I have acquired 1 Broker and 2 Realtors as part of my Power Team. I still need 1 attorney, 1 CPA, and 1 more Broker. Then I'm set to go. Can't wait to make my first deal.
@Donna Hymer - that's great! I wish I had established more of a professional team early on, but I didn't allow completing my 'power team' to stop me from creating business cards and getting out there looking at FSBOs and talking to folks I know.
I would think one quality agent sleuth would be more effective, a lot easier to manage (and be more fair to them) than 2 brokers and 2 agents. Could be a recipe for drama and hurt feelings.
Talk to a good title company while your out there. See who they recommend in the area, especially a good RE contract attorney.
I didn't find an attorney or 2 until I had specific things to go over. I would be more inclined to be working with 3 attorney's (landlord/tenant, RE contracts, entity structure, probate and BK) etc than a bunch of agents, but that's just me. A CPA consult early on is smart, especially if your existing situation is complicated. Find one that specializes in RE. Good threads and blogs available here on BP about how to find professionals and what to ask.
Looking forward to following your progress!
When will you actually "start"?
Teams are great. When I began, I would not know precisely what qualities I wanted in team members. As I began finding opportunities and closing deal, I then learned what I needed and the types of people I preferred to work with.
Ultimately, learning the fundamentals and getting a Dealflow was way more important in the early years than team building because...
'You won't make no dough if you ain't got no flow.'
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you