Bringing Learning To Life: Day 5

Who will be on your team? That is the next question you need to ask yourself once you have decided on a market. Everyone's team is different, but I would like to suggest a basic checklist. Some individuals on your team, may be able to do more than one job.

You will need to remember, also, that not all team members are equal. There are certain people who are essential during the buying process, but will not be too involved afterwards. An example of these people would be realtors and lawyers. Then there are those who need to be identified before you buy, but their role takes precedence once you own the property. An example of those team members are property managers or contrators. I can not emphasize enough, how important it is to take your time when choosing these team members. I interviewed team members for months...I suggest you do the same.

Now who do you need?
Here is a suggested list of Team Members:
Realtor
Insurance Agent
Coach
Lawyer (one who can close and set up entities)
CPA
Inspector
Property Manager
Sub/General Contractors
Money Partner (if necessary or desired)

It's never too early to start seeking out your team and one of the best places to refer to for good referrals is the local investment real estate group. Do not take any suggestions from someone who is not an investor. Also, many of your team members will serve you best and help you accomplish your goals if they too are investors.

Good luck, be cautious, buy slow.