Real Estate Power Team: Who are they ?
Investing in real estate involves a team of people who will help you achieve your goals. This would be your power team. They will help you get the best deals and also make sure your property is always well maintained. With a power team you can achieve a lot more than what you would on your own.
Building your power team should be the first step before you start investing. It is a shame finding a great deal and not having the right people to see you through it. It goes without say this is a long process and it takes time to build a team. At The Access Club, we work with Kingswood Estate and they have 25 years of experience in the field and they have their power team in place. If you’re ready to invest in real estate or you want to grow your portfolio, you can take part in our deals. The good thing is the power team is already set.
Who’s the Team ?
Initially you should start with a core power team consisting of the people that will make deals happen. With time you will grow your team to help you with all processes. In the meantime let’s see who does the power team include:
Mortgage Broker: one of the most important members of the power team, the mortgage broker gives you access to financing. A mortgage broker works as an intermediary who brokers mortgage loans on behalf of individuals or businesses. They will find the best terms and rates available for you.
Bank Managers: they are necessary to help you manage your account(s). Multiple accounts can be opened as properties can be bought either under someone’s name or under a company and even create a SPV (Special Purpose Vehicle). A SPV is a subsidiary created by a parent company therefore more accounts would have to be opened for each subsidiary.
Investors: when you want to buy a property but for some reason it is difficult to get a loan or a mortgage or perhaps you don’t want to, an investor will help with financing. It can be a private investor or you can have your database of investors, people you have worked with in the past that will be co-investing alongside you.
Solicitor: a solicitor is a type of lawyer that has a specialization in real estate legal matters. They are there to simplify the process when it comes to contracts and go over the finer details.
Tax advisor: it is important to choose a tax advisor that will give you the correct tax advise so that you can keep as much of the money made from the property, but also minimising the amount of taxes to be paid.
Extended Power Team
Over time you will develop an extended power team that will include the following:
Real Estate Agents: letting agents are there to help when it comes to rent out properties. Here in the UK, letting agents are real estate agents specialized in letting properties. In addition you have estate agents that have properties to be bought. In other words, letting agents should be used if you want to let/rent a property and estate agents should be used to buy a property.
Builders: if you’re adding value to your property before selling, you need to be ready with a team of builders. The team will include handymen to plumbers and carpenters to electricians. This team will also be useful in instances where properties are rented out. As respectful tenants are, there is always the odd leak in the bathroom, the broken boiler, and so on.
Property Sourcers: simply put, these are the people that will be sourcing deals. They act as the middleman between the seller and the buyer. It is important to build a good relationship with them as they truly bring you the best deals. A great amount of deals are closed before even reaching the market. Having a good relationship might get you a pre-market deal.
Mentor: last but not least you start in an industry you know little about you need a mentor to guide you. Perhaps you might have done a couple of deals, however as you expand your portfolio you need to have a mentor. Someone who will be alongside you and has experience in the field.
A strong power team is crucial to your success as real estate investor. At The Access Club we can mentor you. One of our core Pillars of Prosperity is real estate and the idea being to buy properties a create a recurring income. The bigger your portfolio the more recurring income you have, the faster you’ll reach financial freedom.