328: Assembling a Powerhouse Real Estate Investing Team

HOW NOTES FOR EPISODE 328: ASSEMBLING A POWERHOUSE REAL ESTATE INVESTING TEAM

Real estate investing is not a solo sport.  To be successful, it takes a unified, talented and committed team.  In this episode, Bill talks about the importance of putting together a strong and effective team and who those key members are that make up your ideal real estate investing team.

To be a successful real estate investor, you will need a competent team to help you out.   A team is critical to real estate investing success.  Surrounding yourself with the right  people can make all the difference to your success.  It’s not a solo sport.  Success on real estate comes from a team effort.  It’s all about relationships, relationships, relationships.

For out-of-state investors, you may have multiple teams.  A team where you live and teams in each state you invest in.

Also, a team of experts is not cheap and this is not a place where you want to count pennies.  The right team members, will cost, but in the long term they will ultimately save you thousands upon thousands of dollars.

You can waste all kinds of valuable time trying to do things yourself.  Do-it-Yourselfers can miss all kinds of details that an experienced experts would see in a minute, like critical clauses missing in contracts, obvious defects in construction and hundreds, if not thousands of other issues experts would point out upfront.

We’ve brought together all the people and professionals you’ll need to help you with all the issues you’ll face while investing. There are several important things you need to be successful real estate investing, one of which is a great team.  I’m going to talk briefly about who should be on the winning team:

PARTNERS

A business partner can be an invaluable team member.  Partnerships are either destined for success or doomed for failure right from the start.  Here are some good qualities to look for in a partner:

• Healthy debate: You should have room for debate before decisions are made.  Someone to bat ideas back and forth with.
• Open-mindedness: You shouldn’t have to spend valuable time continually convincing your partner of your goals
• Commitment:  You should be committed to each other and your goals
• Similar values: You and your partner should share the same values
• Accountability: You and your partner should push each other to achieve objectives and have mutual accountability

MENTORS

1. Your Mentor- every successful entrepreneur needs a good mentor.  An experienced guide.  By training under the watchful eye of one smarter then us, we can only get smarter.  Here are a few links for other episodes and articles on the Old Dawg’s Network that go into detail on mentors and how to find one:

• 080: Should You Pay For a Mentor?  March 3, 2017
• 069: Finding a Good Mentor January 23, 2017
• 184: Ask Bill! Finding a Mentor, Multifamily Investing, Common REI Problems  March 2, 2018

BUSINESS TEAM

2. Real Estate Attorney- it is really important to have someone on the team who can go through contracts, and who knows the legalities of all your moves.
3. Accountant- Preferably a CPA (Certified Public Accountant) who’s experienced with real estate investors.  Your numbers guy should also be well aware of the ins and outs of real estate.  Come tax time, this is the man to help you through the write-offs!

ACQUISITIONS TEAM

In the beginning you may try to find all the properties yourself, but to find the real “diamonds in the rough” it will take a talente  Those key team members will be:d team that knows your market better than you.

4. Realtor/Broker – People who know you, your criteria and are working hard to bring you the best of the best.  Hopefull your Realtor/broker will also bring you those treasured off-market listings as well.
5. Marketing/Direct Mail/List Broker People
6. Virtual Assistants
7. Other Investors and Property Managers

Here are some valuable links that might be helpful:

OFFER TEAM

7. Mortgage Broker- This a person who knows all the various loan products out there.  You will want someone who has the experience of working with other investors. They need to be creative and smart!
8. Your Attorney
9. Escrow Officer or Title Rep- having a good one on the team helps to close deals that much quicker. You always want people looking out for YOUR interests.
10. Inspector/Appraiser
11. Investors

A few more links:

• Finding a Good Mortgage Broker  February 6, 2019
• 322: How to Save Thousands with Inspections Before You Buy  June 28, 2019
• What to Expect When Your Inspecting: A Home Inspection Checklist  January 30, 2019

MANAGEMENT TEAM

12. Property Manager – Probably your most important team member, dealing with day-to-day issues of your property, collecting rents, evictions, etc.  Especially important if you are an out-of-state investor
13. Contractor/Rehab Specialist/Handyman – The good contractor seems like the hardest one to find, but can often make or break your profit margin. You want someone who gets things done on time and under budget!
14. Insurance Agent- It is always better having an insurance rep that is looking out for you when things hit the fan.

A few more valuable links:

OTHER TEAM MEMBERS

15. Appraiser
16. Property tax consultant
17. Income tax consultant
18. Estate Planner
19. Surveyor
20. Supportive Family & Friends- Having the support and backing of loved ones is important in any endeavor.

Assembling the team will not happen overnight, but once together, they will give you the backing and help you’ll need to make your real estate investing dreams come true.

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Additional Episode Sponsor: Meno Studio – menostudio777@gmail.com