Building a team

[Jason Young]

Much of the content that i've read about real estate investing makes mention of the need to build a solid team to help enable success.  How did you build a team to establish a solid real estate rehab/flip business?  

[Andrew Cordle]

@Jason Young

Great question. And it can and probably should be a long answer but I will try to keep it short. 

1. Determine what type of flips you will be doing? Minor Cosmetic, Major Cosmetic, Gut Rehabs, or Tear Downs.

***I normally do in order Major Cosmetic, Tear Downs, Gut Jobs. I very rarely find a Minor Cosmetic rehabs but if I did I would LOVE to do it.)

2. Find your team of people that will bring you leads of potential flips. Build long term RELATIONSHIPS with these people they are your life blood. This would be Wholesellers, REO Brokers, RE Agents, Bird Dogs etc

3. Next you will need to find your lending sources you will want more than one source, but these are included too but not limited to: Hard Money Lenders, Private Money, Joint Ventures, LOCS, and CCs.

4. Closing Attorney or Title Company as well as your Insurance rep. (I like @timnorris from here on BP for insurance)

5. Contractors-- I use about 10 different contractors.

General Contractor Licensed and Insured

EMP's Electrician--Plumber--Mechanical (HVAC)

Roofer

Exterior Contractor that will do Painting, Fasica, Soffit, Gutters, Brickwork etc

Landscapers

Granite Supplier

Cleaning Company

Window Cleaner

**Those are my 10 contractors that I use on a normal basis unless I get into Tear Downs or Gut Jobs. 

6. Listing Broker I want someone that works with buyers and knows how to move a house quick.  NOT just anyone with a RE license.

7. CPA to do taxes

(Now if you are not experienced you may want to also know a Home Inspector as well)

That is a general list off the top of my head that I work with I am sure there are some other people as well. Mortgage guy for when you sale, Staging company for when you list, Real Estate Attorney (other than closing attorney), Self Directed IRA Company, etc etc. But this is a good start for you when you are talking about setting up a REI team.

Hope it helps. 

Andrew