I am looking for any suggestions on attorney, broker, title companies etc. in the philadelphia area. Also anyone that would be willing to share any example contracts that they have done in the past to give me an idea of what they should look like. By contracts I mean sale (of any kind). Thanks for the support.
Joe
Your best bet is to go to your local REI meeting. Your contacts will be be more regional than the global group on this site.
There is no need for a team before you’re a player. Do a deal first, then worry about the periphels. Looking for a team is an excuse for taking action.
VERY GOOD advice. Too many get rich quick gurus & seminars tell you to “assemble your team” … and most people who go to those have little cash, assets or credit to pay a team to start with.
So spend 95% of your efforts on doing a deal, or deals, like he said…and go from there. Assembling a team should be a low priority, and completely secondary.
If you need advice on what to do … ask questions here, join an REI club or even better read some real estate investment books. Most of your “team” starting out will be an insurance agent, real estate agent and title company that will all get paid on a commission type basis when you do your first transaction…and subsequent transactions. Those guys might give you a little free advice, but if they realize you are inexperienced (you could be a millionaire, I have no idea, but still have no experience in real estate) or have a lack of resources/money, don’t be surprised if they quit talking to you. A lawyer will usually charge you up front for any sort of consultation, and you might need one for your lease unless an agent or another real estate investor can help you out with that.
Good luck!
The new buzz word I’m hearing now on this site from the new guys is ‘power team’…that’s crap.
It’s just a loud way of not doing anything.
Keith
Yep.
I have been to a Rich Dad seminar in the last year just to check it out (it was a free intro seminar), and they talk & talk about that. I mean … they literally give you the impression that with a few phone calls, a lawyer, real estate agent, accountant, insurance agent and the like will gladly meet you at your house TOGETHER FOR FREE and help you as a newbie become a millionaire with their combined knowledge. LOL! It is almost sickening. The worst part about that free seminar was that 95% of the people there have never even read one of Robert Kiyosaki’s books. I mean - seriously? It was a room full of suckers w/ checkbooks wide open. My friend was one of those unfortunately…
I’ve said on here over and over…when I hear things like “I need to assemble my team” or “I need to set up an LLC” (but they haven’t done a deal) all I really hear is, “what can I do to make myself feel like I’m a real estate investor except finding motivated sellers and making offers?” :banghead
5 steps to success:
Why do you need a Realtor, appraiser, contractor, or permission from anyone at all to accomplish any of these tasks? Title companies are everywhere, don’t need to recruit one lol.
If you’re waiting on your “team” to do these things you’ll be out of business before you even start. As you do deals you’ll eventually hire or otherwise farm out certain aspects of your business (as you should), however you don’t need anyone else on “your team” to complete these steps.
Guys listen, you’re preaching something I am very aware of. I sort of resent the setiment because I have done nothing but read books, research and the like. That’s where the “Power Team” came from, Mr. Conti. If you read I was looking for referrals in the Philadelphia area because I have three deals negotiating right now and when they go through, I want some good experienced people. I have buyers, I’m in rei clubs, I talk to people all day long from private investors to sellers making things happen, so the inaction and pretending your an investor comments can get saved for the guy that attended some no money down seminar. Thanks for the referrals!
Why not use Angie’s List http://www.angieslist.com? The whole point of their website is to help you identify high quality professionals based on reviews from other people.
Joe,
If you have 2-3 deals on the table you will have your team soon enough. I would ask someone in your local real estate investing club for a referral.
My “team” was assembled during my first deal. My accountant referred me to my RE agent. BTW: My RE agent is also a certified appraiser and works with investors often. She referred me to a good electrician. I found a great plumber and a decent heating guy from craigslist. The closing attorney also did an eviction for me and is now my attorney. I have met hard money lenders through my accountant and local RE investment club.
You can see as you do the deal the pieces have to come together. When they do, that’s your team.
JP
thank you for the suggestions it is much appreciated!