As much as you might like to think so, you are NOT a one-man show. There’s a whole slew of players who are absolutely critical to your investing success. Combined, they form your team. And if there’s one thing I know for sure, it’s that YOU ARE ONLY AS GOOD AS YOUR TEAM.
But it’s not so much that a good team will pave your “road to riches” with gold. The real issue is that a bad team will install a big fat blockade! Below are some real-life examples of people on my “investing team” who have held me back. They can hold you back too if you let them …
Bad Closing Agent
If you have a bad closing agent, he will 1) often repeat his favorite phrase, which is “Oh, we can’t do that,” 2) postpone your closing because he hasn’t assembled the closing docs yet, 3) mess up the closing disclosure by putting expenses on your side that should be on the other party’s (for some reason, the error always goes against you!), and 4) include fees that an investor-friendly closing agent would have waived.
Bad General Contractor
If you have a bad general contractor, he will 1) start on your rehab three weeks late, 2) break the mirror while fixing the sink, 3) start at 10 AM and end at 3 PM – if you’re even that lucky, 4) have only one or two people working on your house at a time, 5) turn a three-week rehab into a three-month rehab, 6) dispose of his cigarette butts in your front flower bed, and 7) run off with your money (assuming you’re naive enough to prepay).
Bad Property Manager
If you have a bad property manager, he will 1) put his home or work phone number on the sign, which he doesn’t answer on evenings or weekends (or callers get a busy signal), 2) let the grass and weeds grow tall while the property is advertised for rent, 3) accept security deposits from tenants over a two or three month period (BIG NO NO!), 4) give under-qualified tenants the “lucky break” they’ve been needing.
This one’s easy: If you have a bad accountant, he will 1) file your taxes about a year after the deadline, 2) fail to advise you on other deductions you could be taking, 3) wait one to two weeks before returning your phone calls or emails, 4) send you a huge bill that includes fees for filing extensions that were HIS fault.
I could go on. But it hurts too much. It hurts because I used to have all of the WRONG people on my team. And I’ve suffered all of the above consequences … and many more! But one by one, I replaced these people. And investing is easier than it’s ever been. It’s true. There IS a light at the end of the tunnel.
If you’ve wound up tired and frustrated with your investing, stop for a second and ask yourself: Is the problem with me or my team? Often, it’s the team. If it is, start re-assembling your team the right way. Do it by asking other active investors who they use and if they’re satisfied.
You’ll find active investors at real estate investing meetings, on the MyHouseDeals property listings, and by searching for something like “We Buy Houses Market Area” on Google. Ask around enough, and you’ll have a powerful team assembled in no time.
Hard Money Lender
But there is one teammate you don’t have to ask around for. And incidentally, they are what I consider to be the most important part of your team – The “cleanup hitter,” so to speak. This teammate is the hard money lender who will provide the actual CASH to fund your deals. Now you see why this is important? I thought you would!
When you upgrade to Premium, you’ll get immediate access to a Rolodex of Hard Money Lenders in the Market Area area. The lenders in this guide will lend you money to make the deal, and sometimes they will even fund the entire repair amount. This is what the gurus call No Money Down financing.
It’s like having a hand-full of rich uncles in your back pocket. And these rich uncles can close a loan in days, not weeks or months. And best of all, they are less concerned about your credit or income. They’re much more interested in whether you’re buying at a discount.
Take the first step in assembling a solid investing team by getting your hands on this powerful lender guide. And always remember, behind every great investor is an even greater team. So be smart and make it a good one!