Is team building really dream building?

Question

Hey there, hi there! I am 22 years old, looking for rentals in Spartanburg co, SC, and completely new to the whole real estate investing world. Thus far, I am constantly hearing how important it is to build a strong team in order to succeed in the RI world. Initially the thought of needing to work with a group of people intimidated me because I hadn't a clue on where/how to start. I have so many questions, but for length's sake, I'll narrow it down to just 3.

1. Has your team been one of your greatest assets in RI?

2. How did you build your team?

3. What all should a powerful team consist of? (ex; real estate agent, lender, etc)

4. What advice would you give to an individual such as myself, someone who is new in real estate, about finding adequate team members?

Andrew Johnson · Answer

@Candice Crosby As an out-of-state investor a team is extremely helpful.  But you don't have to go at it alone.  A savvy realtor that deals with investors will know property managers and lenders.  A great property manager is likely also a realtor and as insight into potential off-market deals with their others clients.  Lenders will be able to route you towards the best insurance brokers for a property like what you're getting financed.  That's assuming (like in my case) that you're dealing with a local or hyperlocal geography.  My point being, you don't necessarily have to go out and find everyone yourself.  Some of this will just grow organically.

My advice on how/where to start is to figure out what the heck it is you want to do in the world of real estate.  Commercial lenders aren't residential lenders.  Commercial realtors aren't the same as residential realtors.  The realtors that sell raw land (from what little I've seen) don't jump over to the SFR realm that much.  Even within a small geography you're going to get people that have a niche.  In fact, I'd ONLY recommend people that have a niche.  If their niche aligns with your niche, great.  If it doesn't, it's probably the wrong connection.

Define what it is what you want to do otherwise it will be almost impossible to know who should be on your team.

But, hey, just one opinion from an out-of-state investor sitting behind his iPhone in California!

Kurt McDowell · Answer

1.  Yes, Without a doubt

2. One at a time, depending on need.

3. VA Acquisitions Manager or Filter, Property Manager, General Contractor, and Inspector are my core but more are added as we go....

4.  Don't worry about the team until you have a paying task for them to complete.  Just do deals and the team will materialize as your needs arise.