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How to Build a Real Estate Investing Power Team
As you continue to read about real estate investing, you will no doubt come across the term 'power team'. What is this 'power team'? A power team is a group of people without whom successful real estate investing becomes very difficult, if not impossible. Included in a power team are at least one real estate agent, a mortgage broker, and a real estate lawyer, all of whom will have experience in creative real estate investing. So, how do you go about building this team? Well, you could just get a copy of the Yellow Pages and start calling, but that will most likely take a very long time, time that could be better spent working on real estate deals! Wouldn't it be better to have these people call you? I thought so, so here's what I did. Keep in mind that this technique not only netted me a power team, but also a list of potential partners/buyers for future deals. The local paper offers a deal on weekend real estate listings, so I placed an advertisement in the paper that read: "Fixer-upper for sale. Cheap. Need cash and quick closing. 555-5555" What sort of people would respond to an ad like this? Some will be tire-kickers and the curious, but a good number of callers will be investors and real estate agents. I had the number in the paper forwarded to a voicemail service, and it's a good thing I did as there were a lot of calls! I find that those who are just curious about the ad tend to hang up without leaving a message, so that takes care of those that aren't serious. After listening to the messages I found that there were two real estate agents that had answered. I called the first one, George, and told him that the home had sold, but would he be interested in working with fixer-uppers in the future? He replied that he would, but didn't seem interested in discussing it much further. Now, I should mention here that I never actually had a home to sell - what I posted is called a 'ghost ad', used to guage interest in something. You may not feel entirely comfortable with this, and that's fine. Simply post a different ad that gets the same sort of message across. The next agent, Elizabeth, was much more receptive. We spoke for well over an hour about her experiences in real estate - it turns out that she actively invests in real estate herself. She would be more than happy to search the mls on my behalf, as well as submit as many offers as I would send her way. Perfect! And here's the best part: since I had found a real estate agent who also invests, I was also able to use the resources that she uses in her deals. So I now had access to a great real estate lawyer as well as a mortgage broker, along with a recommended property inspector. That saved me loads of work and time. My power team was now complete! I've since become good friends with Elizabeth, and she regularly sends me listings that haven't made it to the mls yet. This gives me a huge advantage in pursuing deals as only a relatively small number of people are aware of the sale. I picked up my latest rental property this way - the property was going to be listed on the mls in two days time, but since Elizabeth let me in on the deal early I was able to close before the general public became aware. A good power team is crucial to your success as a real estate investor, and oftentimes finding one member of the team can lead you to the others. Happy Investing! About The Author Adem Hamidovic is a part-time real estate investor and operator of www.ProfitPiggy.com, a website devoted to new and experienced real estate investors alike.
MORE RESOURCES: Jeff Bezos' secret $190M Seattle real estate empire revealed Business Insider I'm a Real Estate Investor: Don't Pay Off Student Loan Debt — Buy Properties Instead - Yahoo Finance Real Estate Transfers ~ through Nov. 23 The Bedford Citizen Francisco Real Estate: Why Homeowners are Selling at a Loss The San Francisco Standard New Legislation Proposes to Take Wall Street Out of the Housing Market The New York Times Dodge County real estate transfers Fremont Tribune Real estate transfers: Dec. 8, 2023 RiverheadLOCAL Eastern U.P. real estate remains stable despite shifting national trends Sault Ste. Marie Evening News RNR Real Estate Briefs – Texas & more Realty News Report Real Estate Transfers: August 1 - 15, 2023 The Owensboro Times Real estate: Foreign LLC buys Pizza Hut property in Perry Township Massillon Independent Real Estate Sales Include Wealth Management Center