How to create a team/boots on the ground?

Question

Hi, I'm a real estate investor looking to build a team.  I've tried searching on biggerpockets, REIA facebook groups, and still no success.

I've steadily grown my portfolio from 2 in 2013 to 13 units in 2017 (but sold 4 in the last 2 years).    I recently started doing Airbnb and short-term rentals.   I believe this is the new HOT area in real estate that maximizes cash flow and minimizes the headache of having bad long-term tenants, evictions, etc.

I'm looking for hungry but also available interns, workers, and eventual partners.   But either the person is not hungry enough or is very good but already busy or successful.

BP podcasts always talks about two categories of people - people have money  vs. people who have time/hustle.     I need the 2nd type of person in Atlanta and in SF bay area.

Any suggestions on how to network to find hungry young interns who are ready to learn about real estate by DOING real estate related work?

Ethan Henning · Answer

Good job Alex for putting your self out there. Keep doing it and things will work out for you. Its a numbers game a lot of the time. How many people can you meet this month? @Alexander Jenkins

Alexander Felice · Answer

@Joe Kim business is blowing up! thanks for asking!

I think you're going to have a tough time when you blend the lines between a laborer and a 'partner'. What is it exactly you're looking for, because some young kid who shows up to get a paycheck in exchange for labor, is unlikely to have the same vision as someone with a dozen houses and wants to simply manage.

I suggest finding someone who is closer to your talent level where you can combine resources and talents.

a 21 year old kid, like you said, what do they have to offer? Not much. So it seems fitting that everyone here gives you a hard time because it seems like you just want cheap labor. If you want a real partner, wouldn't you want to one that has something more to offer?

if your post and goal is just being massively misunderstood here, then maybe your problem is as Bob said above - you're selling it wrong.

Joe Kim · Answer

Alex, How's your business going?

I don't know why this infatuation with the word "intern" and "free"

If you are 18-21 with no experience, no knowledge, nothing except to offer "sweat" equity - you would qualify as an intern - paid or not.   that's not the important issue.   How hungry you are and who you find as a mentor is the key.

I can always find workers on the street, craigslist, taskrabbit, networking with family/friends,etc.   I want someone who gets the vision.   yeah, I want to mold someone young into an eventual partner.   Call it a pipe dream but I'm a dreamer....with dreams becoming reality.

If you are any age with experience, licensed (in whatever), then you can be a worker, contractor, or partner.

Since my original post my new venture into Airbnb has gone from 1, 2, 3, and now working on #4 and #5 and on my way to around $240,000 in gross rents annually by early 2019.    Two experienced workers who may turn into partners in the coming months.

Joe Kim · Answer

I always pay my interns, contractors, whatever you want to call them - workers well.

$35/hr for general labor.   $2500 for 4-5 days full days of labor and airbnb setup.

but honestly, these guys are learning a ton of stuff from me.

If I were in these people shoes, i would work for free.     But I'm not looking for free labor.  Ultimately, I'm looking for a partner....(someone who develops into a partner).

I'm looking for people who are so hungry to learn and gets the "vision" that money is not the reason to work for me.

That's what I'm trying to get at.     And Yes, I found TWO great people to work for me so far and yes I pay them.

I was looking for "interns" too...who honestly could be straight out of college - working another job but working a side gig with me.

So how much should I pay a 21 year old intern?

Alexander Felice · Answer

What are you offering? How are you selling your opportunity.

I'm constantly building my team OOS, but it takes work and investing in people. Reach out CONSTANTLY to new people. Find out what people want and help THEM, grow together. Find people with aligned goals and you'll find partners for life.

you said the word intern, is this a paying gig? because no one wants to work for you for free, which you know. So I'm CERTAIN you didn't make a post complaining that there isn't enough free labor.

Whitney T Redfield · Answer

Joe,

Atlanta is a great market.  There are a lot of people in BP working that market, including myself.  I'm sure you can find someone willing to share the workload, for a share of the deal.  I agree with @Bob L. and @Alaska Wagoner that the level of compensation should be clarified from the beginning, and that unpaid internships will not be filled.

Have you considered turnkey investment firms?  I found one in Atlanta that I shared with my Brother.

Bob L. · Answer

Joe, you are not selling your needs right.  It just sounds like you are looking for free labor.  You need to tell your audience more of what is in for them.

Alaska Wagoner · Answer

Hey Joe, I feel like I'm in the same boat down in SoCal.  Just trying to put a team of people together to exchange ideas and resources / assistance if appropriate.  I can't help you out myself as I don't live in either of the areas you mentioned, but I did have a couple ideas:

1) Try and network with someone who teaches classes to get people to pass the real estate licensing test.  Chances are they're both hungry and a licensed realtor, which I'd imagine would be a bonus unless you are yourself as well.

2) Maybe try like a Tony Robbins forum or something.  I'd imagine people who recently attended a life improvement seminar would be all psyched up to jump into real estate with someone who knew what they were doing.

3) Are you planning on paying this person anything or cutting them into deals from the get go?  You post makes it sound like maybe you aren't, and that could be keeping people away.  For what it's worth, I'm 30 and I know a lot of people my age and younger have put their foot down about unpaid internships because of all the labor abuses.  Just food for thought.

Your wins are inspiring; keep up the good work and best of luck finding your team!

How to create a team/boots on the ground?

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