Who Are the Key Players in the Real Estate Investing Business?

It’s helpful to know the key players in the real estate business. Similar to sports superstars, the most successful investors in the real estate business build a team and a network of the highest caliber individuals to train them, develop their skills, extend their reach and support their efforts. Here are the people you should invite onto your team.

Real Estate Broker: Hi, my name is Janette. I’m a licensed real estate broker. We have expert knowledge of our surrounding real estate market. If you are interested in buying a home please come into my office and I will introduce you to one of our sales associates.

Real Estate Sales Associate: Hi, I’m Tanya. I am a licensed sales associate and realtor®. I can show you hundreds of properties using our Multiple Listing Service (MLS). And, I will give you valuable market information on pricing and trends at no charge or obligation. The MLS will display hundreds of properties. We can quickly isolate the ones that best meet your needs. When you’re ready we will tour the ones you want to investigate further. My fee is typically paid by the seller and is a percentage of the final purchase price.

Appraiser: Hello my friend, I’m Kevin, a licensed, state certified appraiser. In order for you to get financing your bank or lender will hire me to determine its market value. To protect their investment, and to protect you, it is my responsibility to make sure the purchase price or loan amount is in line with market value. To arrive at market value, I research current listings, and sales transactions of similar properties in the area. I will also report on the actual condition of the property and surrounding neighborhood. If the purchase price and loan amount is in line with market value everyone is satisfied. My fee is typically $300 o $450.

General Contractor: Hi, I’m Bob. If you have a residential rehab project give me a call. It doesn’t matter if the project is small or big. I will show you a portfolio of my past work and a list of references. Don’t forget to make sure all your contractors are licensed, properly insured and carry workmen’s comp. You do not want to be sued for someone else’s mistake or bad judgment.

Surveyor: Hi, I’m Russell. I am a licensed surveyor. It’s particularly important to have a survey conducted on property in older neighborhoods because property lines are often not strictly enforced over the years. A lender will probably require a survey. If your neighbor’s fence or garage is encroaching on your property you do not want to let it continue or you can lose your property rights. I will provide you with a drawing of your property’s exact boundary lines, http://Tech2conv.com  https://shopislamicclothing.com/ https://SlideOutShelvesLLC.com http://MomentumFitnessTally.com https://TheBestOfPanamaCityBeach.com the buildings, utility easements and any encroachments. If you want to build or sell off a portion of your land, a survey will be necessary. My fee is typically $225. – $350.

Home Inspector: Hi, I’m David. I am a trained home inspector. Before you purchase a pre-owned home you will probably want to give me a call. I will warn you if you are buying into any serious problems. My job is to thoroughly inspect the property for anything that I think may result in future problems for you. If the roof is leaking or once leaked chances are I will discover it. If the electric service is not wired correctly or up to code I will report that. I will write down all my findings and submit them to you. This report may allow you to back out of a contract and/or negotiate some price concessions. My fee is typically $225. – $400.

Title Agent: Hi, I’m June. I am a trained title agent and closer. Never purchase a home before clearing all liens, judgments, and other claims against the property. It is my job to make sure that you have clear title before you close the deal. This will protect you and your lender. I will also help you purchase title insurance to cover your interest if it is later discovered that someone has a legitimate claim on the title and was missed in the initial title search. Your lender will require you purchase title insurance to cover the amount of their loan. Title Insurance is a small percentage of the value of the property. My total charge varies because it covers certain state taxes, title search, attorney fees, recording fees, courier service, document processing, etc.

Insurance Agent: Hi, I’m Caroline. I’m licensed by the state to sell property and hazard insurance. Lenders and owners depend on insurance to reimburse them in the event of major loss from fire, hurricanes, and lawsuits. Having the right insurance will limit your financial losses. Without insurance in one split second you could lose a lifetime of savings. The cost of insurance is related to the value of the property and probability of loss.

Real Estate Attorney: Hello, my name is Chris. I offer many services to people working in real estate. I can provide you with consultation and legal representation. I can draft any kind of contract for you. If you are a landlord I will handle all the legal work to help you evict a problem tenant. Some issues you do not want to tackle on your own. I am licensed to practice law. My fees are usually billed by the hour based on the complexity of the issue.

Mortgage Broker: Hi, I’m Bill. I am a mortgage broker. If you are looking to buy a home or investment property I can help. I have access to hundreds of lenders and programs across the county. I will take the time to match your needs to the right loan. With today’s technology, I can get you an answer on the best interest rates and terms usually in a matter of hours. My fees are typically paid by the borrower and the lender as a small percent of the total loan amount.

Termite Inspector: Hi, my name is Spider. I perform property inspections to determine if there are any active termite infestations. Often your lender will require this, and buyers should insist on it – particularly in Florida. I will identify any past termite damage and look for signs of current activity. My fee is usually under $100.

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