Building a team

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Building a team

Eamon Conheady
Investor · Seattle, WA · Member since 2016 · 46 posts · 14 votes

Hello,

New member here on the BP forum, learning about expanding into real estate investing. I apologize if this has been talked about before, but it seems like it is a dynamic topic too... I am early in the process, but am realizing that there is just so much that I don't even know! I'm wanting to develop my team before buying property, but I wanted to poll you folks and see what you consider valuable or necessary characteristics/traits that define individuals as being great in their profession.

What makes a good mentor for buying rental property? How'd you meet yours?

What makes a good real estate agent/broker? How'd you meet yours? Are you your own?

Thank's for your stories! Best

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  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
    10y

    You should attend your local investment club, I think its called REIPS. 

    You will be able to network there and build your team there.

    Good luck

    Curt Davis - KAIZEN Realty538 Reviews
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  • Eamon Conheady
    OP
    Investor · Seattle, WA · Member since 2016 · 46 posts · 14 votes
    10y
    Hello, thank you for the advice. I found some meetup groups in my area and am planning on attending them in the near future. This forum/community is an excellent resource for folks who are willing to invest their time. I was just curious as to what a mentor has helped people do. I've just found that various professionals that I have sought help from turned out to really just have their own agendas, which is totally fair. It was a pivotal day when I realized this and decided to take on my own financial planning. Although I'm eager and work hard to put in the time, I've come to terms with the fact that I'm not an island and that it is good to lean on others. That it is also incredibly rewarding to be able to help others just as much; to give back. I was just interested in the experiences of others.
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  • Chris T.
    Investor · Downers Grove, IL · Member since 2015 · 1k+ posts · 955 votes
    10y

    @Eamon Conheady

    Everyone here has their own agendas. A good mentor can help you tremendously whereas a bad one can sabotage you. You ask by networking and asking lots of questions. Trust your gut if he/she can be trusted.

    Keep in mind the successful investors out there are usually very busy. So ask yourself what can you offer to help in their business? If they see your value, they may reciprocate and help you. If not, move on. Find the ones you can build rapport and trust. It goes both ways.

    One of the most suggested ways to find a mentor is to find a deal FIRST. Then approach them to ask them for their help to close the deal, by splitting the profit. Win/win situation.

    Another way is to pay for coaching. Not the guru stuff, but personal coaches especially those who have contributed a lot on BP. They don't advertise, but you can look for the active members and look out for their signatures. 

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  • Eamon Conheady
    OP
    Investor · Seattle, WA · Member since 2016 · 46 posts · 14 votes
    10y

    @Chris Tan

    Thanks for the reply! That sabotage part is the scary part. It is totally fair for everyone to have their own agendas, the key is finding people who can create a symbiotic relationship, advancing both parties closer to their respective goals in the process. I like the trusting your gut aspect.

    When you say splitting the profit, that seems totally fair. I'm going to be pursuing a buy and hold strategy, to start with at least. Would it be reasonable to offer a payment upon successful closure of a deal? I'm not really sure what amounts would be good, but I'd heard someone say $1k per $200k of closing price. I'm sure that there are laws specific to this type of incentivizing based on the scope of practice of the mentor. 

    For coaching, I looked into the Rich Dad Coaching and after talking to them, I decided to not do it, keeping my $7k to help me develop my own network, knowledge, and add to a down payment! It just doesn't seem like an effective use of money. I don't want to be spoon-fed advice, I want to gain the knowledge to enable informed decision-making. I appreciate the insight about the folks here on BP who are available as mentors if the situation is right, this is why I decided to join such a strong & positive community; I'll keep my eyes peeled.

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