who do you have on your team?

Question

as a beginner, I feel like I have done extensive research on strategies that I would like to use, the pros and cons of those strategies. but haven't really looked into who you would consider to have on your team to help you out. as of right now I have a good friend of mine that is an agent in the area. And I am in the process of getting the number to his attorney that helps him in real estate, and I know I need to seek a good CPA that is familiar with the REIs. I haven't really looked into under writing and I probably should. does anyone have any advice on who else I could put on a team to better help out.

Amy Heitner · Answer

@Justin Cortez, this advice is for multifamily investing which might be on your radar. It comes from Liz Faircloth and Andresa Guidelli, hosts of the Real Estate Invest(Her) Show.General Team Members Finding Deals – Commercial real estate agentWholesalerMarketing team Finding deals is an essential part of the equation and the above team members are needed. Once a deal is found then a lot more work is required to follow through and make the purchase, the team members listed below are needed. Purchasing Deals – AttorneyMortgage broker/BankerInsurance agentPrivate Money PartnersTitle agent Once the property is purchased, it needs to be managed. Managing Deals – Accountant/BookkeeperLocal “feet on the street”General ContractorConstruction ManagerProperty Management Company Now we transition to… CORE Team Members These are the people that you are driving your business with, that you do your brainstorming and goal setting with. You need… The Hunter From a multifamily perspective, you need a tenacious person who is aggressive and views the word ‘no’ as a positive step towards getting a ‘yes’. These are the ones out there talking to brokers and who will do whatever it takes to find a multifamily deal. This is not a quiet, shy and retiring personality type. The Brains These are the folks that look at the deal that the hunter finds and underwrites the deal putting it through a thorough screening process to make sure the deal will work in real terms. The Money We all know that multifamily investing takes money. So you need a person that has or can build relationships with the people who will invest. The Hammer After the deal is closed you need someone to manage the value add opportunity. This will allow you at some point to refinance and pay back your investors. This is the person who makes sure that project happens on budget and on time. Where Do You Fit In? You might to some extent fit all these needs but what you want to think about is, what part of this can I handle at a genius level? The key to building a ‘rock star’ team, not just any team is to figure out what part of this you can do at a very high level. Then surround yourself with others who can do their part also at genius level. Are you the hunter, the brains, the money or the hammer?

Roger Allen Critz · Answer

I am a beginner also, looking for my first flip. Once I am able to get some money in the bank, I will make this my full time experience, then I will progress to buy and hold. I am in the process of getting my money together (HELOC combined with hard money) and networking. I have on my team currently, a wholesaler, two real estate agents (listing), one in Dallas and one in Fort Worth and two mentors that are Dallas based. I am looking for some GC's since I am still working full time. I may try to use the one I used for my personal house rehab but you always need a back up. I have a CPA but I do not think they are REI experienced, so that may change. HMM, didn't think about a lawyer since I am just starting. Oh yeah and my girlfriend and as a decorator, I am horrible with colors. From the wholesaler I am actually seeing a lot of properties. I have not started seeing them since my $$ is not in place, and I do not want to waste his time or mine, but about 50% are fitting into the numbers, using the fix and flip calculator here on BP. . I know that is not the most inexpensive way but working full time it works for now. So that's my team for now. Good luck and Happy Flipping

Aaron Claybourn · Answer

I am also a beginner Justin and I'm in the process of building my team as well. So far I have a lender, agent and contractor. The contractor is a close friend and is my 50/50 partner. The Lender has been a blessing. I was truly lost and finally just started calling agents and got hooked up with the lender through the agent. She has really helped us see our options and even given us great ideas. I would love to stay in contact with you and help motivate each others journey.

Andrew Postell · Answer

@Justin Cortez thanks for posting! Always great to have a fellow Texan post here. For me, I invest in 1-4 family properties. My 2 hardest things to find:Properties that fitGood ContractorsNow, I use the BRRRR method (something you can research here) and I am a buy and hold person but even if you flip...finding the properties and finding reliable contractors are critical. I don't need an attorney, CPA....and money is easy. But those 2 things...super important.

Kyle Mccaw · Answer

@Justin Cortez don't forget the money person. Unless you're playing with cash. And even then you may want to cash out refi. Andrew Postell posted higher in the thread. He is a legit mortgage professional. Not sure if he handles Boerne, but I suspect he does.

Christopher Lessing · Answer

I totally agree with learning when you need certain people and when you have enough knowledge and previous experience to bypass some of those expenses

Ronald Rohde · Answer

Great post! Every person is necessary, but all to a varying degree and cost. I would recommend allocating something in your budget to at least consult with them if you don't hire them. Learn when you need them, not after the fact.

Jaron Walling · Answer

So far my team consists of two real estate agents, roofing contractor, plumber, electrician, and a home inspector. If you're buying distressed property you need these people. I don't make offers without consulting some of them.

Lucia Rushton · Answer

@Roger Allen Critz. Please make sure you get a 2nd opinion on the costs associated with the flip before financially committing on any deal. As well get a comp analysis on the ARV for the property in that neighborhood.

Justin Cortez · Answer

Thank you so much everybody that have responded to this! Everybodys post in here definitely helps and I will take all the advice I can get. You all have helped me get a better grasp on my journey and I hope some of the new investors are able to find this thread and use this to help them in they’re journey!