team of people behind you, all contributing their knowledge to ensure you reach your goal of buying duplexes, commercial properties, apartment buildings, world dominance, etc.

Your team should consist of the following:

A realtor – obvious, right?  but make sure your realtor understands real estate investing, and is familiar with the area in which you are looking.  When discussing what properties you want to purchase, be as specific in your description as possible.  Don’t just say you are looking for a multi-unit dwelling in Ontario.  Let them  know a fairly defined geographical region, the range of units, the price range, any specific features you would like to have, etc.  The more specific you can be, the less time is wasted by yourself and the realtor.

Mortgage Broker – make sure you get someone who has experience working with real estate investment financing.  It’s a good idea to talk to them early on in your investing career as opposed to later.  You’ll find that financing gets a little more difficult the more properties you own (typically around 4 or 5), and some early decisions about lenders might be necessary.

Insurance Broker – as with the other team members, get someone who understands the industry.  Also, make sure they handle all kinds and all sizes of properties  This way, as you buy more properties, you can receive discounts by having them included under one policy.

Property Manager – not a shameless plug..well kind of.  Even if you want to attempt to manage properties yourself, go talk to a company that’s in the region you want to invest in.  They can tell you about the tenant demographic, what the area has to offer, average market rents, and more.  And when you are ready to let them manage, you will appreciate the time you have to continue building your empire without having to spend time looking after the issues that inevitably arise in rental units.

Lawyer – make sure to find a lawyer who is very familiar with investment real estate, as there can be some very costly legal pitfalls if issues are missed.

Accountant – as with the above team members, accountants with experience in real estate investing will likely save you lots of money, time,  and potential incarceration.  Talk to some accountants before you start to invest, as buying properties under your name, or in a corporation, offer different legal and accounting benefits.

As long as you have strong people in each of these key industries on your team,  you’re well on your way to growing your portfolio!

 


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