Step Four - Build Your Team

Feeling overwhelmed yet? It is a lot to learn but once you get the hang of it, this business is truly a fun and very profitable! Up next, building your team of professionals.

Throughout this business you will run across instances where you will need some information, a document, a favor, etc... It's inevitable. This is where your team will come in. Having a team that you can rely on to fill the voids you can't or don't want to fill is imperative, so let's get started....

1. Finding an REO Real Estate Agent: Using any ol' Agent in your investing career will prove to be a very big mistake down the road. REO Agents specialize in distressed property, both listing it and selling it. They deal with the banks and asset managers on a daily basis. They have built relationships with the people you need on your side. Why would you use anyone else? We have gone to great lengths to put together a long list of Agents across the nation for your convenience. These Agents are know to be REO specialists and can assist you in every aspect of your investing business. You can search this directory by clicking HERE (MEMBERS ONLY) . If you cannot find anyone in your area,please use the Email a coach feature in the Coaching section of this members only area, and we will find one for you.
2. Finding a Title or Escrow company: Once again, using any ol' title company or escrow closer could be detrimental to your deal. You need an experienced firm who understands the foreclosure process and deals with it on a regular basis. Title issues often arise in foreclosure deals that can be easily cured if you are using an experienced professional firm. Ask them if they do foreclosure work and if so, how often. Cover your bases now.
3. Finding an Insurance Agent: A good insurance agent can make your life a heck of a lot easier. You want to find someone who has a little pull in the underwriting of the policies. A big time Agent usually does. With property losses growing from natural disasters and mold, insurance companies are taking closer and closer looks at the properties they are insuring. Be sure the property can be insured before you pounce on it. (MEMBERS ONLY) is a good place to start, or ask around. Who is your areas biggest insurance Agent?
4. Finding a Home Inspector: To find a "good" home inspector it is best to contact several inspectors in your area and check their qualifications. Here are some important things to look for in a home inspector: experience in the building trades, completion of a professional home inspection training program (such as ITA), and current membership in a professional inspection association such as ASHI (American Society of Home Inspectors). (MEMBERS ONLY) is a large directory of home inspectors, with over 6000 inspectors listed in North America. It is an unbiased informational website where you can instantly locate several qualified local home inspectors. Inspectors that have completed ITA's training course (one of the most thorough home inspection training program available) are designated with a special logo in the directory.
   (MEMBERS ONLY) also has some more helpful information about choosing a good home inspector and more general information about the home inspection process.
   
5. Finding a Mold Remediator: Mold remediation is becoming more and more of an issue in today's real estate market. Insurance companies have been hit hard with mold claims, so, naturally, it is becoming a forethought of the public. (MEMBERS ONLY) is a great place to start when investigating remediators.
   
6. Finding a Termite Inspector: The company should be licensed by the Dept. of Agriculture or agency responsible for regulating termite control in the state. Membership in their state pest control association and/or National pest Management association suggest the company is an established firm with access to technical and training information needed to do the job correctly. As with any service company, references are invaluable. Consider calling at least 2-3 companies. Requesting inspections and estimates from more than one will help verify the existence of a termite problem and allow you to compare services. Companies offer different types of treatment methods and warranties. If termites happen to return, most will retreat the affected areas at no additional cost. Some companies will also repair damage occurring subsequent to their treatment, although dating onset of damage is a hard thing to determine. Check out (MEMBERS ONLY) for starters.
   
7. Finding Contractors: The easiest way to find good contractors is ask around. Other seasoned investors are using contractors that show up, get the job done, and most importantly, complete it on or under budget. Another important fact: ONLY USE LICENSED CONTRATORS!!! We cannot stress this enough. If you have a problem with an unlicensed contractor in most states you have no recourse. Shotty work and under code repairs will land you in court more often than not. Why bother???

  Where to find the CA$H

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Forms and Checklists

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