Value of Building a Team
Why do you need a team?
I thought all you needed was a pile of cash and the ability to swing a hammer! Thats what they do on TV! Sweat equity! A kitchen costs $12,000 and a bathroom costs $5,000! Right...?? I use to have these fantasies about the industry until I got smacked over the head by a 2x4 and realized that I know nothing!
Before one puts a nail in a stud or even puts an offer in on a property, they need to understand who are the key players in a Real Estate Investing team. Building a team takes over a years worth of time and dedication that is focused on networking with other professionals. The majority of our time over the past 12 months has been dedicated to attending our local REIA MeetUp events. Some weeks we are attending up to 3 events on top of working a full time job. Through these events we have learned that the Real Estate Investing industry is a team oriented business comprised of highly motivated entrepreneurs. Slowly, we have developed rapport with dozens of amazing people who are willing to go out of their way to help us be successful.
Our Rockstar Team includes:
- Mentors
- Real Estate Investors Agents
- Private Money Lenders
- Contractors
- Property Managers
- Attorneys
- Accountants
- Insurance Agents
- Marketing Gurus
- Design Consultants
- Structural Engineers
- Land Surveyors
How do you know when you found the right person for your team?
Are you necessarily looking for the smartest or wealthiest individual? The most liked person in the room? Is it the guy who is beaming every time they walk in a room? Or is it someone who has mastered all aspects of Real Estate Investing? I would argue masters of Real Estate Investing DO NOT EXIST. Those who think they know the answer to everything scare me to death! We want to be surrounded by proactive individuals who understand their own limitations and know which one of their team members to consult with when questions arise. Those who truly understand how to build a successful business know when they need to ask to for help. There is nothing wrong with saying 'I do not know the answer'.
In conclusion, be proactive, put yourself out their, and constantly network with individuals in your local market. We have found that the majority of our success and education has come from the conversations we have had with people at our local REIA. We are truly grateful for all those we have met over the past 12 months and are thrilled to have all of them apart of our team.