Most Myrtle Beach real estate investors are required to wear many hats. Most soon realize they don’t need to (and can’t) wear them all. Instead, real estate investors need to assemble a team. When referring to a team, that’s to suggest a Myrtle Beach investor hires a team of employees to work for an investment company. A team is merely a collection of dependable individuals in various businesses that can be relied upon to help you move a Myrtle Beach real estate investor’s business forward. Here’s a look at the professionals who should be part of any winning real estate investor’s team:
Mentor. Every successful entrepreneur needs a mentor. A guide. A coach. Learning from a professional and under the watchful eye of someone more experienced, Myrtle Beach real estate investors can only get smarter and wiser. The Keller Williams The Trembley Group Real Estate Professionals are all full-time Realtors. As Realtors working for Keller Williams The Trembley group, they are committed to protecting their client’s best interests, to offering the highest level of customer service, and treating all parties involved in a transaction honestly and with integrity. There is no more knowledgeable and ethical mentor to begin a career in Myrtle Beach real estate investing than A Keller Williams The Trembley Group Real Estate Professional.
Mortgage Broker/Loan Officer—A mortgage broker is the person responsible for making real estate loans. Investment real estate lending is a specialized field and a Keller Williams The Trembley Group Realtor can help find a lender who specializes in investment real estate mortgage landing – someone who has experience working with investors, someone who is creative and smart. Many loan officers have a pipeline of buyers (or future buyers) set up; real estate investors can use the help of local loan officers to build a list of buyers and lease purchasers.
Real Estate Attorney. Real estate contracts to purchase investment real estate are frequently not as simple and straight forward as simple residential contracts. “It is vital to have a professional on your team who can go through contracts line by line and who knows all the legalities of a deal,” says Eric Graham. “Myrtle Beach real estate investors shouldn’t try to pinch pennies by skipping this vital team member.” A Myrtle Beach real estate investor doesn’t need to spend hours consulting with a real estate attorney each week, but an attorney should be available when there is a need. An experienced attorney skilled and experienced in Myrtle Beach investment real estate is a highly important member of an investment real estate team. Keep in mind, attorneys can be compensated through the negotiated fees collected from an acquisition or disposition of a property.
Accountant. As a Myrtle Beach real estate investor acquires more and more properties, taxes and bookkeeping will become more and more complicated and difficult. As early in the investment portfolio process As soon as possible, hire an accountant (preferably a certified public accountant). “Your numbers person should be well aware of all the ins and outs of real estate and will preferably own rental properties themselves,” says Eric Graham. “Come tax time, this is the person who will help you through the write-offs. A good tax accountant will save you far more than the cost of their services.” An accountant’s advice when disposing of investment properties can save thousands of dollars. An IRS 1031 Exchange is one of the benefits of investing in real estate. It’s a way of selling an investment property that can substantially reduce the tax liability on the sale of investment real estate But the sale needs to be structured properly. All the “i’s” need to be dotted and all the “t’s” need to be crossed. I’ve known Myrtle Beach real estate investors who’ve been investing for years and wouldn’t attempt a 1031 Exchange without the advice of an accountant.”
Insurance Agent. “No one likes to pay for insurance, but insurance coverage for Myrtle Beach investment real estate is a must,” says Eric Graham and as an investor, you will probably be dealing with a lot of insurance policies. Be sure to shop around for both the best rates and the best services. Do not skimp out on getting insurance. You never know when you’ll need your policy.
Contractor—A good contractor is often the most difficult team member to find. Contractors can make or break your profit margin. Find someone who gets things done on time and under budget! Be sure that your contractor is licensed, bonded, and insured in order to protect yourself. Don’t simply hire the cheap guy.
Supportive Family & Friends. Having the support and backing of loved ones is important in any endeavor. If your family or spouse are not on board, don’t invest until they are.
A Keller Williams The Trembley Group Realtor. An exceptional real estate professional is fundamental to real estate investing success. Working with an agent who is punctual, eager, and a go-getter is essential. More importantly, a customer service focused Realtor will listen to clients and find properties that fit their business plan or if they’re beginning Myrtle Beach real estate investors, help them devise a real estate investment business plan. The Keller Williams The Trembley Group Real Estate Professionals are an excellent resource for contractor services, bird dogging, price opinions, and more.
Property Manager. Many Myrtle Beach real estate investors don’t want to actively manage properties nor can they afford the time away from all the demands of regular, full-time employment. A good property manager is an important part of any Myrtle Beach real estate team. Myrtle Beach is full of property managers but like accountants and attorneys, many property managers specialize in a certain investment property types. Some specialize in retail property. Others, especially in Myrtle Beach, specialize in week-to-week vacation rentals. Discussing real estate goals and objectives with a Keller Williams The Trembley Group Real Estate Professional will make finding a property manager who can efficiently manage a real estate investor’s specific rental and make their life significantly easier.
Handyman. A Myrtle Beach real estate investor will need someone to take care of all the little things that arise on an almost daily basis. Other landlords are a great source for great handyman referrals. A good handyman typically doesn’t advertise, working almost exclusively off referrals from a small group of investor and homeowner clients.
One of the best sources for finding these team members is through referrals from other investors. In general, another investor should be happy to refer their handyman, mortgage broker, or accountant to you because it reflects well on them and their relationship with that professional. Try asking around at your local real estate investor club or here on BiggerPockets, and you’ll be well on your way toward putting the pieces in place.
What Makes a Great Real Estate Team?
“A great real estate team is defined by its ability to consistently produce reliable and profitable results,” says Eric Graham. “As might be suspected, it’s a lot more difficult to construct a team in real life than it is to discuss it here.”
Myrtle Beach real estate investors, especially ones with large portfolios or those who flip a lot (often both), rely on their team daily. When one member fails, the entire endeavor suffers, sometimes to the point of sabotaging the team’s goals altogether. “Whether you’re serving tenants, flipping properties, or keeping track of your rentals,” says Eric Graham, “your team has to produce consistently, and avoid constantly making excuses at all costs. Most Myrtle Beach real estate investors learn those who make excuses and avoid them at all costs.” Excuse-makers will sabotage a well-oiled investment plan faster than is imaginable.
“I’ve seen smart, hard-working, and affluent Myrtle Beach real estate investors who found the real estate investment business to be extremely difficult and frustrating until they built up a solid team around them, at which point it became much, much easier,” says Eric Graham. “One investor says that so-called experts often talk a good game, but they need to be closely watched when it’s their turn to produce.” A great team member will exhibit certain characteristics that are sometimes not immediately recognized but can be identified through conversation or through other people’s referrals. For example:
Are they really experts?
Do they interact well with everyone?
Are they a pain to contact?
Do they return calls and emails quickly?
Do they hit deadlines?
Do they produce, as promised, when promised?
Can they communicate clearly and efficiently?