Let’s Talk Teams: Members You Need When Buying Real Estate

Hey readers! Have you decided to buy a house and/or buy an investment property? Have you talked it over with your partner or did your own analysis? Is it time to buy a property but now you aren’t sure of who to have help you on their journey? We’re going to focus on the members on your real estate team that you need to make buying a home go as smooth as possible. We’re also going to talk about the importance of each person in this real estate team you need to assemble. Remember, when you are buying a home/investment property, you call all the shots for your team! It’s your job to be as organized and efficient as possible to make sure you’re not left with any doubts or regrets before and after you close on a home. Remember, at the end of the day you will be the one owning the property. I will also be giving some recommendations at the end of people I’ve worked with that you may be able to add to your real estate team. Let’s begin!

Significant Other/Parents/Partners

Before even looking to add anyone else to your team, look around and see who you have as your support system right at the start. For me, it was/is my significant other and both my mother and father. Those three have been such a solid support system throughout the whole home buying process:

My significant other helped curb a lot of my anxieties and helped me stay calm. Suffering from anxiety herself, she really eased a lot of my concerns and helped me get back down to earth when things started to feel like they were getting out of hand. Her opinion also mattered to me the most because she was the one moving in with me. Her honesty and needs for an apartment were the most important. I thank her for some of the sacrifices of the things she needed for a new home and I promise if we can’t get the washer/dryer combo added into the unit soon, our next househack will definitely have a washer/dryer. (hehe)
My mother helped shape some of the visions I had for an ideal property. She always gave her honest opinion whether she was with us on a house tour or on FaceTime to see the property. She gave her input on when I live in the property and when I move out of the property and the property is occupied by tenants. My mother and my significant other often didn’t like the same properties I showed them and well, we’re now living in one they both liked!
My father helped curb a lot of my financial and analytical anxieties. He is my double checker and biggest financial consultant when it comes to any financial decision I make (real estate or any other financial assets). Although at the end of the day I make the decision, his opinion really adds confidence to the decisions I may or may not make. He has always been one to look at the worst case scenario but also optimistic of coming out on top regardless of whether the worst case scenario or best case scenario occurs.

When looking into buying a property ask yourself, who do you identify as your support system? It could be your best friend, parents, significant other, a mentor or even your real estate agent. The importance is, a support system is needed all the time. Whether it be real estate or life in general, we all needed a strong support system. It also doesn’t hurt to ask for support, which I understand is hard to do for most of us. I certainly do have problems asking for help, I feel like I can do it all sometimes, but in reality I can’t do it. Ask for help. It’ll make you even stronger than if you accomplished it by yourself.

Real estate agent

Your real estate agent is your next most important person(s) on your team. Other than handling all the paperwork and communication with the seller’s agent, your agent should be the best representation of yourself. Do not be afraid to shop agents before choosing one that would really look out for your best interest as a buyer. If you are an investor, it may be best to look for a real estate agent who is either investor friendly or a real estate investor. Agents that are also investors understand the process and certain needs to find the right property. They focus more on the areas rental market, cash flow analysis and value/future value of potential properties. Like I said, you don’t need to stick with one if their style doesn’t align with yours or if you feel they aren’t working in your best interests.

Mortgage consultant/Lenders

Your mortgage consultant will be important on the financing side of the purchase. You want a consultant that will give you your best case scenario and your worst case scenario. For my first home purchase, which is a house-hack/investment property, my consultant literally asked me “Ok, if your girlfriend breaks up with you and your other unit in the home is vacant and you get laid off, will you be able to cover the mortgage for at least six months?” Sounds drastic, I know but….things happen, life is unpredictable. Even if those events are unlikely to happen, why take the risk and not be prepared for anything to happen? You also want a consultant that is so communicative and accessible that you won’t miss a signal document or signature! For my refinance on my loan, my consultant called me up in the morning with an advanced notice that I needed a flood insurance policy because FEMA recently added my area to the flood zone and whether I went through with the refinance or not, I was going to need it. That’s the type of support you need! Like an agent, you can shop mortgage consultants/lenders also. Generally, the rate will be the same everywhere, but sometimes the service is not. Use recommendations. Both consultants I worked with were top tier and the best and they were both recommended to me by my rock star real estate agent!

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Real Estate Attorney

Your real estate attorney protects you from all the legal aspects of the real estate deal. They also should be working in your best interest as well before making this huge commitment. I took the recommendation from my real estate agent who gave me two choices, one attorney who is technologically savvy with 10+ years of experience or a more old school attorney who has 30+ years of experience. Being a young millennial who has adapted and utilized technology in every aspect possible, I went with the tech-savvy attorney. In this case for me, I went with someone who is tech-savvy because I knew they would be a better fit for how I work and register information in my head. For you, you might need someone who is more old school, it is entirely up to you! Again, if you feel like this person isn’t working in your best interest or looking out for you, find someone who will!

Accountant (CPA)

An accountant, preferably an accountant who specializes in real estate is definitely needed! I’ll be honest, I worked as my own accountant in my first deal because I have a fascination and/or borderline obsession with numbers and reading about any tax laws or tax related information (I have minimal tax experience) that I felt comfortable enough to move forward without seeking advice from an accountant. However, I am me and I know what I am comfortable with/without, this might not be the case for you! You need that consultation and guidance from an accountant to be sure you are making the right financial and tax decisions.

Inspectors/Oil Tank Sweep

Home Inspectors and Oil Tank Sweep personnel typically don’t come into play until after you are under contract for a home, however, they are vital to making the deal work and go through without issue! Again, I worked under the recommendations of my real estate agent and got two of the best home inspectors and oil tank sweep persons! Their attention to detail was incredible and they offered to explain almost every process while conducting their searches. Our home inspector was able to help us shave $1,500 off the final purchase price due to the basement shower being done horribly and was leaking from the floor when the shower was on! The oil tank sweep is vital to make sure there aren’t any current discharged oil tanks under your property, those are expensive to remove! These members can help you save money on the deal. Again, don’t be shy to ask for recommendations, your agent will know some good ones!

Handy Man/Woman

Personally, I prefer to have a handy man/woman on hand when I am looking for a property. I used my uncle who has worked on a lot of my property’s repairs and one of the most trusted to me when it comes to any construction/repairs. I even asked if he could do his own little inspection before I closed on the home just to be sure about the home and he has fixed whatever he has found since! These people are important even after you close on the home, because if you can’t fix the issues in the home, you need someone that can! I have three people I reach out to whenever I have an issue in case one isn’t available, I have options.

These are my recommended team members that you need when you are looking to buy a property! The whole team worked like a well-oiled machine when I went under contract on my first property. It is a face-paced process that WILL become very stressful and you need your support system there for you!

The White Tee Way

Real Estate Investing & Personal Finance

Let’s Talk Teams: Members You Need When Buying Real Estate

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Let’s Talk Teams: Members You Need When Buying Real Estate

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