Dream Team Members and the Roles They Play

I'll take REALTORS Sissy. Can I put my list in later tonight though?

Thanks for starting this. If we keep adding to it we can keep it up front.

Rina

I totally agree with Sissy. Having an attorney is the most important team members of your real estate dream team. Some may feel realtor is the most important, sorry Rina, ha ha ha but so far i've managed to do quite well without a realtor. The last time i went through a realtor i lost a great deal, but having an attorney, he/she understands all the laws and legalagalities in your home state. They can do real estate closing, title search and in most cases attorneys are real estates investors themselves. Good point Sissy!

Lloyd

I was just picking one off the list that I could help with. So which one are you gonna take, Lloyd? Then we just need 9 more people to cover Sissy's list. This will be kind of fun.

Rina

It doesn't matter Rina. I'll take whatever is on the list. Since you ask, i'll take the contractors. I also want to add the inspectors on Sissy list. I think it would be fun too.

Lloyd

Hey make the list as long as you need to. I was just in a hurry and off the top of my head I came up with my little short list. I know there are plenty more people you can have on your dream team.

With all that's going on in your family right now, you still find the time to post such helpful information too? Thank you sister, you're such an amazing person! YOU ROCK!!

God bless you,

I guess that is what i am missing( attorney) lol.
Thanks for the list sissy. As soon as I get to the store for more printing paper,(already reloaded on ink lol) I will print this out! I acually now have a small file cabinet with folders filled with every post that had good info in them. easier for me to locate something. seperated them like, double closings,no money down, clauses to use and all the other good stuff that is here. I feel like a kid in a candy shop thanks to all you seasoned vets.

Thank you Elena. I am going through a lot but all is great. Hey pick yourself a person off that list or one that I didn't put on the list and let all the newbies know the what is expected of that person. I know you can add lots of information missy Elena!

Rina has REALTORS. Sure add your list anytime.

What a good realtor will do for you.
(in no particular order…) A GOOD realtor:

1) Will keep you up on new listings in your area. Can set the criteria on-line for new listings to come automatically to your e-mail as soon as they are put into the MLS (even before there is a sign in the yard. Big advantage)

2) Can give you great info on areas and neighborhoods. They know the area like the back of their hand.

3) Will get you accurate comps on properties recently sold.

4) Will take care of the whole paperwork process of your deals/ start to finish.

5) Will negotiate offers/counter-offers for you (act as the middle-man). This is especially nice with the banks that play hardball on REOs.

6) A GOOD realtor will be continuously learning and keeping current with the RE laws of the area they work in.

7) Will be available to work with you at just about anytime and will treat all deals as though time is of the essence.

8 ) Has a good working relationship with other realtors in your area. Believe me, sometimes reputation and relationship plays a part in how OTHER agents will present an offer YOUR realtor is making. I know it shouldn’t be that way, but we ARE all human, right?

9) Has good connections to get you in touch with OTHER Dream Team Members in your area. Especially the realtors that are also investors. They know who the best of the best are (i/e CPAs, Attorneys, property managers, etc.), and your realtor can pass that info along to you.

10) Can keep you from getting emotionally attached to a property.

11) Can keep you from getting emotionally attached to a SELLER. Haha. What I mean is, if you have a big heart you may end up swaying from your objective if you don’t have a middle-man to keep you focused on the numbers instead of the situation. (And I don’t mean you should be ruthless)

12) Will be willing to try whatever you, as the investor, want to try as far as making offers, counter-offers. Won't be afraid of new or out-of-the box ideas.

