Did you check with your team before posting?

[Joseph Cacciapaglia]

Sorta long rant here... feel free to skip to THE QUESTIONS

I'm pretty new to BiggerPockets. Somehow I managed to make it through 15+ years in this industry without this fabulous resource. In the last month, I've been really impressed with a lot of bright people posting on here, and I wish I had signed up sooner. That being said, I think there is a lot of laziness going on here as well. I think if you've read one book or listened to just a handful of podcasts, then you've heard the advice to "build your team". Unfortunately, it seems a lot of people are relying on the forums to answer questions that they should be asking their team about first.

For example, in the last week, I've read several threads regarding zoning, lending, and management issues. In most of the cases, the problem would have never come up, if the poster had consulted their attorney, lender, or property manager prior to moving forward with whatever strategy they were implementing. On several occasions, the poster actually complained that this or that issue was never mentioned in the book or podcast that they consulted. They seem to ignore the fact that most of these sources told them to start by building a team.

I think no matter where you are getting your strategy from, the first step should always be to build a strong team. Real estate is local, and the rules change depending on where you are. There are federal, state, and municipal laws to deal with, as well as different market norms in every location. It's very dangerous to rely on advice provided by someone in a forum that is operating in a different state or sometimes even a different municipality. I speak with my property management team and lender almost every day, despite having been in this business for the better part of 2 decades. I would definitely struggle without them.

THE QUESTIONS: 

1. Who are your team members? For me it's my lender, property manager, vacation rental manager, inspector, contractor, and broker. I think attorney should be on most peoples' list as well. I use one occasionally, but I also used to be one, so I self-help in that arena probably more than I should.

2. What tips do you have for new people that are just starting to build their team? My number one tip is to meet new team members in person, or at least on the phone if they are remote. Building a team is about building relationships. You want team member that are going to happily return your calls and answer your questions. Also, don't be afraid to continually upgrade your team. Just because a lender helped you finance your first home, doesn't mean they're the right person to help with your first multifamily purchase. You should always be verifying that your team members are well suited for your current business plan.