Real Estate Investing is a Team Sport
Are you thinking about jumping in to the rental property business? You're not alone. We field questions on this subject on a regular basis.
Investing in real estate has made many people very wealthy and it's a business you can build from your home office, vacationing in the Caribbean, or eating your way across Europe. If you want to be successful however, you need to surround yourself with people in boots on the ground: your business team. Who is on the team? Let's get into that.
A common mistake that many new investors make is spending more time looking for deals instead of people that can help them find them. The most important team to assemble is unique and made up of those who have the skills that you do not. For instance, if your property is near a military installation and you never served, you'll want to connect with someone who knows the military housing system*. This may be a mentor or a property manager. You're filling in knowledge and skills gaps, and everyone on your roster should to be detail-oriented and an expert.
Also, you have to actually like them. Business is more fun when you're working with people you like, so make friends and make them colleagues.
Some team members are needed before you start, some can be done while you're in the acquisition process. We recommend nailing down these team members before starting:
Real estate broker/agent (Hi, that's us!)
Mortgage lenders/brokers (We know some good ones.)
Property Manager (We can help you.)
Contractors (We've got a guy.)
Mentor (If you want one.)
You can nail down the others while you’re prepping to close on a property or shortly after.
The better your team is, the better investor you will be. Each member can provide insight and alternatives on how to do every step of the business. If you take the time to seek out the best possible people for you and your goals, you will enjoy the business that much more and be far more successful.
If you have the right team members in your corner, your rental properties should run like a well-oiled machine.
*Did you know that one of the largest Air Force Acquisition bases is located in El Segundo? The Space and Missile Systems Center employs approximately 6,300 military, civilian, and contractor personnel.