Beyond the financial benefits, one of the things I love most about real estate is the variety of people I get to work with every day. Even a single apartment building takes a surprisingly large group to buy, finance, fix, and run. Here’s a partial list:
Deal team
- Realtors
- Mortgage brokers
- Property Inspectors
- Appraisers
- Property managers
- Tenants
Support team
- Life partner
- Like-minded investors
- Real estate networks
- Money partners
- Family & friends
Trades team
- Handymen
- HVAC techs
- Painters
- Flooring installers
- Plumbers
- General contractors
Advisor team
- Lawyers
- Accountants
- Insurance agents
- Bankers
- Bookkeepers
- Trainers
- Coaches
For some people, this list brings on anxiety. They’re happy to deal with the mortgage broker and the accountant, but not the tenants or the plumber. The truth is, every person on this list matters, and they’re all connected. As an investor, you need to know how to talk to each one and how each one affects the others.
“If you think hiring a professional is expensive, wait till you hire an amateur.”
— Red Adair
What many investors overlook is the time, energy, and money it takes to build this team, and how long it takes to make it work well. Each person has to be found, vetted, and often hired a couple of times before you know whether they’re the right fit. You might go through four handymen before you find a great one. Then that handyman retires or changes careers, and you start all over again. A good team is never “done.” It’s something you keep building for as long as you own property.