In week 1 of this series, we discussed you need to first take an honest assessment of yourself in order to build a successful team. In week 2 of this series, we discussed various team members that will be essential for you to add to your team that will help you in your real estate investment endeavors. This final week, we will discuss additional team members you may want to add to your team to maximize your success. So, let’s begin…
ATTORNEY: For any new real estate investor this team member is well worth the time, effort, and cost. People often refer to the fine print and legal documents are not easy to understand. So, having someone on your team who can go through all your contracts and legal documents and who knows the legalities of what you are trying to do would be instrumental in helping you succeed faster. Ideally, you would want to find an attorney who has real estate knowledge and could help put together partnerships. A bonus would be having an attorney who owns investment property as well. Again, they are well worth the money, you do not want to find thing out the hard way.
CONTRACTORS: If you are looking to renovate and rehab properties, it will be very important to find reliable and trustworthy contractors (unless of course, you are a general contractor yourself). Whether you find a licensed contractor or a handyman, you’re going to need someone who can fix up the properties in a timely manner with good craftmanship, making sure the property is up to code, and is cost effective in their prices. Finding these people will help you buy and get the property or properties ready to rent or sell. Every experienced investor knows how hard it is to find an experienced, reasonably priced, skilled contractor who can finish the job on time. Contractors come and contractors go. I can tell you; you should always be looking for Contractors. When you find a good one, remember to take good care of them. Be clear with the scope of work expectations with both money and project timeline. Pay them promptly, you may also want to give them additional bonus or financial incentive if the project gets done under time and under budget.
CLEANING COMPANY: You might not need this company for a while, but after a rehab, when you’re ready to list your rental, or if our rental property is between tenets you will need this company then! A good cleaning goes a long way to a fast turnover. Again, it will be great for you to find a company that you can give repeat business to as you grow your portfolio.
PROPERTY MANAGER: You might want to manage your property/rental yourself. Personally, I do not want that job with calls at three in the morning, no thanks. Either way, it is always helpful to begin interviewing property management companies in the area you want to invest in (especially as your property portfolio grows). First, you want to know what they charge, what they offer. All most all property managers do this job for only 6-10%, I would highly recommend using them. Also keep in mind that they can provide you with even more value than that! Property managers don’t just collect rent and send you statements; these guys are highly knowledgeable business people who literally make a living working with real estate investors. Even their perspective on the local market is invaluable. They can also help you learn about your potential competition as well.
ACCOUNTABILITY GROUP: Finally, I recommend looking into developing an accountability group. A while back, I was over 300lb. So, I hired a trainer to my accountability team, I’m now under 215 and able to do so much more now that my body is healthier. When thinking about developing your accountability group, you should consider people that would help you personally, someone who already invests in real estate, anyone who can be an accountability partner for you helping and encouraging you as you reach for your goals. You are setting great goals, and the last thing you want is to fall short on your goals because you get distracted. Find people who can support you, to help stay accountable to goals and strategy. Aim to meet and talk with them on a regular basis. If you want to be ambitious, schedule calls!
Let this sink in for a minute. A lot of us are missing this. We all see the value in going to meet-ups, attending real estate club meetings, finding mentors. Why? Because we know we can network with other investors. You know where that next deal will come from. So Start Today!!!!! Find local groups and begin networking to build your team!
As always, we are here – wishing you great success in all you do – so if there is anyway we can help, please schedule a 15-minute consolation call with us by clicking the below link. We can discuss where you are at, where you want to go, and see if we can help you achieve your goals.
Looking forward to talking to you soon