One of the keys to making money in real estate investing is having a good team of people whose expertise you trust. We talked about how to find a good contractor a few weeks ago. When you first start out getting rehab loans, you need to find a good real estate agent who specializes in investment properties. These agents usually specify that they are REO agents. REO stands for Real Estate Owned. This refers to the fact that these properties are often bank-owned.
A Good Real Estate Agent Is a Vital Member of a Real Estate Investing Team
It’s a good idea to interview at least three or four agents before you settle on someone. You want someone with a few years’ experience, especially when you start out. There are lots of ins and outs to rehab loans, and you want someone who can help and advise you. A great way to find an agent is to drive around in your desired area. Look for “for sale” signs on the kind of properties you want to rehab. Then call the agent.
If you haven’t done it already, find a local real estate investment group to join. You’ll be able to find other investors who can recommend an agent for you and mentor you in other ways, too. Agents sometimes attend the meetings to network and find business, too.
Don’t be afraid to call lots of agents and interview them to find the right one. You deserve someone who will be a strong member of your rehabbing team!