Investing in Real Estate - Organizing Your Team

Don't plan to invest in real estate alone unless you're experienced. However, building a good team is a bit tricky.

ORGANIZE YOUR TEAM

Here is who we have in place to fix up the investment property we bought in Latrobe:

• Real estate agent


• Mortgage broker


• Contractor/handyman who can supervise the work


• Carpenters


• Electricians


• Painters


• Supplier or suppliers who will offer good prices on materials


• Insurance agent for Builder's Risk insurance or possibility liability


• Customer service rep at a bank


• Attorney

It also helps to have a trusted friend or financial planner who has invested in real estate themselves.

I will write more on this team later to continue the post. But let me say that last week, I flew from Los Angeles to Latrobe and spent 3 1/2 days organizing the team, setting up an account at Home Depot and doing all the leg work with the person who's overseeing the remodeling.

We didn't touch one part of the house and yet it was a strategic time and well worth setting the foundation.