What’s your Team look like?

Question

Once you’ve acquired a few properties, in order to scale and stack; what’s your team look like?

Who (what roles) make up your team?

Which of them are directly employed and at what point did you bring them in-house?

I’m just getting started and wish to stack, writing my business plan and proforma...

Thanks in advance.

Hayden Lyon · Answer

@Bob Persichetti congrats on getting started. A team, or having people you can trust as you get started, is definitely important.

Reflecting back on my first deal, I wish I had the following people in my network (no particular order):

1. Contractor: obviously if you plan on doing any sort of work to the house, it’s extremely helpful to have someone in your corner that has done it before. For me, I was much more comfortable making an offer on a property when I knew what my contractor could do and what he might charge. Over time, I could walk a house knowing his costs and make much better repair estimates, thus smarter offers. He also has an eye for layouts and how we may be able to configure a room if you’re doing any big work like that. He also has a network of subcontractors that would take years for me build.

2. Lender(s): unless you pay cash, you’ll never close a deal without a lender! Reach out to anybody and everybody in your area that does lending. No lie, I googled “banks based in Texas” and called every single one of them to see what they offer. I’ve built a few strong relationships who I can trust to help me close quickly.

3. Agent: unless you’re an agent yourself or have access to the data, having an agent on your side is important. They’ll give you access to the properties and provide comps that help you make informed decisions. I’ve got a few in my corner that have helped me along the way.

I’m sure others might be able to give more insight based on their experience, but when I first started these few have helped tremendously. I’m finally getting to the point where I’m connecting with accountants and attorneys to help with the “business” that I’m trying to establish and grow.

Hope this helps!