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Daria B.
  • Rental Property Investor
  • Gainesville, FL
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Team Building - What was more challenging for you?

Daria B.
  • Rental Property Investor
  • Gainesville, FL
Posted Feb 8 2016, 20:55
Food for thought of the day.... The importance of building your support team/group I have found is a critical factor in this business. No doubt we all feel the same way when it comes to choosing those we want to entrust with our vision. Recently, I was reflecting on the last year and realized my growth has been more than I excepted. Without looking I had already met and put together not just resources but business associates - people that not only help me to continue learning and growing but genuinely have an interest in my business. Going through the process of finding lenders I found some select lenders that provided (HELOC) or can provide the essentials of what I can rely on when it comes to acquiring my next loan. In hind sight it seemed relatively easy. Get on the phone and/or visit your local lenders for a face to face and you find yourself immersed in so much financial speak that you need a recorder to take notes. As for the other parts of my "team" contractors are a slow and growing process as is having a very good reliable agent that also understands my criteria ( everyone's different ) and also meshes with my personality. The latter is one that I see is more of a challenge for several in this forum. I see a lot of posts for a "investor friendly agent". I even posted some time ago for this very definition as the phrase is coined in BP. We won't rehash that again. In my opinion, some may have to talk to several agents until they find someone genuinely to be simpatico. As for the contractors, I have a company that is short on man power but the owners have a ton of experience - they can't do it all on their own though. I've used their services in the past and they are reliable. I had some work done in my primary home and while they were here we had some good conversations on investing and contract work. While I can still call on them for their services, they have now extended their resources to me from the types of jobs I would be looking for like kitchen cabinet installation or flooring. I look at that as a place to start from a resource I have been able to rely on to be a huge plus. PMs are another of what I need since I work full time and really don't have that time to manage. I know my limits and that's a job I prefer to delegate. By the way, all these people that I can call to get a quote for my rental fix-it work or getting an approval letter - I will call just to see how they are because it's not always about calling to get something for me. What is your most challenging part of building your team or for those that have solid people in place, what was your most challenging? When did you feel you had completed putting your support team together? Happy Investing!