Your return, risk and amount of time spent on your investment project is a direct reflection of the quality of your team. The first member of your team is 'You', so take care of you, eat healthy, exercise and get good sleep. Communication, networking, interviewing, accounting/note-taking , and holding people accountable are key skills to building a great team.
Here are a list of key team members I recommend when building out your real estate team:
Sr Coach - An experienced credible investor with a strong network available to you.
Jr Coach - A investor hustling at a level just a bit past where you are today.
Brokers - Owners of realty firms in your local market with off market deals for you.
Realtors - Hands on deal closers who earn money when you close deals.
Tax Adviser - Licensed tax advisor with specific experience in real estate
Accountant / CPA - Record keeper to close every month of your business.
Lawyer - Local lawyer with familiarity with city, country, state Real Estate Laws.
Contractor - A leader creating quality and value for your asset, choose wisely!!
and last but not least,
Property Manager - Your PM determines your income, full stop. Employers pay wages, tenants pay your property manager, and your property manager pays you. What is the leasing experience like? Does your tenant get responsive service? Is your PM managing expenses aggressively or conservatively? Your PM is likely the most important team member (or better yet, Partner!) you will have in the team.
Understanding value creation and aligning incentives of your team members is critically important. Does your team member make money when you make money? When you have issues, calls, and turnovers do they? Aligning values, incentives, quality outcomes, and expectations will determine the quality and satisfaction of your investment experience.
Partnering with high performing, high integrity team mates will enable you to enjoy your life, your investment work, and your ability build momentum towards future projects.
I want to give a special thanks to my partners Jerry Rowan, Jon Sheets, Josi Heron, Pete Bakas, Shawnett Bricker, Kerry Weems, Marc Langdon, Andrew Shewery, Ryan Shellous, Aaron Clemons, Jason Cook, Matt Doull, Adam Ruckawitz, and most importantly Madelyn Morris. Thank you for your continued support and all the hard work!