What Positions to Consider when Expanding your Real Estate Investment Team
Many real estate investors start out as a team of one, but as you grow your business you may want to think about how to strategically grow your portfolio with the help of a team. Teaming up with some other professionals and/or hiring some qualified persons may give you more bandwidth to finish more investment projects faster and more profitably.
This may seem like an obvious choice but if you have been using your own capital, consider choosing a lender to give you capital for more access to more deals. Having a regular lender that you consistently work with can help you get a jump and close on opportunities as quickly as they come up.
Sellers are often motivated by a quick close and with a shortage of housing inventory in many California markets, it’s important you have a lender that has the capital to close on your loan as soon as possible, so you can jump on deals and have peace of mind that it will be a seamless and easy process.
You will want to look for lenders such as Pivotal Capital Group who is a direct lender, meaning they have their own capital to lend. Being a direct lender, in turn, ensures that they can close on your loans in a timely manner and will not be short of funds.
An experienced lender will also have innovative solutions to your specific real estate investment needs and be able to come up with the best suited loans depending on your specific situation and timeline. For more information on How to Choose the Right Lender for Your Project, click here.
A lot can be said about sweat equity, especially if you are a licensed contractor yourself, but depending on where you are in your Real Estate Investment career, it may be time to find those strategic partners that can do some of the heavy lifting for you. Consistently utilizing and having excellent contractor relationships is key in making sure you can stick to your timelines and ensure that quality work is being done, while you are freed up to focus on expanding your portfolio and marketing your properties well. If you don’t have any current working relationships read PCG’s blog article on Tips on Finding Contractors.
Lawyers & Accountants
Having a go-to attorney and accountant can help you structure your business and keep your finances organized. You want to make sure that your money is working for you and know you have an attorney who can guide you into having the best business structure to suit your needs. An attorney will also be able to help you review contracts such as lease agreements and purchase contracts. They will also be able to help you if any issues should arise, for example, the need to evict a tenant.
Real Estate Agents
Even if you have your real estate license it’s beneficial to have a network of agents that you work with because they can bring you deals before they even hit the market. Sometimes sellers just want to put some feelers out and see if there are any buyers out there before listing. They can also help you understand a specific region or neighborhood and which schools are in that district. These factors are huge when you turn around to sell your real estate investment property or look to find suitable renters. On the other end of the spectrum, your agent may also be able to help you sell your property and the more connected you are the more avenues available to sell your properties.
You may want to consider hiring some freelance marketers for various projects. They can help you with any open house brochures or marketing collateral for your properties. Using social media as a vehicle to market your properties is another great way to get your property out on the market and having a marketing professionals’ input can ensure that your photography and copywriting is polished, professional, and geared towards your target market. For some additional Digital Marketing Tips, click here.