My realtor has become a friend and REI confidant to me. I can TOTALLY depend on her, and she can TOTALLY depend on me to be upfront with where I’m at and my objectives. I wouldn’t have a realtor that I couldn’t put my full trust in.

~~~~I’m sure I’ll be adding to this list. I do believe a GOOD realtor is a VERY important part of your team. It would be interesting to take a poll on how many deals people with realtors have actually closed on versus those who do it on their own. Of course I know that a person can be successful either way. It is all in the mind/determination of the investor. I’m just a “little” bias.

Hey, I also found a very good article about this. Read it here if you’d like:
http://www.articlesbase.com/real-estate-articles/real-estate-investment-...

I think the Title Co. is the most important part of your team. Having one that fits your criteria is VERY important. Doing thorough, extensive title searches, faxing all the necessary paperwork in a timely manner, having good contact with you and the buyer and seller. Staying on top of any issues and following through as quickly as possible for a fast and smooth closing. That's my two cents!

God bless you,

Closing is payday, HOWEVER you get there!

Rina

P.S. Are you gonna do another one?

That's why they're SO important! Because I like getting paid on time!
Do another what?

Do you want to do another one off the list? I think Sissy wanted us to elaborate on each one. Lloyd's gonna do CONTRACTORS.

Well, I just thought I should add that one since it wasn't even on the list. But you can elaborate, we ALL know you know your stuff girlfriend! I'm not feeling too great right now, so I'll be back later to see what you've added... LOL!

Well, I might do one more. But I just meant you should elaborate on ANOTHER one, too, since YOU know your stuff!!

Rina

P.S. Feel better, friend...

Rina....What an excellent description of what a good realtor will do for you. Thank you for that. I know that will be so beneficial for the new people!

Elena...I am glad you remembered the Title Company. That sure is one of the most important team members. I am still trying to decide between 3 different ones who back to back close and one of them takes assignments in all 50 states. They are just so slow to respond though.

Elena...I hope you get to feeling better. It is no fun being sick and trying to conduct business.

You're the Lady of the thread. (bow)
just let us know what all you want us to do.
Thanks again for thinking of this.

luv ya,

Rina

P.S. Glad all is going well. PTL

SHORT SALE SPECIALIST:

FIRST LET ME EXPLAIN TO THE NEW PEOPLE WHAT A SHORT SALE IS. WHEN A PERSON MISSES A PAYMENT OR TWO THE BANK CONSIDERS THEIR LOAN A NON PERFORMING LOAN. THE BANK BECOMES WORRIED AND ASSUMES THE HOMEOWNER IS GOING TO LOOSE THEIR HOME AND THAT IS WHERE YOUR SHORT SALE COMES IN.
A SHORT SALE HAPPENS WHEN SOMEONE CAN BARGAIN THE BANK ON DOWN TO A FRACTION OF WHAT IS OWED ON THE PROPERTY. THE BANK WILL LET SOMEONE FILL OUT THE SHORT SALE PACKAGE AND CONSIDER THE OFFER. THEY SEND OUT THEIR BPO TO CHECK THE PROPERTY OUT AND GIVE THE BANKER AN ESTIMATE AS TO WHAT THEY CONSIDER THE PROPERTY TO BE WORTH.
SHORT SALES ARE VERY STRESSFUL AND IF YOU DON'T GET ALL YOUR PAPERWORK IN THERE THE FIRST TIME...AND ALL IN ORDER CHANCES ARE THEY WILL THROW IT AWAY.

I HAVE A SHORT SALE SPECIALIST I WORK WITH. HE DOES NOTHING BUT SHORT SALES AND HE IS GOOD!

1. SHORT SALE SPECIALIST CAN HANDLE ALL THE PAPERWORK AND WEEKS AND WEEKS OF DEALING WITH THE BANKS COUNTER OFFERS, LOOKING AT THE PROPERTY, TAKING (PROPERTY DAMAGE)PICTURES TO SEND TO THE BANK ETC...

2. MOST SHORT SALE SPECIALISTS KNOWS THE EXECUTIVES IN THE BANKS BECAUSE OF DEALING WITH THEM OVER A COURSE OF TIME. SO YOUR SPECIALIST KNOWS WHAT TO EXPECT OF THE BANKER AND HOW FAR THEY CAN PUSH THEM.

3. YOUR SHORT SALE SPECIALIST WILL MEET THE (BANKERS) BPO AT THE PROPERTY AND TRY TO GET THEM TO CRAWL UP UNDER THE HOUSE AND LOOK AT STRUCTURE DAMAGE AND ALL THE DAMAGE THAT WILL GET THE DISCOUNTS ON THE HOUSE. THEY HOPEFULLY CAN SWAY THE BPO'S APPRAISAL THEY GIVE TO THE BANKER.

4. YOUR SHORT SALE SPECIALIST WILL ALSO SEND YOUR DEALS THEY COME ACROSS THAT THEY DO NOT HANDLE. MINE IS ALWAYS SENDING ME WHOLESALE DEALS.

5. AS SOON AS THEY HEAR FROM THE BANK THEY ARE RIGHT ON IT FOLLOWING UP WITH WHAT EVER THE BANK REQUESTS FROM THEM.

6 MY SHORT SALE SPECIALIST ALSO HAS INVESTORS TO SELL THE HOUSE TO AFTER FINALLY GETTING APPROVAL TO BUY THE HOUSE.

Let me give you an example of what my short sale specialist did. He was at a house that qualified for a short sale and he put on his work suit and crawled up under the house to look for structure damage. He found termite damage. So he pulled out his camera and took pictures of the damage.
When he got out from under the house the bankers BPO drove up to look at the house and give the banker an estimate as to what he thinks the house is worth.
Well Parick (my SS specailist) told the BPO (who was in his $400 suit and tie) that in order to give a proper estimate he needs to crawl up under the house to see the termite damage to the structure.
The BPO pointed out the fact that he had on a $400 suit and didn't want to mess it up. Patrick asks him how is he going to get a proper estimate because there is a lot of damage by the termites.
The BPO asked to see the pictures and just immediatley discounted the value by $28,000.
A good SS specialist will be right there on the property talking to the homeowner and asking all the right questions and will deal one on one with the BPO.

My SS specailist has a way too that he can sometimes save the peoples house.

SHORT SALES ARE VERY STRESSFUL AND THERE ARE A LOT OF UNSUCCESSFUL SHORT SALES BECAUSE PEOPLE USUALLY DO NOT GET THE PAPERWORK RIGHT. THAT IS WHY THE SPECIALIST IS SO GREAT TO HAVE ON YOUR TEAM.
YOU CAN CONTINUE WORKING YOUR OTHER DEALS KNOWING SOMEONE IS WORKING YOUR SHORT SALES FOR YOU.

This is some great stuff. This information would definitely help me as I am in the process of building my team.

Rina, I guess I found a great Realtor based on your description. I feel we will be a great team.

Elena or anyone else,

What are some questions to ask a title company? How do you build a relationship with them to where you could get to the point where they don't necessarily charge you? Can you elaborate on Title Companies?

Thanks a Mill!

Tell the title company that your end buyer will be paying 100% of the closing costs....which can include the title comapnys fees for the closings.

Sully....do you want to add to the list. I know you have a lot of great information you can add about a dream team member.