Real Estate Investing is a Team Sport

by: William Tingle

Entrepreneur…investor…when we hear these words our minds are usually filled with thoughts of the do-it-yourself trailblazers that set out to cut their own path. The individual that fought their way uphill, against the odds, doing everything themselves. Albeit, your ultimate success or failure rests on your shoulders, the greatest successes in this arena seldom happen alone.

Those who make it to the ‘big leagues’ understand the importance of surrounding themselves with others that bring value to their cause. Likewise, they also understand that they must bring value to their cause as well. The world-class entrepreneurs and investors know unequivocally that investing is a team sport. It all boils down to this:

TEAM = Together Everyone Achieves More

When it comes to investing in real estate, the proper selection of your team member can make investing much easier and exponentially more enjoyable. If done correctly, it can almost automate the process to the point where you have very little actual work that requires hard work. You simply put the right pieces of the puzzle (or team members) in the right places.

Let’s look at how this works if you’re wanting to buy sub2 and seller finance properties. Your team members would be…

The WHOLESALER – if you bring some leads in through wholesalers passing on leads that won’t work for their model, this person would pass the leads to you for a reasonable amount on the front end.

The INVESTOR(s) – the person (or people) that put up money to fund the deal to pay arrears or any repairs or equity to the seller in exchange for interest on their money or a cut of the deal on the back end.

The CLOSING ATTORNEY – this may not seem like an important team member, but it would benefit you greatly not to overlook this one. There will be times you need things done quickly or as in what us sub2ers do, things that may appear to be somewhat outside of the usual box, and it’s best to have a good relationship with someone that will rush or not be afraid to do these things for you. Also, you always want the peace of mind knowing that things were done right. Take it from me, not all closing attorneys are created equally.

The INSURANCE AGENT – home insurance is not just home insurance. Insurance companies have different policies depending on whether or not the house is vacant, the level of repairs, if any, that may be required, and what your intention is for the property once you close. Make sure your insurance agent is knowledgeable on what type of policy your particular deal requires.

The CONTRACTOR – this one can make or break the deal. You need someone that is not only competent in their line of work but also budget conscious and reliable. Once you find a great contractor, make sure you keep them happy!

The REAL ESTATE AGENT – just like contractors, there are several in this field that will claim they can do the work. However, there are very few that do it well. Many agents do not understand what we do, especially those of us who do things a bit on the creative side such as buying subject to or selling with seller financing. A great agent can save you a tremendous amount of time, and an incalculable amount of effort when it comes to selling the home. If you have the right agent, they can also bring you leads on deals where the homeowner did not have enough equity to list or pay an agent.

The ACCOUNTANT – a great accountant will save you more than they bill you for. Find an accountant that will guide you throughout the year to minimize your taxes.

All you have to do is be the glue that sticks these pieces together and you can make an insane amount of money buying houses! It’s that simple. You didn’t have to find the house, you have no money out of pocket, the title work and closing are done correctly, the proper insurance policy is in place, any repair needed is done on time and on budget, the house gets listed and sold in a very timely manner, and, at the end of the year, you pay the minimum taxes.

You’ve just put together a deal that makes you a phenomenal amount of money for your time and effort involved. By default, you’ve also created the opportunity for every member of your team to make money as well. Everyone makes money, and you’ve got an easy role with minimal risk.

Remember…TEAM = Together Everyone Achieves More

I have been buying and selling houses for over 20 years and can teach you how to do the same.

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