One of the key steps to being a successful real estate investor involves putting together the right team of professionals. Having the right people in your corner can make all the difference and will lead to more opportunities for you in the real estate investing space. For instance, a good real estate agent will be able to find you the best home deals, and help you sell quickly so you can move on to your next project. Each of the professionals you work with will serve a slightly different purpose, so it’s important to evaluate them individually to find one that’s the best fit for you. Continue reading to learn how to do just that, and how you can put together a winning team of professionals for real estate investing.
Real Estate Agent
Your real estate agent will prove to be the most important member of your team for your investing ventures. On the buying side, they can find you properties that will lead to the greatest returns before anyone else has a chance to see them. And when it comes time to sell, they can ensure you receive a good offer on your property so that all your efforts don’t go to waste. They will also be able to find you buyers quickly which is not to be underestimated. Time is money, and that’s even more true in real estate where you pay more in holding costs the longer a property is in your possession.
Another key piece of your team will be the contractor, especially if you’re planning to do any heavy rehab work. A good contractor should be able to make your life easier. Any projects that you can’t handle yourself will be passed on to them, so you’ll need to make sure that they do quality work. You can always ask for references of past projects to see some examples of it. Your contractor may even have some design suggestions that can save you time or money. For example, if they have connections with suppliers, they may be able to net you a steep discount on building materials or hardware.
Many investors overlook the benefits of working with a certified accountant. They aren’t just for helping you manage your finances, or telling you whether you can afford a certain purchase. Although professional advice in these areas is appreciated, that’s not the only thing they’ll be able to help you with. For real estate investing in particular, they can also help you identify the tax benefits of owning property. This can save you heaps come tax season, along with the valuable advice they’ll have for your throughout your investment process.
If you’re planning to rent a property out for long-term income, then you should consider hiring a property manager. Property managers handle all of the day-to-day operations and maintenance of a rental home, effectively turning it into a passive-income producing asset. They can even help you find new tenants in the case of a vacancy. You will have to pay a property manager a significant amount of the rental income you receive for a property, so it may make more sense to hire one for large multifamily homes with 5 or more units.
Choosing a trusted lender will be a very important part of your investment process. They will not only serve to finance your projects, but they should also be able to provide you with resources and guidance to increase your chances of success. First and foremost, you will be looking to work with a lender that has experience in the real estate space. Next, and just as important, is their ability to give you good leverages and rates. Finally, your chosen lender should be able to provide you with quality service so that you know you can rely on them. The longer you work with a specific lender, the more you can build your relationship with them which can lead to even more benefits for you. Looking to work with a quality lender for your investing needs?
RCN Capital lends to real estate professionals, commercial contractors, developers & small business owners across the nation. We provide short-term fix & flip financing, long-term rental financing, and new construction financing for real estate investors. If you are an investor looking to acquire financing for a property, RCN Capital has competitive loan options available. Connect with us today to discuss your next real estate investment.