Thoughts on Building The Team?

Question

I am in the beginnings of building my team, so where does one begin? I feel that I have the skill set as well as time to handle managing 3 - 4 doors however, my intentions are MUCH Larger. I currently own 1 SFH and closing is set for a duplex. My thoughts are it wouldn't be a bad idea to have a property manager taking care of one of my units, then as the deals develop (and they prove themselves) give them more opportunity. I do not yet have my Real Estate License but have completed the training and I am currently studying to test. How many Agents should I have looking for my next big deal? My opinion on banks and lenders is I want to talk to them all. Seems to me that they are in competition for my business, or should I concentrate on building more of a personal report with a small few lenders? I currently have an accountant, which while my accountant has been great I am not sure he or his team are the best fit for real estate investing. My attorney seems to be one of the best in the area, and to be honest, I like dealing with him and his team.

I am not opposed to out of state but feel I should get my feet wet 1st in my home stomping grounds, Western PA.

Okay... all thoughts, opinions, and advice would all be greatly appreciated!

Aaron W. · Answer

@Michael Serafine

Your team should consist of members to fill in the gaps in your knowledge or ability. Depending on where you are investing, it will typically include a realtor, property manager, and contractor.  You'll also want to have an accountant and attorney.

For your team member, you should work with those you feel confident and comfortable working with. Don't pick the first person to take your phone call.  Even if you like a certain individual, you'll want to talk to others just in case the others have a certain skillset that you need.

Our rule of thumb in our business is to talk to at least 3 providers. If there are two of the three you like, then you have a backup.

Best of luck!