The 11 Players Who Should Be On Your Pow...

"Alone we can do so little, together we can do so much."
~Helen Keller

She was a wise woman, that Helen Keller, and I know for a fact that I wouldn’t be where I am today – running a successful, multi-million-dollar business - without the support, expertise (and sanity checks) of my power team.

But, building a power team doesn’t happen overnight. No sir…

It can take months, even years to create and mold your masterful team, and take it from me, Cody Sperber, I’ve done the legwork. I’ve hired, fired, retrained, and modified the roles of my team members to ones that better suited them.

It’s a work in progress, but once you’ve established your power team, there’s nothing you can’t do. (Okay, well maybe there are some things you can’t do like leap tall buildings in a single bound… but you know what I’m saying.)

So how do you build your power team? Well, I’ve found that the best way is using credible references and referrals. Period.

But, who are these people - the right people to be an integral part of your success as an investor?

Well, let’s break it down…

Traits & Talents of a Power Team

Let’s look the individual roles and responsibilities of each team member, so that you can better understand what to look for when building your power team.

#1 – Investor-Friendly Agent

Don’t be fooled, my friends. Just because someone is a real estate agent, doesn’t mean he or she has the brain or expertise of an investor.

a team So you need to find a Realtor who – at the very least - understands wholesaling or fix & flipping. Even better if they have experience with investing. Otherwise, you have an uphill battle and no one to partner with in this critical power team role.

#2 – Property Manager

Contrary to popular belief, property managers are not the end all, be all when it comes to rental properties.

In fact, a craptastic property manager can mean big trouble for you and your business. You need to have some heightened awareness when it comes to property managers – check their references and experience in property management.

#3 – Closing Agent

All closing agents are not created equal, and YOUR closer agent must possess the knowledge, expertise, and thought processes unique to investors.

If you know how to identify those characteristics, consider yourself on the right track to building a powerful power team.

#4 – Real Estate Attorney

This is where your expertise will come into play, because not all attorneys are experts in real estate law.

Use references to help ensure that your attorney is equipped to protect you and your business.

#5 – General Contractor

Rookie contractors will cost you time and money, and (sad but true) not all contractors are reliable and deadline driven. It’s the nature of the beast.

So, find the best contractors who you can build long-term working relationships with, those you can call on time and again to get the job done right.

teamwork #6 – Mortgage Lender

Mortgage lenders fall into that gray area.

What exactly do they do, and how can they help you?

A little knowledge about how these guys work will go a long way, but it’s important for you to know that you can shop around. You don’t have to work with the first mortgage lender who hands you a business card or loan documents. Choose wisely.

#7 – Hard Money Lender

When it comes to hard money lenders, you’ve got to flex some muscle and ask tough questions… about their lending habits, deals they’re interested in, returns expected, fees, etc.

You also have to know what you need from them, and how to protect yourself against those who might charge excessive ‘processing’ fees.

If you don’t know, then get some help with this one from a mentor or fellow trusted investor.

#8 – Accountant

Don’t make the rookie mistake of bringing your drinking buddy on board as your accountant. Just don’t. Friends shouldn’t work for friends.

Choose an experienced, reputable accountant, and choose him or her for professional reasons, not personal.

Don’t hire someone who knows about college shenanigans and your marriage counseling. Trust me, it won’t end well for you or your bank account.

#9 – Inspector or Appraiser

Appraisers (sometimes called inspectors) can be a bit of a thorn in the side for investors until you know what questions to ask, what qualifications to look for, and how to find top-notch appraisers.

But when you find an awesome appraiser, it’s like winning the lottery.

#10 – Insurance Agent

help You’d rather stick a fork in your eye than have insufficient insurance coverage. No, really. This is one team member that you don’t want to overlook.

Do your homework and don’t cut corners to find an insurance agent who truly understands real estate investing. In the long run, it will add years on to your life.

#11 – Mentor

The bottom line here is, you don’t have to go it alone.

Behind every successful person and business is a power team and a mentor to guide and support you.

Remember that others have gone before you and have made mistakes along the way, so find that person who can show you the ropes, and learn from his or her mistakes. You’ll still make your own mistakes, as you should, but why not benefit from someone who’s already been there, done that?