One of the most important things that you can do in your real
estate investing career is to find a team of professionals to
work with you. In each city you will need a real estate agent
, a lawyer, a mortgage broker, a property manager, a home inspector,
and a title company person. As well you will need one accountant.
The thing to do is to interview each person that you are thinking
of adding to your team and let them know what your plan is. You
will be looking for people who understand and agree with your
plan. Don't give up until you find people like that.
Real Estate Professional
Here is an example of what you might ask at a real estate office:
Hello, my name is Connie Walsh, I am a real estate investor,
I am looking for the broker for your office.
To the broker:
Hi my name is Connie Walsh, I am a real estate investor and I
am looking to buy some more properties possibly in the Hamilton
area. I am looking for an excellent agent to be my partner in
finding properties. Ideally this agent would have some investment
real estate of their own. Do you have anyone like this?
To the agent:
Hi my name is Connie Walsh, your broker has recommended you as
an excellent agent and I can't wait to start working with you.
The way that I work is that I ask that you send me properties
that fit certain criteria. The odds are that I will be fairly
strict on my criteria but once a property fits I may buy it quickly
with a fast closing. I like to get owner financing whenever possible
so keep your eyes out for deals that boast vendor financing.
Lawyer
In my opinion you should always have a reference to a lawyer.
Try your local Real Estate Club.
You will be doing more complex contracts than your typical real
estate lawyer will be seeing. Once you get a reference here is
what you might say on the phone:
Hello, my name is Connie Walsh, I am a real estate investor,
I was given your name by Joe Roberts of the OREIO group. I would
like to get together with you to discuss my particular needs from
a lawyer. In particular, I need some clauses for my real estate
offers that address the areas of vendor financing and rebates,
as well I would like some information on how I should set up my
real estate holdings considering that I am going to be owning
2.5 Million in Real Estate in the next 4 years. When can we meet?
Mortgage Broker
Here is an example of what you might ask at a mortgage broker
office:
Hello, my name is Connie Walsh, I am a real estate investor,
I am looking for the manager for your office.
To the manager:
Hi my name is Connie Walsh, I am a real estate investor and I
am looking to buy some more properties possibly in the Hamilton
area. I am looking for an excellent broker to be my partner in
financing properties. Ideally this agent would have some investment
real estate of their own. Do you have anyone like this?
To the broker
Hi my name is Connie Walsh, your manager has recommended you
as an excellent broker and I can't wait to start working with
you. I am going to be bringing you properties that fit my criteria
as good investment properties I would like to finance these properties
for as much as possible. I have cash but I prefer to keep it as
an emergency fund in case I need to do a roof or a boiler or whatever.
Do you think we can work together?
Accountant
Here is an example of what you might ask at an accountants office:
Hello, my name is Connie Walsh, I am a real estate investor,
I am looking for the accountant in your office that specializes
in real estate.
To the accountant:
Hi my name is Connie Walsh, I am a real estate investor and I
am looking for an accountant who specializes in real estate that
can help me with my books. Ideally I am looking for someone who
can educated me about what I can and cannot claim and someone
who can advise me as to how to set up my business given that I
am going to grow it to a 2.5 Million dollar concern in 4 years.
Property Manager
This is another of those ones where it is best to get a referral.
Once you get a referral:
Hello, my name is Connie Walsh, I am a real estate investor,
I am looking for the manager for your office.
To the manager:
Hi my name is Connie Walsh, I am a real estate investor and I
have a number of properties that I would like managed. I got your
companies name from Joe Roberts' from OREIO. Can you tell me what
you charge? What does this include? Can you tell me what your
procedure is for screening a new tenant? Can you tell me how many
people you have in your database looking for apartments? Can you
tell me what the procedure is for doing repairs? Can I be informed
before anything is charged to my account?
Home Inspector
Here is an example of what you might ask of a home inspector:
Hello, my name is Connie Walsh, I am a real estate investor,
I am looking for a home inspector to inspect some income properties.
How long have you been in the business? How much experience have
you had with older buildings? What is your thoughts on older buildings?
How much experience have you had with rental property? Are you
generally available with 1 weeks notice?
Real-Estate-Haven