Your Power Team is a team of people that will assist you in finding deals, setting up your business, marketing, repairing properties, financial planning and solving problems that may arise in your business. As your portfolio begins to grow, you will need more people on "your team". Your power team is a team of people that will help you get the ending result, MONEY! The bottom line is that you are in a business of making money and helping people. No one can do it on their own. Begin wrapping yourself around the best people to help you accomplish your goals. Your power team will be different depending on the investment method you choose.
Locating your Power Team
It can sometimes take a while to put this team together and yes you are probably going to go through a few not so great ones to get to the ones you like, know and trust. The very BEST place to find these people is by a referral. That referral can come from another investor, a local real estate investment group member, a member of a local landlord association, a Realtor®, a friend or anyone else that you trust. Just be sure that they are "In the Business" and understand what it is that we do as investors. Always remember, the due diligence end of things is always your responsibility. Just because an investor recommends you use a certain agent, appraiser, lender or contractor does not mean they are the best person for the job. You should always get references from anyone you are even thinking of using.
You can also look in the yellow pages and newspapers to begin developing your power team. Never call on the big display ads, as they will most likely charge more for their services. Simply call two or three ads and do a basic interview. You questions will depend on the power team member you are calling. You can ask questions like:
Be sure to write down all of their contact information. You should always meet your potential new team members in person. Meet for lunch or at their office to discuss your new business. Meeting face to face is the beginning of building a relationship with them. You will soon learn that the more relationships you build, the more likely you will succeed in your business. Once you have established a working relationship with them, utilize them! You have put them in place to help you. Always stay in communication with them so they don’t forget about you.
Your First Power Team Member Should Be a Mentor
A mentor is a combination of many different people-part cheerleader, part coach, part teacher, part student, part guide, and part listener. A mentor guides, inspires, encourages, counsels, advises, questions, and answers. No matter how diverse the roles or how varied the responsibilities; the mentor's primary job is to support you in achieving your ultimate goal. Successful individuals have a mentor that helps teach, guide and support them. If you don’t have one yet, there’s no better time than now.
To learn more about building your Power Team, Finding the Right Mentor or other Real Estate Investing Tips, go to: www.reiandme.com