Assembling your Team

[Sam Fowler]

For someone who has yet to purchase their first deal, what’s more important: Assembling your core four first or obtaining a deal first?

For example: You could obtain a deal without a GC, but is it better to have one beforehand?

[Will Fraser]

You can go either way and there are some serious benefits and corresponding detriments to both.  

Assemble your team first - NOTHING stands out to the rockstars you want to work with from the hundreds of other people with BHAGs looking to grow a portfolio in their area.  Those rockstars here the same story over.and.over.and.over and the fact of the matter is . . . only a paltry few ever buy a home, much less a stable of them.

Get the deal first - you've got the deal, and actions speak louder than words.  Now you have something to invite members of your would-be team TO, instead of an idea your pitching to them with suspicious odds.  The only real danger here is that you didn't get to leverage the skills of your team for this one, so you may have bitten off a non-deal after all.

Depending on your comfort level with gaging areas to buy in and rehab budgets, I would consider making a connection with a Property Manager or a savvy agent in the area you are targeting and then pausing your teambuilding until you have a deal.  BUT, have a short list of your top picks for each spot on the team and the moment you have a deal go into ninja reach-out mode and invite the remaining members of your dream-team into the deal.