The Top 5 Contractors Every Investor Should Have On Speed Dial
As a real estate investor, you can’t predict when that perfect property will become available. So you spend countless hours searching and analyzing, sorting information and possibilities… preparing yourself so you’re set to move on that property when the opportunity presents itself. Then, when you do find the property, there is another long list of necessary tasks to complete the process. There is a limit to just how much one person can cover, though – regardless of how smart or driven that person is. So how do you maximize the time you DO have?? How do you get everything done, when you can only be in one place at a time?
Networks: Do I need one?
Here at Onyx Homes, as with most successful investors, we have built a network of contractors – professionals we team with to make a project succeed. And yes, every real estate investor benefits from creating and growing their network! A comprehensive network is one of the most powerful tools you can have as a real estate investor, but it doesn’t just “happen”. It takes time and effort to build a network of professionals that can propel you forward with your investment efforts – but it is time well spent! And it is an effort that doesn’t, or shouldn’t, have a termination point – that network should never stop growing and developing.
Who? How? And Other Questions….
So how does an investor get started growing and developing that network? Who should you include? How do you connect with those specific professionals? Is there a “correct” number of experts to include in your network? Do you need more than one of each? There are a lot of questions, each of which could have several different and correct answers. So we sat down to discuss the topic with one of the general contractors – Jason Archibald – who is in our network here in Prospect, IL, and has also built an impressive network, which has made him highly sought after by serious investors.
Everyone Needs a “Jason”
Jason is well regarded in the industry, and for good reason. As a general contractor with a vast network of other professionals, Jason gets the right person started on key tasks in a very short amount of time. Having proven his ability to do this time and again, keeps him on many investors’ speed dial lists! With every successful project, his reputation grows. Everyone needs a “Jason” on their speed dial list, but who else should be included?
Our Speed-Dial list
There are other contractors/professionals, beyond a trusted general contractor like Jason, who are essential to a successful network for a real estate investor. And you will need each of these contractors to make sure the legal and financial aspects of your investment are also covered. There are additional contractors you will likely add to your network as it grows, but just to get you started, here is our list of the ‘Top 5 Contractors Every Investor Should Have on Speed Dial’, and why.
Real Estate Attorney
There are a LOT of risks associated with buying and selling properties, which makes it essential that you have a good real estate attorney in your network. Having this professional on speed dial will save you time and increase your peace of mind. A good real estate attorney can save you time and confusion as they help you process and understand important documents while keeping you more protected from some of the inherent legal risks of investing in real estate.
Private Lender
It is impossible to invest at all if you don’t have sufficient funding! Private lenders often have a different process and different requirements for approval than standard means of financing. The funding process also proceeds at a much faster pace than with traditional financing options. Private lenders work directly with the investor instead of being routed through a bank or other traditional financial institutions. Having a private lender on speed-dial increases your chances of quickly securing funding.
Accountant/Broker
Once you’ve secured funding, you need to ensure that it is applied correctly and in a manner that protects you and your investment from tax implications and other potential problems. Having an experienced accountant/broker on speed-dial gives you these protections, allowing you to move forward confidently with your investment. And, come tax time, you have one less major headache to deal with as well.
Title/Escrow Agent
These professionals are experts in finding any potential issues with a property’s title that could delay, or even prevent, your transaction with that property. A knowledgeable title/escrow agent can find those issues and help you navigate your way successfully through them.
General Contractor
A good, proven general contractor that you can trust is essential to the success of your venture with any property. This resource in your network removes a huge load of responsibility from you as the investor. A general contractor will act as a project manager and handle the details of a large project. Within the scope of their responsibility, they will assess the situation with the property and hire other specialty contractors to handle inspections, repairs, renovations….all tasks that require time, and a lot of it!
How Do I Find Reliable Contractors for My Network?
Word of mouth is always an excellent way to find quality contractors/professionals. Ask your friends and peers who they call upon for their projects. Also, ask them if there are any contractors they would not use again, and why. Attend industry conferences and events. Join industry groups and organizations. The network you build from these efforts will help you continue to build your network of contractors as well and will expose you to new ideas and options. Be sure to return the favor and share your recommendations too.
Have a Backup Plan
As you build your network, factor in a backup for each contractor. A reliable, experienced professional is always going to be in high demand and may already be committed to another project when you need them. Make sure that as you build your network, you identify more than one reliable, proven contractor for each category. Timing is essential in real estate investing so any delay can cost you substantially. Having a backup plan can help you avoid those delays.
Speed Dial Only Works if They Answer Your Call
As you search for just the right contractors to add to your speed dial list, it is important that those you add to your list form an equally high opinion of you! Be fair and professional with them. When you are pleased with a job, say so – post reviews, refer those contractors to other investors. If there’s an issue, discuss it privately first and give them a chance to correct it. Having good contractors on speed-dial is vital to your success as an investor – but it only works if they’re willing t call to answer your call!
