Being a real estate investor doesn’t mean you turn up with a bunch of cash, hand it over and think, “Job done!”
Before you get to see any return for your money, you need to ensure your investment will be well spent, and in the right way to guarantee you get maximum ROI.
So how do you do that? It is achieved by assembling the very best real estate investors’ “rehabber” team.
That should include as a bare minimum:
• Real estate agent
• Skilled trade’s professionals
• Property manager
• Real estate attorney
• Insurance agent
Why do you need these people on a “team”?
Because their expertise in these specific areas of specialty will ensure your investment in the refurbishment to let property will be up to standard and that the whole rehab process runs smoothly.
Your Team in Detail
Real Estate Agent
The addition of this member, hopefully, will be distinct. If not, then consider this – without a good agent, you will need to get your real estate license to be able to maximize your investment. Real estate agents who know their stuff bring immediate value because they always have their finger on the property pulse to bring you instant Intel on properties that are of interest to you.
You can do it all yourself of course, but why waste that valuable time when you should be doing what you do best – closing out deals.
Again, this, when you think about it, is a no-brainer. Having a great contractor on board is the absolute lynchpin to any successful rehabber investment project. Why? Because without one you will manage all the building renovation yourself or persuading a friend to do it when you realize what you have taken on!
To reiterate, the whole point of having a team is to get your rehab investment up and running and rentable as soon as possible. With a contractor overseeing the entire works, you will be making outstanding profits, faster.
Skilled Trade Professionals
The contractor will be overseeing the entire team of trade professionals to take care of the interior and exterior rehab. That will be the carpenter, plumber, electrician, general builder, interior designer, or the neighbor that’s always there to help. The contractor may well have their team in place to cover these essential restoration tasks, or you will have your own trusted professionals already in place.
Either way, the contractor is the person who oversees all the rehab work from start to finish, which is another reason why the contractor is so important – otherwise, you would have to manage all these guys yourself.
Real Estate Attorney
As you can probably tell, you’re building up an excellent team here – but with a club come the inevitable: contracts.
That’s where your real estate attorney is worth their weight in gold because they can handle all that pesky paperwork for you, and probably with their eyes shut. Most crucially of all, they will know how to get you out of a deal should things go wrong for any reason. They will, of course, ensure you know what you can and cannot do with your new rehabbed property as far as the law goes and any other regulations, etc.
They’re also pretty handy should you find yourself in court unexpectedly!
Another valuable member of your rehabber’s team is the insurance agent. It doesn’t take much to explain that their value comes in helping you to get the best builder’s risk cover and at the best rates. Let’s face it, do you want to read all that fine print? No, didn’t think so. They’re called most likely public adjusters and how you’ll find them usually searching in the newspaper like public adjuster + your city. For example in the case of the city of miami, would be: public adjuster miami
So, the good news is, that so far all has gone to plan and your team has excelled themselves to create for you a brand new, stunning, eminently rentable property. Now what?
Someone needs to manage it once it has been let. Yes, it could be another role you take on, but really, why bother? What you save in paying a property manager you only lose in time you could have been spending securing more deals. Besides, a good property manager will also ensure your tenants are adequately catered for and keep the rental income flowing nicely.
Once again, assembling your top-notch real estate investor’s team only makes things EASIER for you in the long run.
Last, but not least, the absolute must-have on any real estate investor’s rehabber team – the accountant but, not just any accountant of course. This one is different because they will be steeped in knowledge about real estate taxation. It’s a whole different ball game to other types of accountancy, and a good one will know how to help you get your business structured well and best of all, make sure you get all the deductions you are legally entitled to.
As you will have seen, assembling a trusted real estate investor’s rehabber team makes a whole lot of sense, whichever way you look at it, because the name of the real estate investor game is to maximize profits, smoothly and efficiently.
With the right team behind you, and by your side, that all happens the way it does in your dreams.