Assembling Team Members - Who Am I Forgetting??

Question

My partner and I are currently trying to assemble our team for investing in a fixer-upper which we would either rent or sell once complete. We are in the process of assembling team members to help us with our goals, and we want to know about some team members we may not have thought of. So far, we have begun to reach out to fill some of the obvious positions like realtors, lenders, lawyers, CPAs, and contractors. Are there any other categories of people we should be engaging with who would be important not to forget?  Thanks in advance for any help or advice!

Bernard B. · Answer

Maybe a qualified property inspector, for this property and your future properties? Also, get friendly with the neighbors on both sides of your property and give them a business card. Politely ask them to call you if they notice anything funny/suspicious going on with your property.

Tim Johnson · Answer

Hi Andrew, congratulations to you and your partner on moving ahead. As I read your question, I have two quick impressions:

1. You are absolutely correct that we all need a "team" mentality. Most of us can't accomplish our goals completely on our own and will need the skills, talents, and insights of others. Many others.

2. A word of caution... unless you just have a ton of money and are hiring people for your team, you might want to consider the fact that most teams develop more slowly - over time - and more organically. As you move ahead (sometimes struggle along) with plans and work with a variety of folks - you will begin to find those who you work best with - they add to your plans, and you add to theirs. You find that they do good work.... and that you trust them, etc.

Anyway, none of this is meant to discourage you. Yes, actively look for team members.....remembering that probably in the end, you won't just "assemble them to help with your goals", but instead you'll look around and realize the great team that's developed!

Jonathan Bombaci · Answer

You’re going to want a great insurance agency. You’ll need a builder risk policies while under construction and then you’ll want to swap that for a traditional policy once the renovations are done or it’s rented out.

I do agree with assembling your team slowly over time though. Find yourself a rockstar investor focused agent or a greet attorney. Either of them can introduce you to their team. Rockstars work with rockstars and you can swap members around over time while you find your fit. A good agent or attorney should have resources that they work with all the time and by using their team to get off the ground you can start right away. Nothings more annoying than interviewing 3 of each team position with 0 deals in the pipeline. Find and agent, get a deal, build your team as you go. At least that’s my suggestions.

Best,

Jon

Andrew Yenna · Answer

Tim, I really appreciate the feedback. I especially like the mentality of teams assembling more organically as you realize the need for different positions to be filled. I'll be sure to keep my eyes and ears open for potential, as you never really do know when a great teammate or partner will come along.

Chace Fraser · Answer

Hey @Andrew Yenna welcome to BP! Besides surrounding yourself with the right people, the two initial and essential members of your professional team will be a lender and a realtor. These two members of your team can make the process great or terrible. They can make a deal happen when it looks like it’s going to fall apart or they can kill a deal that is on track to close. These two team members will help you fill out your team by leveraging their professional networks (inspectors, lawyers, escrow officers, CPA’s, etc).

Best of luck and let us know how it goes! Feel free to reach out if you have any questions.

John Mocker · Answer

Andrew,

I would suggest lining up a good Insurance Agent.  My recommendation is to contact Independent Agents (represent multiple companies).  You want someone who operates in the state you will be investing.  It would be a plus if they have experience in the types of policies you will need.  Agents who deal with contruction/contractors could be good as well.  It would help if they deal in both Business and Personal Insurance..

Kathleen Osborne · Answer

Good luck Andrew. I don't know what tasks you want to do yourself. But I have a painter, cleaner and landscape guy on my team. Yes, I'm skilled in all of those tasks. But I'd rather spend my time looking for the next deal. I don't have these folks on my team (yet), but hope to have a network of private money lenders in the next three years. As I grow, I'll also be looking for a property manager to deal with the tenants and maintenance.

Bruce Woodruff · Answer

If you can find a GC who is also a Home Inspector that's a huge bonus. But they must be properly trained. All GCs think they know everything about houses, and they might. But not in the way a buyer wants to see it.

Eric Janson · Answer

Unless you are going to manage it, if you rent it, then a good Property Management Company.

Assembling Team Members - Who Am I Forgetting??

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