It’s another week and another newsletter to share some of my golden nuggets of wisdom with you. If you think you are navigating solo with limited bandwidth, feeling overwhelmed, and even missing out on good deals… read on.
Announcements
It’s coming up quick! REI Summit is May 3-5th in Denver, Colorado. I’ll be speaking and hanging out with everyone.
Visit www.reisummit2024.com and make sure to use the discount code, TARL10!
(I promise we’re not going to sell you anything, just high quality education and networking!)
Inside the Trenches
Going it alone in this business is like trying to navigate a maze blindfolded. Trust me, I've been there, and I know you know this.
Today, I’m diving into building your dream real estate investment team - and it doesn’t have to come at a price.
Why is having a kickass team so darn important?
Well, think of it this way - in real estate, you're only as strong as your weakest link. From sourcing deals to closing transactions, having the right people in your corner can mean the difference between smashing success and epic failure.
Let's break it down.
First up on your dream team roster is the MVP - your real estate agent. While you could throw a rock in any direction and hit one, not all agents are created equal. You need someone who's not just good, but great at working with real estate investors. A good agent has expertise in property valuation, market analysis, and deal negotiation, and can help investors find properties, assess their value, and make informed decisions.
Finding an investor-friendly agent who understands your goals and is willing to work with you can often be done at no extra cost. They earn their commission when you buy or sell a property, meaning their services are free until you close a deal.
Next up, we've got wholesalers. These savvy deal finders are like bloodhounds, sniffing out off-market gems and bringing them straight to your doorstep. Wholesalers typically make their money by assigning contracts, selling properties at a markup. The great thing is that you only pay when you decide to purchase a property from them.
But here's the secret sauce…you gotta network with a bunch of them. Like, a lot. Having only one in your corner won’t cover your bases and you’re certainly going to have to weed out the ones who will just waste your time. You definitely want multiple consistent hustlers bringing you deals.
Now, let's talk money. This one’s the most simple and obvious… No money, no way to buy deals. Unless you're sitting on a mountain of cash or swimming in equity, you're gonna need some dough to fund your deals. These are your private money lenders, hard money lenders, and joint venture partners.
Lenders can also play a role in assessing deal viability and mitigating risks early in your negotiation process - my lending company will happily look at you AND your deal to make sure you can close on it without spending a penny upfront. These folks are the lifeblood of your operation, so make sure you've got a solid list of lenders on speed dial.
But wait, there's more!
The closing table - your title agents and escrow officers. These professionals work their magic behind the scenes, ensuring smooth sailing from contract to closing. They handle the legal and financial aspects of real estate transactions to ensure that property titles are clear, facilitate the transfer of ownership, and manage the closing process. Good title agents and escrow officers can save you a lot of time and headaches…
The best part is you don't directly pay these professionals! Their fees are included in the closing costs when you purchase a property.
And last but certainly not least, we've got the folks who bring your vision to life - your contractors. These miracle workers turn our dilapidated dumps into dream homes, one hammer swing at a time. But here's the kicker - it's not just about finding a contractor, it's about building a roster of reliable pros you can trust. A good contractor can help you maximize property value and ensure that projects are completed on time and within budget.
Finding them and getting estimates for your projects is usually done at no cost. Many contractors offer free estimates as part of their business practices to attract potential clients (and this is a great way to evaluate them in the process). You only pay for their services when you hire them for a project.
…Rome wasn't built in a day, and neither will your real estate empire. Take it one step at a time, make genuine connections, and surround yourself with people who make your job easier.
So I challenge you to take action today if you don’t have that dream team yet. Reach out to that agent, network with those wholesalers, and build your powerhouse up. This time you spend will pay YOU back in the long run.
DM me on Instagram and let me know if I missed someone crucial…or maybe you have a secret way of finding rockstars!
To you and your dream team’s success,
Tarl Yarber
