One of the things that Real Estate Investors really need is a good contact team.
I was very lucky when I started because I work for a very experienced real estate investor. His name was Glenn. He’d been working in real estate investing for 40 years. He was in his 60s.
I got a job with him in the ’80s. My job was to interview home sellers to see if we could help them by buying their house.
I only had that one job to do I didn’t have to do anything else, I didn’t have to do any marketing, I didn’t have to do any office management, I didn’t have to pay the rent of the office or the other expenses for marketing. I was just very lucky to do one job.
I worked for Glen on a straight salary that started off at $500 a week and went up to over $1,000 a week interviewing Sellers and bringing in letters of intent to lease or purchase.
The reason why I’m saying this is Glenn introduced me to many people in his circle of real estate investor contacts.
Real estate lawyers a lot of them are not very good for a Real Estate Investors. Why? Cuz they’re used to dealing with normal Brokers and agents and mortgage brokers. They’re not used to Real Estate Investors using creative financing.
So interviewing attorneys to be able to do some creative contracts like subject to the existing financing or land trust or joint venture partner agreements all of these kinds of Agreements are outside the box for most real estate attorneys. They’re used to dealing with just standard agreements with real estate agents and brokers.
Another key person is a CPA that focuses on a lot of real estate in their practice. A lot of CPAs do not deal with real estate investing as a major part of their practice.
Mortgage brokers are very important to be able to get your buyers financed.
Two or three hard money Brokers are very important in this business if you’re going to be doing retailing.
A good real estate inspector that can do an appraisal or do a quick walk through for materials to fix, General Contractors that is, these are important people on your team.
When you first start out all you need is your first deal to give you some kind of a minor prophet so that you can believe that you made a good decision. A good coach can help you build a team because if you’re not aware of what you need to find when you talk to these people you’re not going to recognize that that person is going to be helpful or that person is not going to be not helpful.
