Why It’s Important To Have A Team Of Experts
You hear it everywhere you read and research investing in Real Estate. Make sure you surround yourself with a team of experts. Today we’re going to take a peek into why this is considered a crucial element if you want to succeed in today’s investing market.
Robert Kiyosaki, Millionaire and author of the Rich Dad, Poor Dad bestseller book series, has addressed this issue in his publications. He says that if you are the smartest person on your team, you’re in trouble! He asserts that each person has specific skills in specific areas, such as accounting, inspecting or law. He further asserts that each expert should be used in their own capacity with their own areas of genius to do what they do best in order to have you succeed. Pooling resources in this manner allows you, the investor, to focus on your goals without having to learn each of these areas and master them all. You just focus on your goals and use these experts to ride like a surfer on the waves to get to your goals.
What are the basic criteria you would look for when forming your team? One main criteria you will look for is “Who is ALREADY successful in the area of expertise you seek?” If you find someone already having succeeded in an area, you have all the benefits of learning from their trials and errors. And 9 times out of 10 they are happy to share their stories, tips and tricks with you! I mean how many times have you been asked to brag about a particular success and turned down the opportunity?!?!
Here are some examples:
Financing: When choosing a lender, consider that ANY loan officer at ANY bank would love to make money off of your new mortgage. How many of them are concerned with your long-term strategy, though? If you walk into a bank to apply for a loan, your answer is “NONE”. You can talk until you’re blue in the face and the only thing on that loan officer’s mind is “Close the deal. Close the deal.” You must select a lender that is IN THE GAME, preferably with several investment properties themselves. INTERVIEW for lenders – don’t just pick the first one you see. Make sure they are aligned with (and causing) your entire long-term strategy, not just the first move.
Realtors/Agents: Similar to the lender, you want someone who is already doing what you wish to do. Remember: choose someone you like and trust! You are asking for their help with your wealth building. Trust your gut, if someone doesn’t feel right to you, don’t use them. Simply interview until you find that someone you feel comfortable with. (This will be a new concept for most agents, but don’t let that throw you!) Look for openness, honesty and understanding. Seek someone who will really listen to your goals and concerns & respect them. Avoid anyone who is trying to sell you something that’s not a fit.
Attorneys: Without getting too repetitive, find someone who is an established success in Real Estate Law. You will seldom need them, but if/when you do, it is important that they know their way around state and federal law in this area. The more properties you have, the more important it will be to have this expert in place… just in case. If you ever do need them, the expense will be worth it.
Accountant/CPA: Again, choose an accountant that knows Real Estate inside and out. This person will be your greatest ally at tax time! There are so many potential savings to you, the tax-payer and so many loopholes to understand that it is crucial to have someone who can take care of you. This is not as urgent in your first property or two, but be certain you have selected this expert as you get into multiple properties.
Without going into all the fine details of who you may or may not want on your team, you probably understand now what to look for. Your path will reveal what other experts you may want to choose (inspectors, contractors, property managers, etc.). You can then hand-pick your team one by one, forming your own group of experts. You may also choose to join forces with one of the many experts you have chosen. They usually don’t mind if you adopt their team of experts. Whether you hand-pick your team, adopt someone else’s or any combination thereof, you are now prepared and protected to begin your Property Investment Cebu investing game however you choose to play it!