Teamwork, the BEST Approach to Real Estate Investing
| | Wednesday, May 23, 2007 @ 10:09 AM EDT
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Contributed by: Michael Knight
Michael Knight Properties
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When I first started investing, I started reading all the books that I could get my hands on. I ordered a few late night investing courses and tried to digest as much as I could. I then started to look for anything I thought was a deal and started placing offers at a furious pace. I managed to get my first property under contract and then I proceeded to have a miserable experience with a lender that almost killed my deal
several times. I finally made it through the lending process and then I started to wonder how I was now going to take care of the needed repairs on this house. My repair quotes came in on average at $3,000 more than I had anticipated, yikes. I’m sure by now you can see where this experience was going, it was a costly experience, however I’ve been reminded that some of the best lessons in life you learn are ones you PAY for….well I paid handsomely for this lesson.
When I was finally “done” with that property and managed to get a tenant in place, I began to reflect back over the entire investment transaction and began to ask myself, how can I improve on this situation and process. I am a serial entrepreneur and so I have a strong “I can do it” attitude and I usually figure it is easier and less time consuming for me just to barrel ahead myself in doing a project instead of getting others involved. As I looked over the process, it occurred to me that there was a lot I still needed to learn, I couldn’t be in 100 different places at once, and that I needed to improve on my process if I wanted to make a profit, not lose my sanity, and grow my business of investing. I was fortunate enough that I had a close friend I had grown up with that was now expanding his small company from just painting houses to handyman services as well and so the next investment I purchased, I utilized him and even though I still had some of my other “nightmare” events that I experienced in my first purchase, I noticed that the rehab portion went smooth, on budget, and I had very little stress associated with that part of the investment process. A light then went off in my head!
Teamwork! How many times have we been told that teamwork always helps you accomplish more than on your own? It sounds so simple, yet I see so many new investors (and “old” investors) that decide doing it all on their own is the way to go. They don’t realize that taking the time to build a team, actually will help you streamline your investing, make it a more pleasant and rewarding experience and actually put more money in your pocket. I speak to large groups of people each month about Investing in Real Estate and it always amazes me how many people don’t even think about the importance of building a proper “Investing Team”. With an Investment Team, you will be free to focus on your area of expertise, you will know that you are surrounded by INVESTMENT experts in their area of expertise, and you WILL get more accomplished, MAKE more deals happen, and MAKE more money!
Develop your Team and treat what you do like a business. You need to make sure you get an Investment Lender, hard money Sourse, Investor Minded Rehab Contractor, Attorney Proficient with Investment Closings, and a solid Property Management Company to really establish a strong base for your team. When you put all the right people in their "positions" of your team, you will be amazed at the results....the bottom line results.
Note: We will be interviewing Michael Knight and talking about
"Building Your Real Estate Team: Your Key to More Deals and More Cash!". This call will be aired on May 30, 2007 at 9:00PM EST.
Register
Yourself Now For The Event
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