Complex, Ranch For Vets Jamestown Post Journal How a Kitchen Refresh Can Help Close a Real Estate Deal How a team approach brings sales, success Behind The Hedges McColly Real Estate Holiday Celebration 2023 | LaPorteCounty.Life LaPorteCounty Life Massachusetts real estate transactions for Hampden, Hampshire and Franklin counties Dec. 10, 2023 edition MassLive.com Real Estate Transactions for Dec. 9-10 | News, Sports, Jobs Nashua Telegraph XPO buys Yellow's Real Estate For $870 Million The Real Deal OT Real Estate Spotlight of the Week: 4404 Fairbairn Court The Owensboro Times I'm a Real Estate Investor: Don't Pay Off Student Loan Debt -- Buy Properties Instead GOBankingRates Routt County real estate sales surpass $13.4M from Dec. 1-7 Steamboat Pilot & Today NJ real estate: $20M Alpine mansion for sale. See listing NorthJersey.com Chad Tredway Rejoins JP Morgan Asset Management as Head of Real Estate Americas | Chief Investment Officer Chief Investment Officer PTK spotlight: 50 commercial real estate projects to know in 2024 Arizona Big Media Real Estate Roundup, Retail Theft Arrests The Eastsider LA Jef Conn: From Lubbock commercial real estate to Texas Chairman of the Board Texas REALTORS KLBK | KAMC | EverythingLubbock.com Real Estate Transfer Dec. 9, 2023 | Records | messenger-inquirer.com messenger-inquirer Charlottesville real estate investor Phaedrus Acgtblu dead in apparent homicide - The Daily Progress Bezos Leaving Behind A Massive Seattle Real Estate Portfolio As He And Lauren Sanchez Plan Move Miami Yahoo Finance A Strong 2024 Market? Get a Real Estate Coach Now | Florida Realtors Greenwich Real Estate Inventory to Hit Zero in March 2024 Greenwich Sentinel Bay Area real estate: Where rent or mortgages hurt residents most San Francisco Chronicle Chad Tredway Rejoins J.P. Morgan as Head of Real Estate Americas, J.P. Morgan Asset Management PR Newswire Real Estate Property Transfers in Franklin for November 13, 2023 Williamson Source Coral Springs Real Estate Market Defies Economic Predictions • Coral Springs Talk Coral Springs Talk Real estate news: DoubleTree near South Coast Plaza, JWA getting a $12 million makeover - OCRegister What's a Real-Estate Fund Worth? Depends on Who's Doing the Math The Wall Street Journal Pacaso, The Real Estate Marketplace, Releases Report That Identifies Fast-Growing Luxury Second Home Markets Crowdfund Insider Could Bitcoin Cause Real Estate Prices to Collapse? DataDrivenInvestor Viral New Berlin jungle home back on market after sale fell through: Open House - Milwaukee Business Journal The Business Journals Is Jeff Bezos shopping for real estate in Palm Beach? The New York Post thinks he is Palm Beach Daily News Wheeler Development exec balances careers in real estate, folk music - Crain's Grand Rapids Business Wheeler Development exec balances careers in real estate, folk music Crain's Grand Rapids Business Valley real estate community steps up to support Operation Santa Claus ABC15 Arizona in Phoenix REAL ESTATE | VIDEO | Charming and inviting 2-story home in West Bend, WI | By Wendy Wendorf, Homestead Realty washingtoncountyinsider.com New Castle News | Newspaper Ads | Classifieds | Real Estate for Sale | BERKSHIRE HATHAWAY Home Services The ... New Castle News San Francisco's Russian Hill Mansion Sells for Half Its Asking Price Amid Real Estate Shift Hoodline Canadian Apartment Properties Real Estate Investment Trust Un stock rises Friday, outperforms market MarketWatch Ares Banks $3.3 Billion to Buy Real-Estate Fund Assets - WSJ The Wall Street Journal Apply for the Longtime Owner Occupants Program (LOOP) | Services Philadelphia Water Department REAL ESTATE BRIEFS: DEC. 9 Las Vegas Review-Journal Opinion | Real-Estate Collusion Is Finally Coming to an End The Wall Street Journal What Accreditation Shift Could Mean for Real Estate Investors Kiplinger's Personal Finance New York City Law Against Body-Size Discrimination: What the Residential Real Estate Industry Needs to Know Jackson Lewis Gardiner nonprofit works to house teachers amidst 'uphill battle' of pricey real estate - Missoulian Jeff Bezos's Homes: Inside His More Than $500 Million Property Portfolio Architectural Digest 20 Young Leaders Transforming the Real-Estate Industry in 2023 Business Insider Are Virtual Tours Still Worth It in Real Estate? Evidence from 75000 Home Sales Harvard Business School Working Knowledge 9 Best Places to Retire in Mexico, According to Real Estate Experts Travel + Leisure |
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