Your REI Team?

General Real Estate Investing
1

As a newbie,

I was wondering ??? When developing your team or contacts, who do you recommend having on the list? A RE Broker, a mortgage lender, contractor, etc.

Thanks,

2

Investors, they create your biggest forum…

3

Great Question:

Let me see here in my Contact Manager I have:

  • My Accountant ( she is wonderfull)

  • My Tax Lawyers ( I have 4 for different things)

  • Handyman (for Minor repairs 3 of them)

  • General Contractors ( I have about 6 of them)

  • Investors ( I have Many of these Wonderfull folks)

  • RE Millionaires ( I have a network of many I work)

  • Realtors ( I have 5 I work with that are Investors as well)

  • Title Agent ( Several in different states)

  • Appraiser ( to get my own on Top of the lendes one)

  • Property Managers (I have them in different States)

  • Mortgage Broker ( I have 2 that can walk on Water)

  • REO person at banks ( several of these nice people)

  • Support Team (Folks I can call day or night for help)

  • Mentors ( I have them on Speed Dial - for everything)

  • Bank Presidents ( always good to know)

  • Major Lenders (Wamu, CountryWide, Wachovia etc)

  • My Mom ( Most important is Family Support)

I hope this short list helps.

Happy Investing! ;D

4

A lawyer might also be a good member of a REI team.

5

Thanks WallaceHobbs - that is quite an extensive list…I guess if you have been in the business for awhile you get to the point you have to have a network that size.

Why the GC - aren’t most rehabs doable by you and some handy men - or are there cases that involve GC’s? When would you need to bring them into the process?

6

Fl Teal Newbie,

You are Welcome.

It may surprise you I have only been a Full time Real Estate Investor since Aug 04. I just got lucky finding the right education and suppport and network to move me forward much faster is all.

I have found sometimes you may need a GC, if Plumbing or Electrical work has to be done because where I have done my Rehabs you needed a license for that type of work.

Handymen and women, most time don’t posses these and sometime can’t fully handle a large project.

I have started doing more Buy and Hold here lately because I want life long money comming in. “Positive Cash Flow”.

I learn something new everyday in Real Estate Investing and hope I always will!

I am glad to see you are moving forward in your investing as well.

I wish you all the success in the world! :wink: