Many entrepreneurs believe that, if you want something done right, do it yourself. Personally, I believe that is the rationalization of control freaks unwilling to delegate.
In reality, your dream team will help you reach your financial goals faster than you ever can alone.
Sure, you can find motivated sellers and build a great buyer's list on your own, but other tasks require the expertise of others.
Some of the members of your team should include:
- real estate agents, who can bring you sellers
- home inspectors, who can spot things you might never notice
- rehab crews, who can do work in much less time than you could,assuming you want to pick up a hammer
- contractors, who can finish off a repair job in next to no time
- appraisers, who can give you accurate values on given houses
- mortgage brokers, who can arrange the needed financing for your buyers
- hard money lenders, who can provide needed financing in a crunch
- title company agents, who can prepare the proper paperwork
- real estate attorneys, who can make sure everything is in order
- and last, but not least, your mentors, who can answer questions when you get stuck, and provide motivation should you need it.
Some guidelines for dealing with your team:
- Interview all of them to make sure there is a good fit, that you are on the same page
- Those with 2-3 years full-time experience work best
- Those with experience working with investors like you is an added benefit
- Ask for referrals from each prospective team member
- Mutual benefit works best. You want everyone on your team to make money by working with you.
- Don't depend on just one from each category. More than one gives you flexibility. Imagine if a rehab crew cannot get to your job when they are needed. Or to your buyer's job. Since you would rather have your fee sooner rather than later, you want to be able to have another crew on hand.
The more you use your dream team, the easier your job becomes, and the more money you will make.