Who is on your core real estate investment team?

Question

We've written about establishing a strong team many times on the BiggerPockets Blog and it has been discussed on the forums as well.  I'm curious to hear directly from our users who YOU personally have on your own real estate investment team?

Account Closed · Answer

There are several things I would consider in a building a good team.

Look at your investing goals - how might others improve your success in attaining these goals.

Look at your real estate process - where might others assist you in these processes.
1)  Financing deals
2)  Finding deals
3)  Analyzing deals
4)  Minimizing the risks of your investments
etc

Your goals will influence your real estate processes.  Obviously if you want to flip or wholesale marketing will be an important factor.

My team has included other investors, contractors, attorneys, real estate agents, insurance agents and now I'm looking for a developer.

Bill Gulley · Answer

I strated out really away from homeand got people as I needed them, my attorney was a neighbor and he took car of much of what I needed.

Got home and had a Realtor in the family, an attorney and a title company, later added a great handyman guy.

Looking back I'd suggest getting your attorney first, then an accountant, a Realtor or several, a good title company you can work with and a list of good contractors. I'd also make friends with an appraiser and find three lenders, a bank, maybe a CU and a good broker willing to do deals. Good luck...

Scott Williams · Answer

I started with an good agent that know the area I was working to help me learn the Comps.
She introduced me to my first CPA
Then I met my first Private lender.
Next came a good Lawyer, Then my prefered escrow officer as you know you don't always get to work with them.
Lastly I just hired my first property managment Company for our out of state properties.
I feel I still have a long way to go But they have made my journey so much easier. Everybody needs a good team.

Jeff S. · Answer

Our borrowers are the core of our team and we don’t forget for a second that our success stems from theirs.  We’ve received some tremendous advice from many of them and I’d like to think they’ve grow in some small part because of the advice and work we’ve provided in return. I’d put our broker in the same category.  These are relationships we nurture and appreciate and this is not motivational guru double-speak.

We believe and work hard every day to practice that loyalty and sincere concern are as important as getting the job done.  Yes, we have an attorney and have been with our CPA for many years.  There’s a real difference though between those I would define as core team members and those who simply supply professional services.

If yours is just a laundry list of providers, who think nothing of you and who could all be replaced, I’d suggest that this is not your core team.

Jeff

Karen Margrave · Answer

We are a family owned company. We are licensed in Construction; and all of us are licensed in Real Estate.

My husband (John) runs all the numbers of every job and project and for now, handles all the accounting. He negotiates all of our contracts (subs, suppliers, buyers, tenants, etc.) , plus  manages the jobs.

I locate properties that have potential for a marketable project (based on years of experience) , work on the initial design concept, and later choose finish materials on buildings and houses, working with subs, obtain bids, etc. I also create maketing materials, advertising, and work on finding buyers, tenants,investors, etc.

Our son (Michael) designs floorplans on new buildings/houses, or remodels.He uses the program Revit and 3D Designs, walk thrus,etc. He also works in  finding locations for new projects, doing comps, and manages subs on jobs.

Our son in law, James, is a licensed electrical contractor.

That's a basic description, in reality we all overlap in many areas. We also have a good title company we work with, and extremely good sub contractors that know how to get things done on time and within budget!

Kyle J. · Answer

A realtor, a tax attorney, my insurance agent, and a variety of skilled tradesmen/subcontractors in different specialities.  That's really all I've needed.  Though I suppose it would be nice to have a regular lender to do business with.  Presently, I've been using a different one for each transaction.

Dennis Tierney · Answer

I have several commercial brokers I work with, 3 legal firms that have drawn up LLC's and syndications, CPA I've had for 30 yrs, 2 property managemnet firms, mortgage broker and couple of commercial  banking oficers I've worked with.

Michael Pilarski · Answer

Patrick Snyder Since you have them lsited in numerical order, is that the order in which you put your team together? For example you found your, agent first, then a property manager, etc. If not, who was the first memeber of your team and why did you pick them as your first member?

Patrick Snyder · Answer

1.  I have a reliable agent who knows the ins and out of the area market.

2.  A property manager who knows her business better than anyone else.

3.  An insurance agent who rips me off everytime I call his office!

4.  A CPA/Attorney who saves my life every February.

and

5.  A variety of friends, agents, mortgage brokers, and community people who can be contacted about buying and selling opportunities.

Michael Pilarski · Answer

Joshua Dorkin  This is an awesome question and would love to hear peoples thoughts on this.  In addition I'd like to know who was the first person on their team?  I'm still building a team but I have a CPA (1st on the team) and a lawyer (2nd on the team and refered by CPA).

Who is on your core real estate investment team?

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