If you want to make lucrative real estate deals, you need to surround yourself with successful investors and a power team of CPAs, lawyers, contractors, title or escrow companies, mortgage brokers, and other professionals. You will also want to get into the habit of pre-screening sellers for level of interest.

 

Whether you are new to the real estate investing game, or whether you have simply hit a bit of a snag while investing in local real estate investment properties, here are some techniques that can help you revitalize your real estate business:

 

1) Surround yourself with successful real estate investors. People who are not investing in real estate may belittle your dreams of building an empire, or may try to “warn” you about the possibility of losing your shirt. In many cases, these people are simply afraid of the possibilities. Even some well-meaning friends can inadvertently rain on your parade. In order to get the support you need, join a local real estate investment club. If there is no local investment club where you are, form a group that meets once a week. You need to surround yourself with people who understand the investment business and who can even guide you to local real estate investment properties.

 

2) Grow your own power team. Before you ever put together your first deal, find the team members who will help you make that deal a success. Before you ever buy a property or start investing, you should find an attorney who does real estate deals himself or herself. You’ll also want to find a title or escrow company that caters specifically to investors. You’ll also want to find a CPA who owns real estate and understands investments, and an insurance agent who understands tenant contracts, landlords, land contracts, and so forth. Before you start buying properties, also find a mortgage broker who’s experienced with investors, and a contractor who can provide you with free estimates and who understands flipping houses. Even if you don’t intend to flip properties, knowing an investor who knows which rehabs make the most sense for a resell is priceless. Finally, you might want to find a partner you can turn to in case you need money or advice. You will notice that the common denominator here is that all these experts must either invest in real estate themselves, or must help real estate investors. You simply will not get the same quality of help if you select a general CPA or a general attorney, for example, with no experience in investments.

 

3) Don’t waste your time with sellers who aren’t interested. Some investors will spend a lot of time researching local real estate investment properties before they even speak to a seller, and this is a mistake since it ensures that they waste a lot of time. Always talk to the seller over the phone before you do anything else first. It’s the only way to know whether you even have a chance.

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