No matter what your personal background may be, it takes a while to really get the hang of Memphis real estate investment. It takes experience to develop a sixth sense about individual properties and investment opportunities. It takes time to really understand how each decision you make on the way to a final purchase affects the final outcome.
Most importantly of all, it takes a great Memphis real estate investment team on your side to make sure you start scoring huge wins sooner rather than later. A solid, productive team can not only help you set investment goals, but achieve them. A team helps you take care of all the details and smaller concerns along the way as well.
Essential Team Members to Prioritize
Knowing you could use the help of a good Memphis real estate investment team is one thing, but knowing who you’re looking for is another. Make sure you have all of the following people in your corner in order to maximize your chances of success.
Mortgage Broker: Look for someone that is experienced when it comes to not only local Memphis real estate investment, but in regards to your particular area of interest as well.
Real Estate Attorney: You’ll need a detail-oriented and very experienced law professional that can go over existing contracts, draw up legal documents, and provide you with sound legal advice throughout every step of the investment process.
Accountant: Every investment professional needs a good numbers guy in his or her corner. Make sure yours is a CPA (certified public accountant) that is also quite seasoned in regards to the Memphis real estate market. You’ll be especially grateful for your accountant when tax season rolls around.
Contractor: When you’re a property investor, you will have to make repairs and improvements on the properties you acquire. That said, it’s in your best interest to find a contractor you can trust to do great work, complete projects in a timely manner, and stay within budget.
Private Investors: Yes, banks and lending agencies are terrific, but the most successful Memphis real estate investors have a handful of private investors on speed dial as well. Start building your network of investors sooner rather than later.
Optional Team Members to Seriously Consider
You don’t want to underestimate adding the following people to your long-term roster either. Memphis’s most successful real estate investment professional have all of the following on board in addition to the above suggestions.
Property Manager: When you only own one or two properties, you might be able to handle the responsibilities that come along with running them yourself. However, if you’re serious about Memphis real estate investment, you will need to hire a good property manager. Why not have the right person from day one? He or she will be able to handle the extra responsibility in the beginning and then can be trusted to handle 100% of the management responsibilities later on down the line.
Handyman: When you’re a property owner, little things tend to come up on a daily basis. Knowing a good handyman you can count on can really be a good thing here.
Realtors and Turnkey Companies: Getting to know someone in the real estate industry that can help you catch wind of potentially valuable investments sooner rather than later is a really excellent idea. This can be done via an individual realtor. However, those new to the industry might want to consider a Memphis area turnkey company to minimize fuss and hassle instead.
At the end of the day, a good Memphis real estate investor is really only as good as his team. Start out with the right people in your corner and you can’t help but accomplish all of your goals.