Putting Together My Team

2 Replies

So I'm in the process of putting together my team to start investing and house flipping. I was just wondering, what questions should I ask potential real estate agents before I make them apart of my team?

@Austin Nelson You first need to show that you bring something to the table.  And as a 20yo, that is probably going to mean money or serious buyers.  Why is a real estate agent going to want to burn a lot of time unless they know you are serious.  So first off, prove you are serious.

After that, tell them as precisely as possible what you are looking for and then ask if they can help you with that.  For instance, you might say, "I am looking for 3br/2ba, 1400-2000sqft houses in need of rehab.  I'll need to buy at this price point."

Be forewarned, buying off the MLS is very competitive. If it is truly a good deal you'll need to make a snap decision or it will be gone. If you can do a lot of the work yourself, then you'll be able to take slimmer deals.

This "putting together my team" idea gets promoted a lot, but it's really kinda overblown. 

When my remodeling business still took investor work, we used to gets lots of calls from new investors. "Hey, I'm putting together my team and wanted to see if we could get together about that." OK, do you have a project to discuss? "No, I am still putting together my team. Then I'm going to go look for deals." OK, well, we're all working about 60 hours a week right now. When you have a project, I'd be happy to discuss it with you.

Real estate agents are as busy as contractors right now. Ask some other investors for referrals to agents who understand working for investors, and talk to a couple of them. See who's a personality fit. Ask a couple of them to set up a couple of auto-searches for you and start looking for houses you're interested in. Once you've asked a couple of them to show you houses, you'll have a feel for who you like working with, and they'll have a feel for whether you're a serious buyer or not.

The overall point is....effective teams are formed in the context of actual action, not in a vacuum. That's why men who were in war still stay close to their platoon buddies from 10 or 20 years ago - they actually did stuff together. Get yourself in motion and you'll attract more serious people to your team.

Good luck in investing!

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