One of the most exciting and interesting things about the real estate business is that it is never static and it constantly demands a variety of skills and levels of knowledge and training.
For instance, a typical investor may need to wear a variety of different professional hats in a single day - from marketing whiz to psychologist, or from handyman to legal consultant.
But sometimes the wide range of responsibilities can become a bit overwhelming and lead to stress, exhaustion, or a costly mistake or oversight.
To avoid those unwanted repercussions while strengthening your investment business, consider teaming up with others.
Suitable partners for a real estate foreclosure investor might include, for example: ·A Qualified Real Estate Attorney Not all lawyers are created equal, and that is especially important to remember when dealing with real estate foreclosures.
Find an attorney who specializes in real estate and has experience with foreclosures, and you can save yourself serious legal messes while also getting a powerful ally when it comes time to sign contracts or resolve problems in a creative manner.
·Licensed Contractors Contractors that are good at what they do are also constantly busy, so don't wait until you need one to start looking.
Developing a consistent relationship with a well-rounded contractor can be invaluable for the foreclosure investor and can qualify you for preferred client status to bump your projects to the top of their work schedule and calendar.
·Licensed Inspectors Keep a list of general house inspectors, plus info on specialists such as termite inspectors and environmental inspectors.
Select those with stellar track records by getting recommendations from Realtors or experienced homeowners.
·A Survey Company Sometimes a boundary is vague or disputed, or you may want to divide an existing property into different parcels.
An expert surveyor is essential for these tasks, and you should get to know one in your area who specializes in the kinds of properties you want to buy and sell.
·Realtors and Lenders Realtors and lenders know the most about the real estate market, and will generally know about pending foreclosures early in the process.
So if you are scouting for foreclosure buying opportunities, get to know real estate agents and mortgage lenders.
They are a great "second set of eyes" for any foreclosure investor to have to help spot deals.
You may also decide to invest in properties across state lines, either because you live near the state boundary or because you see great potential in distant markets.
In that case it is a good idea to develop another team of partners in each of those states, because real estate laws and practices often change from state to state.