Can't We All Just Get Along?

Now that we've identified the team that you need to build, it's time to get the players to actually fill the uniforms and get on the field for you. But just like reading a blueprint and then starting the building, so it is with this phase of your Real Estate investment career. You now have to go out and find the team you need. Where do you find them? What specific qualities do you look for in an individual or business you need? These factors are very important to consider right now because you, hopefully, will be dealing with these people for a long time. You'll depend on them and you'll rely on their expertise. You'll also have to get along with them; so, personality compatibility is highly important. I cannot stress this enough. Believe me, I've had my share of people who were actually good at what they did but we couldn't get along. Trust me, it never works. Most of the time I have found that those workers who shared my own discipline and work ethic were the ones I got along with best. Always remember you're working for yourself and they are working for you. Big difference. When looking for an Attorney for your Real Estate team find one that you feel is looking out for your interests. Does he return phone calls quickly? Does he take a few minutes to talk to you and explain things or is he always in a hurry to get off the phone? Do you feel like you have a legal bodyguard when you go to a transaction? Make sure you feel comfortable and secure in knowing that he's the kind of guy who never misses an undotted i or crossed t. Next, you need workers. Look in newspapers and sometimes pick up cards in stores that sell building supplies of any sort. But the best way to find good workers are through other investors. Local investor groups are a great place to find leads for good painters, carpenters, sheetrock, plumbers, and electricians. It might be beneficial to you to use someone else's crew until you can put together your own crew rather than trying to build a full crew immedately. As you do more projects you'll get more familiar with certain guys and may be able to hire them independently. There are lots of guys who can do some of the simpler aspects of a job, like painting, but remember, there's no substitute when you need qualified licensed guys. Good electricians and plumbers are sometimes hard to find, but don't settle for anything but a professional. Another player you need is a good Insurance agent. Your properties are going to have to be insured while you're working on them. You can usually find these guys by looking right at home. Most often, the guy who you use to insure your own home will be willing to take the time to sit and work out insurance for you on your investment property. Always insure. If your property burns down while you're working on it and it's not insured, you just lost your entire investment. Take time to find a good appraisal group and continue to educate yourself on the appraisal process. It will save you time and money if you know what appraisers look at and look for when they do their work. There are also certain things that various types of loans require be done in order for a property to be approved for a loan. Your appraisal group will know what those requirements are and can save you a lot of problems with just a simple phone call. And a good group of scouts and Real Estate agents always finding property deals for you is imperative. Fax RE Agents and let them know you are looking to buy investment properties and how to get in touch with you. Try to find Agents who work with other Investors as they will have half of the battle done for you. But, not too many other Investors. You don't want to simply be thrown in the bottom of the bag and get nothing but the scraps. Best to try and find a newer agent looking to work with Investors and get to the front of the food line. Advertise in your newspaper's classified ads and online in Real Estate Wanted areas. Find scouts from other investors and investor groups. The effort to find and assemble a great team will pay off with money at the closing table and more time with your family at the dinner table.

Robin's Rule # 22: You can't build a reputation on what you are going to do.

Next Blog Well talk about the Big One - How to find the money for your Investments. Need a consultant or investment partner? Go to my Web Page where you can fill out a form to contact me directly or call 1-800-558-8830.