Real Estate Investor · San Francisco, CA · Member since 2011 · 4 posts · 0 votes
I've grown tired of doing the work myself. Outsourcing is promising but not as productive. What's the most productive way of finding a reliable team? Who should be included in the team?
Sounds like you've lost your passion for the business. Once it becomes just about money, it's just another job.
Are there ANY parts of what you do that you still enjoy doing? Agreed that it would be nice to build operating leverage by using other people, but it's hard to find people as smart and driven as you'd like them to be. And if you do find them, be prepared to pay them very well so that they don't just learn at the feet of the master and then move on.
Is there anything about what you do that you could repurpose into a more exciting career? Like coaching, mentoring perhaps?
You gotta get your spark back. You're not supposed to hate what you do. If you need an alarm clock in the morning, or if you begrudge Mondays, you're in the wrong business!
It really depends on what your business is to determine exactly who should be on your team. If you flip houses, your team will be different than if you hold NNN commercial properties or if you own a MH park.
In general though, you probably want a great attorney, a great CPA, a great title company, a great appraiser, a great inspector, a crew of great contractors, potentially some great agents, potentially a great property management team, etc.
If you can be more specific about what you're trying to accomplish, I/we can probably be more specific about what would constitute a great team for achieving that...
If you are doing the work yourself, you should know what it takes and what it takes to replace you. The minute you start to hire people you have a ton more rules and paperwork to deal with.
CPA's
Agents/Realtors
Contractors
Lawyers/Legal
Property Managers
Virtual Assistants
Appraisers
Wholesalers(if you are a rehabber)
Investor Friendly Title Company
Hard/Private Money Lender
Bird Dogs
Inspectors
The responses above are great. I also suggest you read "The E- Myth" by Michael Gerber. That book will help you define and structure your business so you can build your team and therefore build your business.
Thank you everyone. To answer some of your questions. I do some Rehab/Resell investing, but my main business is buy and holder residential/commercial properties. Being that I do the work involved myself, I know of who to hire in general, but some who you think would be good at one area, really isn't, example: Hiring a CPA to do the number crunching may not sit so well. As the investor, my main responsibility is to find the great deals and then send it through to the team to work on til escrow closes.
@ kp1 - Thanks, I will definately look into the book.
Sounds like you've lost your passion for the business. Once it becomes just about money, it's just another job.
Are there ANY parts of what you do that you still enjoy doing? Agreed that it would be nice to build operating leverage by using other people, but it's hard to find people as smart and driven as you'd like them to be. And if you do find them, be prepared to pay them very well so that they don't just learn at the feet of the master and then move on.
Is there anything about what you do that you could repurpose into a more exciting career? Like coaching, mentoring perhaps?
You gotta get your spark back. You're not supposed to hate what you do. If you need an alarm clock in the morning, or if you begrudge Mondays, you're in the wrong business!
I haven't lost the passion. I want to grow, branch out into other areas of real estate. Real Estate is my passion. I'm at a position where I am going to start renovating communities that have been neglected.