As a real estate investor, you need to surround yourself with a team of great people. People who aren’t just there for a paycheck but who are there for you.
As the CEO of 2020 REI Companies and an investor myself, I like to think about my real estate investment team in terms of baseball. It makes sense to me and I find it makes explaining some of the members’ values easier.
The players on my investment team are big part of my success. Some are paid, some are not paid. All of them understand and support me, my business and the way I do business.
Start building your real estate investing team today. No excuses. Here’s who you need:
- You – The Entrepreneur/Investor (Pitcher)
You (the entrepreneur/investor) are the pitcher. In order to win, you must take the mound. You touch the ball on every play. Nothing starts until you make it happen. Maybe you call a real estate agent and say you want to buy a house, or maybe you send out advertising to generate leads. It all rests on your shoulders.
- A Mentor (Catcher)
The mentor is like your catcher. No pitcher throws a strikeout without one. You need someone to advise you on which pitch to throw or to wave off your fastball. You must have a mentor, paid or volunteer.
- Legal Counsel (First Baseman)
Legal counsel is like your first baseman – the guy or gal you look to every time. They’ll keep you out of a lot of trouble. The first baseman must be in his place when you need him there. If you give up a base hit, he has to go cover the bag.
- Accountant / CPA (Second Baseman)
If you are acquiring investment property, you need a real estate-minded CPA who can help you maximize the benefits. Don’t accept an accountant or CPA who lets you drop off a shoebox full of receipts in January. You need a teammate to be involved all year round and to help you take full advantage of the tax code.
- Title Company/Attorney (Shortstop)
Every deal starts and ends with your title agent. From the moment you go into title, to the moment you close escrow, you need a title agent who works with you to close transactions.
- Lender (Third Baseman)
A mortgage broker or banker who can help you get your money into play quickly is essential. If you don’t know how to get your money into play, you need to find someone who does and get it out there.
- General Contractor (Right Fielder)
Find a good one. Listen and learn. A good contractor can keep you on budget and on time. If you don’t have a good General Contractor, consider contacting a local real estate investment club like DFW Investors or attending one of their meetings and asking for referrals from fellow investors.
- A Consultant (Coach)
This is your coach. I believe there’s a big difference between a coach and a mentor. A mentor holds your hand and provides overall guidance. The coach works you hard every day. He fixes your swing; he works on the fundamentals that you need to improve. Pick one who’s good at what you are trying to do.
- A Sales Representative (Left Fielder)
Align yourself with a good real estate agent with experience in your market, access to the MLS and a love of selling.
Do you have a team in place? You won’t make it as far, as fast, without one. You may not make it at all.
Tim Herriage is Chief Executive Officer of 2020 Real Estate Investment Companies in Dallas, Texas. Read more about Tim here.