When To Bring On Team Members

[Jeff Meachen]

The importance of a good team is mentioned over and over again.  The reasoning behind it makes total sense.  For a first time investor when is the best time to bring on those team members?  

Our goal is to initially do buy and hold in single or multi-family units. At this point, we have met with a few lenders and secured financing. Also, spoken with an accountant about different tax implications. We have also reached out to a realtor and are set up to receive MLS listings that match our criteria. We have done the initial basics and are ready to move forward. We have branched out to people but not created any official business relationships.

Our next step is setting up our LLC(s). Is it best to do the basic online form, or should we get a lawyer/accountant involved? Do we get a lawyer and accountant on board to make sure everything is set up correctly as we move ahead? The time spent with these individuals is valuable but not cheap. Being able to spend our money wisely is key.

When did you bring people in to create your team?