What does it mean to start a team?

6 Replies

Hi guys, my name is Alain,

Complete newbie to REI, but am currently reading 1 book a week to catch up with the game! As I have been researching and learning from countless REI books and webinar/seminars, one of the most important things that was noted was to build a bulletproof team.

According to this blog: http://www.biggerpockets.com/renewsblog/2006/03/15...

In order for me to succeed, I would require people listed on this blog to have a winning team. Now, I do have a silly question. Am I suppose to contact these people everyday, or only when the need arises?

I know I am suppose to network, and e-mail them to refresh their memories of me, but I am just having a hard time trying to visualize a scenario on how I would use their services, as I have no experience of being a landlord yet.

Thanks in advance
- Alain

Hi @Alain Yu,

No questions are silly on the forum :)

While the list of people on the link you provided may be used, you may also not need them on your 'team' depending on what type of investing you are pursuing. For example, if you aren't going to rent out a property, you don't need a property manager. This is also a function that you could fill yourself, if you choose to do so. 

To answer your specific question, you would contact them when the need arises or perhaps once in a great while in a social setting just to keep in touch. Real estate doesn't function like a traditional job, where you setup meetings weeks in advance and invite everyone from the team to attend (regardless of whether their presence is needed or not). Most of my interactions are one on one and strictly about a specific deal. I would highly discourage contacting them frequently if you don't have business to perform, as this could cause you to be ignored and labeled as a waste of time. Most entrepreneurs are very busy and have to allocate resources where they see the most potential for profit.

-Christopher

Christopher Brainard, Real Estate Agent in NV (#177490)

It very likely means you went to some guru training event where you were told to find a team ...

Originally posted by @Christopher Brainard :

Hi @Alain Yu,

No questions are silly on the forum :)

While the list of people on the link you provided may be used, you may also not need them on your 'team' depending on what type of investing you are pursuing. For example, if you aren't going to rent out a property, you don't need a property manager. This is also a function that you could fill yourself, if you choose to do so. 

To answer your specific question, you would contact them when the need arises or perhaps once in a great while in a social setting just to keep in touch. Real estate doesn't function like a traditional job, where you setup meetings weeks in advance and invite everyone from the team to attend (regardless of whether their presence is needed or not). Most of my interactions are one on one and strictly about a specific deal. I would highly discourage contacting them frequently if you don't have business to perform, as this could cause you to be ignored and labeled as a waste of time. Most entrepreneurs are very busy and have to allocate resources where they see the most potential for profit.

-Christopher

 Thank you Christopher for answering my question. It made it made sense when you said that it doesn't function like a traditional job where meetings happen every week!

Originally posted by @Steve Babiak :

It very likely means you went to some guru training event where you were told to find a team ...

 I've never been in a guru training event before. After watching Mr. Turner's webinars. It sounded like a complete rip off! I'd stick to my books, audible and the BP forums, saves more money that way :)

There are professional vendors you will need to deal with including an agent, attorney, cap, insurance agent, etc. Until you are actually doing deals... Most of these people (that are any good) are too busy to deal with you until you actually have something going on. It is usually an attorney or CPA that wants to set up a LLC for you selling the "team" concept.

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