What kinds of questions when building your RE team?

[Kevin Huang]

Hello everyone!

Newbie aspiring rental investor here. I've done some basic self-education on residual properties, stuff about the kind of team you should put together for yourself.

Correct me if I'm wrong but I'm under the impression that we first want to connect with real estate agents, property managers, eventually loan brokers and contractors as well. Since I'm starting from scratch, I'd assume I'd start with RE agents and property managers. 

I'm wondering: what kinds of questions should I ask to really assess the people's experience or fit? Of course, there's the usual chemistry and personality matching as well - I'm quite technical and love asking lots of questions so obviously someone who supports that would be ideal. But beyond that, what questions do you find really useful in your own search?

I'm based in Los Angeles, looking into residual (ideally 4-plexes) probably starting with properties in NV, TX, and FL but am open to other states provided the numbers line up. Eventually, I'd like to purchase property in LA but want to build in other markets first. Any advice on approaching this is appreciated as well.

Thanks in advance :)

[Krissy Mussenden]

Hi Kevin,

The best question to ask anyone on your potential team member is: Do you invest in real estate yourself? If they are doing it themselves then they know what to look out for and how to handle situations that arise. Especially if you are on the newer side, then this question is huge. You can lean on their experience. Also I would ask them if they are open to walking you through the process. Some agents are happy to spend the time with people, while others try to sell you a deal and then walk away. Once you find a good agent or property manager, then I would ask them who they recommend as your other team members. David Greene says it best, "rock stars know rock stars" :)

My brokerage actually specializes in teaching people about investing in multifamily real estate and helping them grow their rental portfolios in the LA and South Bay areas. My broker went from owning a duplex 10 years ago to 120+ units now which I found really inspiring. After a year of working as an agent and teaching other about this, I was able to purchase my own duplex to house hack this year. I think knowing that my broker invests himself made everything he said way more credible and then he was able to connect me to a great team of property managers, contractors, etc.