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Generally, the following members are critical to your success when you are setting up for business and need to use a team of contractors and vendors in the world of real estate investing:
1) Wholesalers – these are the individuals who are skilled at finding highly discounted investment opportunities for you to consider. As such, when they bring you a deal that fits your criteria, you need to jump on it! While the wholesalers do make a small profit on selling you a home, it is well worth the price to pay for their expertise as they steer you to secure and easily rented neighborhoods.
2) Contractors – these people will oversee the renovations of the investment property you choose to purchase, whether those renovations are strictly cosmetic or are of a larger, more in – depth nature.
3) Insurance Agents – to help you with dwelling and vacant policies, protecting your investment and helping you avoid liability should disaster strike.
4) Closing attorneys – skilled attorneys familiar versed in the world of creative real estate are paramount to you getting your property closed quickly and with minimal hassles. They can also provide you with title insurance.
5) Property Managers – these individuals will show your vacant home and help identify, screen, qualify, and place a paying tenant into your home, providing you with cash flow.
6) Financial People – Mortgage brokers, hard money lenders, bridge lenders, that will help provide the financing for your investment.
Are you considering your first out of state investment? When considering such a real estate investment, think about the following factors and try to make sure that they are present in the home you are considering buying for investment purposes:
a) In a safe, secure area, close to shopping, schools, and other amenities that are desirable for tenants.
b) In an area that is easy to rent, with desirable pool of rental tenants who are able to pay on time. Avoid areas with lots of foot traffic and crime, if possible.
c) The home should be a minimum of 1000 square feet, at least 3 bedrooms and preferably with 2 baths.
Using this criteria should help you move forward with making a selection. If in doubt, consult local experts with any questions or concerns you may have.
Should you be considering an investment in Memphis, Tennessee, feel free to give us a call – we would love to work with you. We sold over 150 houses last year to out of state investors and have satisfied the needs of even the most demanding clients. We are DiscountPropertyWarehouse.net
Robert Feol is an author, speaker, and passionate real estate investor. To learn more about real estate investing, visit Robert Feol online at DiscountPropertyWarehouse.net
We are the experts and we can help. Call (901) 258-6944 for details.