DeepSummary
The episode discusses the importance of building a team for real estate investing success. It covers how to find and work with key team members like real estate agents, lenders, insurance agents, property managers, and contractors. The hosts share valuable insights and strategies based on their own experiences.
When selecting a real estate agent, the hosts emphasize finding someone who understands and specializes in working with investors. They suggest looking for agents who invest themselves or work primarily with investors to ensure they grasp the investment mindset. Networking, checking reviews, and interviewing agents are recommended approaches.
For lenders, the hosts advise building relationships with those who lend on the types of properties you invest in. They suggest getting insights from title companies on good lenders. With property managers, aligning incentives and having a shared vision is crucial. For contractors, the hosts share tips like driving for dumpsters, validating their work quality, and ensuring clear contracts.
Key Episodes Takeaways
- Build relationships with real estate professionals who specialize in working with investors and understand the investment mindset.
- Align incentives with your property manager to ensure they prioritize finding good tenants and maintaining your properties.
- Promptly paying contractors can incentivize them to prioritize your work and ensure a smooth working relationship.
- Network and interview potential team members to find the right fit for your investment goals and strategies.
- Look for proactive professionals who actively seek out and analyze potential deals for you.
- Clearly communicate your expectations and establish a shared vision with your team members.
- Consider the different motivations and personalities of your team members to manage them effectively.
- Continuously evaluate and refine your team to ensure they align with your evolving investment goals and strategies.
Top Episodes Quotes
- “If you're paying them on time and quickly, they will want to make sure that they're doing your jobs over somebody else's, because they know if I show up for Henry and I do this job, I'm getting paid 24 hours later.“ by Henry Washington
- “You really do have to think of it, like, as a team. And the more you do that and the more you try and manage different personalities and the more you are cognizant of the different incentives and different motivations of the people on your team, I think the better you're going to do.“ by Dave Meyer
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Episode Information
BiggerPockets Real Estate Podcast
BiggerPockets
6/26/24