Outsource real estate investing and blow the roof off profits. Real estate income and wealth are earned by rehabbing and selling as many properties as possible or leasing and managing a large number of properties. A considerable amount of energy, time, and resources go into the day-to-day operations and office duties responsible for making your investment business successful.
Leverage the power of people, technology, software, and systems to get more deals done. You'll avoid mistakes, reduce risk and eliminate stress. It's a cost-effective solution that lets you close more deals, boost profit margins and give you more time to focus on your clients.
Some investors want to do it all; they paint, cut the lawn, do the marketing and manage the property instead of building an investment business. You can't do it all, and you can't do it by yourself. Never has a general gone into battle without an army (team) to execute the plan and win the war.
Lead with integrity, be straightforward and authentic. You're the one with the vision and direction for your business, while your team has the follow-through and expertise to get your contracts closed.
The investor's main job is to delegate and orchestrate by putting automated systems and people in place to do the heavy work, like Autopilot.
Then monitor and evaluate the systems and people, see the big picture, and grow the business. Do this, and your business and life will run smoother.
There are skilled professionals behind every successful real estate investor: leverage other people's influence, knowledge, time, and resources.
Your outsource real estate team will prove to be a valuable asset. They protect you from mistakes and catch you if you fall. As the group helps to grow your business, they, in return, grow their own business too.
They will keep you fresh with breaking news, market trends, and insight. They'll push you forward, and you'll stay ahead of the competition.
The growth of your investment business is linked to your team's performance and development. Review and update your team: every two years.
The following are the three types on which to focus. Notice we did not include disposition? That's because we believe in holding and never selling. However, if you sell your properties we highly suggest using a Realtor. Keep reading; we go into that strategy too.
Operations – Management, maintenance, legal
Admin – Income, expenses, accounting, general office, council, & partners
Acquisition – Lead generation, analysis, purchasing, selling, & financing
Each will have expert knowledge in their field, and they'll be the ones taking care of the details. Plus, they know all the local and state laws and rules, so you do not have to.
You'll need 2 Realtors (residential SFH & Multifamily). They do it all. Contract-to-Closing. They'll focus on finding, negotiating, and closing your deals. They bring so much to the table and are worth their 3-6% commission. You'll know when you are working with an investor-friendly Realtor because they will send you a text like this. As your Realtor, I have access to the MLS database, and I want to share it with you. Please use this link to download my mobile app.
A Property management company for rental properties. They'll keep your company operating within all legal boundaries. They screen tenants and schedule move-ins and evictions promptly. Well worth the 10% fee of the monthly rental, especially if you have more than four rental properties.
Title companies or an attorney specializing in real estate. They will make sure all the paperwork for the closing is in order, execute the closing, and record the documents. Fees will vary.
Insurance company. They need to insure your rental and the tenant's personal property. Plus, offer vacant and builder risk policies at a competitive price.
Bookkeeper or CPA and a Tax Advisor. The bookkeeper or CPA will take care of all the everyday items. A tax advisor will show you how to keep the money you make.
Local contractors with a crew who are licensed and insured. They pull the permits and are responsible for passing the inspections. Also, if one of their workers gets injured on the job, it does not come back to haunt you because they are insured.
For Investment loans, you'll need three lenders.
However, sometimes you'll find a lender that can cover all types of investor loans.
Mortgage financing for long-term financing of rental property.
Hard money financing – for short-term lending for fix and retail sell properties.
Private money lender – for flexible, short, or long-term financing.
Close the deal without being present. You can esign all closing documents, attorneys can go to closings for you, or you can give a Power of Attorney to a representative. You can wire funds, and paperwork can be sent overnight from any where in the world.
Low overhead and no employees or payroll. Most of your team works on commission-based sales, which means they get paid when the property closes. Always remember to reward your power team for their efforts. Let them know they're appreciated. It's a circle, each of us helping the other move forward and creating paydays for everyone.
Truly efficient and effective companies have detailed systems as their core, which allows them to insert new people into any position and not skip a beat. Use the latest technology, online systems, and real estate investing software to manage your business like a professional. Automatically generate leads, send direct mail, analyze properties, and estimate rehab costs. Find comparable sales and know the property's value without guessing. Create reports for private financing and pre-approval letters. Measure your company's performance with profit and loss statements and projections for scaling your business.
Invest without boundaries with a paperless office on the go. Prioritize and stay organized, create documents, sign, and store documents online. Software and online business systems enable duplication of your business in other markets; this is especially important as you identify real estate investment opportunities in nearby cities and across the US.
It will also allow you the opportunity to observe from a distance the ability of your company to function without your constant presence.
Rental property management can be stressful and the most time-consuming aspect of investing. However, with software, most of the workload can be automated. Saving you time and money - and you'll avoid mistakes.
The best rental property software has the tools that bring you what you need most - signed leases and rent payments. It will advertise rentals, accept applications, screen tenants, collect online payments, sign leases remotely, track property maintenance, pay bills, do full accounting, and for less than the cost of cable.
Outsource real estate tasks that are mundane and time-consuming. Virtual assistants (VA) can do vital office and marketing tasks. They can set appointments, create property listings, send direct mail and email to your motivated seller and cash buyer lists. And aid with lead generation. They're instant help, they're inexpensive, and most work on a per-task basis.
Online is the first place people look when they buy and sell real estate, and you need to be there. They research your online presence, your company, and your credibility to determine trustworthiness. And they want to hear testimonials from people that have had a real estate transaction with your company. Create a website and social media presence. Enlist the expertise of a marketing professional to get an online company profile set up - it's the best solution. Then use a VA or intern to monitor it.
Gets the deal closed with fewer headaches. It becomes easier after your outsource real estate team is seasoned and has done a few deals together. They understand your level of commitment and standards for quality. Your contractors know the colors and building materials you like to use. Your Realtor knows which types of properties you want to buy; your title company knows how fast you like to close and has all your trust paperwork on file.
Your investment business will grow, and you'll gain confidence knowing that you have a supportive team of professionals behind you, and they are working hard to get your deals closed.