How to build your real estate team? #askbp

Question

Hey Guys - How do you suggest a new investor go about building his REI team and when should we hire them? #ASKBP

Michael Noto · Answer

@Josh Caldwell

"You don't hire your team until you need them."

Hopefully every newer investor reads this post and sees that quote.  There is way to much emphasis on "building a team" before one even needs a team.  Get out there and start taking action and your team building happens organically.

Josh Caldwell · Answer

@Michael Noto

I should have placed extra emphasis on that part.  I see too many novice investors on the side line while they set up an LLC, build a team, establish a marketing plan or whatever other BS someone told them to do before they get started, when the reality of the situation is that you will learn much more by doing that you will by preparing to do do something.  you will never get the perfect team set up because you dont know enought about your own business to even attempt such a feat.  Action wins the day.

Rick Stein · Answer

they are correct. You don't hire anybody until you need them. However, a good team would include a real estate attorney who is familiar with local ordinances, a good accountant, an experienced real estate agent who is familiar with investing and has access to foreclosures. You will also need a good general contractor. If you can get a few bird dogs on the street to give you leads, that would be helpful as well. I would definitely join your local REIA and ask who those members use. That's a good start. Good luck!

Account Closed · Answer

Ask questions.  It sounds simple enough, but if you ask questions, especially hard ones, then you'll know that person might not be a good fit for you.  I failed at doing that for one of my property managers, and it bit me a little.  My new property manager not only answered my questions, but we had a discussion about expectations, and we found that we were a good fit for one another because of that.  Hope that helps!

Travis

Carlos Reyes · Answer

Great responses everyone! What I am realizing that there seems to be no other way to narrow down and identify a solid team of professionals to support your investing besides words of mouth and referrals. Am I wrong? Am I missing something?

Carlos Reyes · Answer

Is that best method or only method?

Josh Caldwell · Answer

go to your local REIA club meeting and find out who all of the other investors are using.  Dont try to reinvent the wheel

You dont hire your team until you need them.  For example, you dont keep your lawyer on staff, you use them when you need to close or have a contract drawn up.

to your success

Josh

How to build your real estate team? #askbp

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