Feeling like I had a failure day looking for my team, any advice?

[Tanner Foy]

Me and my partner felt as if we did not have a successful day looking for our team. Spent about a total of 8-9 hours making calls today. Between lenders, brokerages, contractors, property managers we just did not feel as if any body was very interested in what we are trying to do. We did have only one win today in a lender who would does an 80% LTV Loan. Maybe our approach is wrong ??

Basically we told everyone we are new investors (don’t know if that is what threw them off), let them know our long term goals, and how we could provide value. You scratch our back we scratch yours. Most people wouldn’t even pick up the phone, the few who did seemed to busy to deal with new investors or just did not want to, and did not get any call backs from any messages.

Is this generally the process of finding good people, or are we doing something wrong...? Advice ??

DFW South Dallas Area

[Bruce Lynn]

Two thoughts....1.  Keep after it.  No one said it is easy....it is work....real estate is get rich slowly, not get rich overnight...or in an afternoon.

#2.  If you call/post and say "my partner and I", normally that is telling me you have no money and that it is your partner bringing the money.  Maybe that is true or not true....but that is the first thing that comes to mind.  So for the most part all those people you called, if they think you have no money, then you can't do deals, and wasting time.  Also in this market, anyone that says "partner" to me, scares me.  It's fast acting, so partner slows you down in most cases.   

I think you're probably way too early in the process for some of those team members.

#1....get financing in place...have your preapproval letter in hand and maybe a bank statement that shows you have the other 20% and if you're flipping the cash for the reno.

#2...then you can go shopping, so then you need a realtor.

#3...when you get the house under contract, then you get the contractor....otherwise why does a contractor want to spend time with you now?  For the chance of future business?

#4...when you get the house under contract and contractor in place, then maybe you get PM in place if you're not going to manage yourself.....while there are all kinds of reasons to have PM, I'd suggest if you are young and motivated and new to it all, maybe have a realtor help you get it leased, and you do the PM for the first 1-2-3....you'll learn the ropes and as you grow, then you can turn over to PM at some point.

An alternative is when the meetups get going again....go to a meetup...network....chances are you'll get all those contacts there, plus some others...and maybe 2-3 in each category.

Kind of crazy, but there is so much to learn.  I think it is better to use the "come screaming in the office" approach for most people.  Don't spend a ton of time getting ready.....go find your deals 50% deals.  When you find one, "come screaming in the office" ....what do I do next....that might be a walk thru, maybe a contract, maybe that is rapport  building....and you do that until you get to the next "come screaming in the office moment." and then you just move step by step.