Real Estate is not a solo-sport, you absolutely need a team of professionals to support you in your real estate investing ventures. The first time you have bought a house (or maybe you haven’t yet) you might not have realized how much goes on behind the scene of that transaction.
From the start you likely worked with a realtor, who has a huge list of service providers that could help you out with due diligence, financing, repairs and many other items.
As an investor you will need a much longer list of people to help you out, and here are the Key reasons why:
- You will always run out of time to do everything yourself, even if you work in real estate full time – which is also not how most people start, they still work a day job while investing in real estate and many never intend to leave their day job they just want a great return on their investments. Real estate is one of the most reliable ways to build wealth than any other sector.
- It does not matter how great you are at finding deals, you can’t possible to do them all with your own resources. Having wholesale connections will save you a lot of time and effort.
- Cash/credit are finite and you will need JVP partners to help you grow your portfolio
- What about the passive income? Well nothing in business is ever truly passive if you are going to get great returns – therefore you will need property mangers, resident managers, and partners to help you keep the investment running as smoothly as possible. No fluff and fairy tales there will be challenges, just like any other business on earth!
- Having fun! Does it really make sense to try and do it all on your own? Even if you had all the money in the world and an unlimited credit capacity, where would be the fun in building an empire if you cannot share that with others? The relationships that you build with your power team members make the challenges less severe, and you can have a great time along the way when you work with others. I believe in the Richard Branson model of business – find a way to have fun while you are at it, work hard and play hard. (he has a thing or 2 figured out in business)
Here are some power team members that you will need to get on board when you are starting out, or even if you have a number of deals under your belt and have gone the solo route – at some point to scale you will need all of these team members.
- Realtor
- lawyer
- mortgage broker
- appraiser
- home inspector – residential
- commercial property mechanical inspector
- General contractor
- handy men/women
- wholesale material suppliers
- private lenders
- bankers
- accountant
- book keeper
- architect
- wholesalers
- property managers
- resident managers
- JVP’s – joint venture partners
- RRSP lenders
- Trustee companies
- Insurance broker
- Trades; paint, flooring, roofing, HVAC, carpentry, tile setter, plumbers, drywall, smart home techs.
- Moving company
- Marketing consultants
- Web design
- Printing company
- Bailiff
- Engineers: structural/mechanical
- Real Estate/Business Coach
As you can see there are lots of people that make the real estate world keep spinning, if you have any questions or need a connection in Calgary and many other markets in Canada we would be happy to help. Contact us today and book a discovery call.
To your success,
Tim Reid
-Respect The Hustle.
