Building a Stellar Condo Conversion Team

Syndicated Post

All successful condo conversions rely on the efforts of a great many people, and building a condo conversion team that you can work well with is paramount to a successful and lucrative project. The people you surround yourself with will be your most valuable resource for information, skill and guidance. Here is a brief rundown of the good people you will want to find for your team.

Mentors
One of the best ways to ensure success is to copy and do what successful people do. If you aspire to be successful in the field of condo conversion, then it only makes sense to forge some friendships with others who are doing that already. Study what they've done and what they're doing. Ask them what mistakes they've made and what lessons they have learned, so you can avoid similar pitfalls. Everyone who is trying to master a skill can learn best from a mentor. Ideally, you want your mentor to be someone who has completed a few successful condo conversions, and is willing to share that information with you.

Real Estate Broker
Since you are dealing in real estate, a knowledgeable and experienced commercial broker will also be a valuable member of your team. You can't begin your project without finding the best property for your investment, and this is the person who will help you find what you're looking for, and will be at your side to guide you through each and every step of the process.

Construction Lender
Next on the list should be a banker that you respect and trust, and who has experience working with real estate investors. You are going to need loans and financing to fund your project and this is the person who can make it all happen. It's not a bad idea to look to your own personal banker first and see if that will be a good fit. After all, you already have a relationship and it may work out just fine.

Bookkeeper and Accountant
To help keep things in good order financially you will also need a reliable and knowledgeable bookkeeper and accountant. Again, it is wise to seek out professionals in this area who have experience working with independent business owners and if possible who also understand real estate investing.

Architect
An architect will be needed for some projects so it's a good idea to establish a relationship with one right away even if you may not need the service for your first project.

Real Estate Attorney
A lawyer who is experienced in working with real estate investments will be of enormous value when it comes time to handle all the legalities of your purchases, sales and the day to day functions of your corporation.

Building Inspector
You will also want a reliable building inspector as part of your team, preferably someone who has lots of experience. Missing a major flaw during an inspection can cause you plenty of dollars and headaches down the road.

General Contractor
Naturally your team will also include numerous members from various trades. The best way to establish this team is through a general contractor that you get to know and trust.
Building a reliable team is one of the most important steps of your condo conversion project. Build it well and you'll save yourself time and money in the end.

If you liked this article about condo conversion investing, tell all your friends about it. They'll thank you for it. If you have a blog or website, you can link to it or even post it to your own site (don't forget to mention http://www.TheCondoKit.com as the original source), or just come visit our site to learn lots more.

About the Author
Matt Sparks is a successful entrepreneur, both offline and on. He is also an amateur rock climber and author. He has written books, articles, and blogs about social business, real estate, finance, New Urbanism, sustainable cities, longevity, and rock climbing.

(c) Copyright - Matthew R. Sparks. All Rights Reserved Worldwide.

  

2 comments:

Constantine Isslamow May 6, 2010 at 2:19 PM  

Great content Doug. Thanks for sharing them with us.
Wishing you continued success.
Constantine

Doug Lytle May 6, 2010 at 3:12 PM  

My pleasure Constantine! Glad you found it valuable.

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