Epic Real Estate Investing - Who Makes Up Your Epic Team? | Team Builder Episode 3 | Financial Freedom Friday

Episode Date: January 24, 2014

It's Financial Freedom Friday at Epic Real Estate! This is the 3rd in a series of 6 lessons on how to build and "EPIC" real estate investing team. Get the rest of the lessons for free by subscribing to EpicRealEstateInvesting.com Or... Watch the video versions at EpicREI.tv Learn more about your ad choices. Visit megaphone.fm/adchoices

All righty, in the previous videos, you learned that your epic team will be much more than a lead generating swapping stories over stale donuts and a cup of coffee type networking group. You discovered how your team must share your vision of success, both in real estate and life. And you learned about the fallacy of the self-made millionaire and the importance of working with a strong team in your pursuit of financial freedom. Now it's time to meet that team. And, you know, since we began discussing your role as the quarterback instead of, dictator in the first video, I'm going to continue with the football analogy. You see, a football team is divided up into an offensive unit, a defensive unit, and a special teams unit. And each of these groups serve a purpose when it comes to playing and

winning a game. Now, each individual playing a position possesses certain skills and has certain responsibilities. And some players might play a role on an additional or multiple units. And within these units, there are captains and veterans who have years of experience. And of course, there are your go-to players that you can trust when the game is on the line. Now when it comes to your epic team, you're going to divide your team up into various groups, just like we did in my football analogy. And each of these groups and the individuals within these groups serve a purpose and perform certain duties.

And like the players on a football team, some of your team members will possess skills that allow them to cross over and perform duties in another group within your team. And furthermore, there will be a select few like veterans. on a football team who you turn to for guidance and advice or when you know a job must be done right to secure a successful deal. Now, back to what I promised in the beginning. We're going to meet your epic team now. We're going to divide this team into four main groups, and we do this for a variety of reasons. It's going to help you stay organized. It'll help you track how key areas and team members and groups are performing. It will also help you eliminate weak links and

or coach up underperforming segments of your epic team. And finally, I'm going to share a fifth group. Fifth group that is a must-have if you want your real estate investing business to experience indefinite growth, meaning it never stops growing. Sounds good to me. You? Indeed. Now, for me, the most logical way to divide your team up is to follow the real estate transaction. And this can be labeled in many ways, but I want you to think of it in these terms. You know, finding and analyzing deals, financing and closing deals, protecting and managing deals, and exiting deals. Got that? So your first group, the front line acquisition team.

Your frontline acquisition team, they're out there in the trenches, finding you deals, ones with motivated sellers, to add to your real estate investing portfolio. They're also getting their hands dirty and making sure that the property is one you want to acquire and add to your portfolio. I mean, like, what is the value of the property? Specifically, what is the value to you and your goals? And are there any major defects that are going to kill the deal? And this group actually consists of two groups, two groups of people.

they are your deal finders and your deal analyzers. Now, the deal finders in this group are going to be your bird dogs, real estate agents, brokers, wholesalers, and other real estate investors. And your deal analyzers, those are going to be your appraisers, inspectors, and contractors. And you're going to have some crossover here and there, you know, as you might get leads on deals from a property manager, or you might get leads on deals from a mortgage broker or someone on another team. But remember this.

Your success depends on your frontline acquisition team. bringing you the right kinds of real estate deals. No deals, no business. And it's your job to educate and train your deal finders and your deal analyzers and make sure that they understand your vision and mission. Make sure they understand your criteria for a good investment, that they don't waste your time bring you ones that don't fit that criteria. Because know this, you're never going to reach the kind of success your epic team can bring you if your front line team fails to perform at a high level. If they fail, you're going to be destined to a career of knocking on doors and dialing for dollars.

Yuck. Who wants to do that? Needless to say, your front line team is vital. The next group, your financial and legal team. So to begin, let me ask you this. Who will you turn to when you need to get your hands on the money for a great investment property and you need that financing like yesterday? Where will you go when you need to schedule a closing tomorrow?

You know, after hours in order to get that deal done before the seller walks away? You know, those are just two scenarios where having the right people on your financial and legal team are going to pay off. And, I mean, you're going to be surprised or maybe you've already experienced it firsthand how many things can go wrong when it comes to the lending and closing processes. You know, having the right relationships, the right team members on your side, that can really be the difference between, you know, scoring really big on a deal or fumbling that deal away. Now, finding an excellent, motivated, creative mortgage broker, working with an attorney that

focuses on real estate transactions and developing a working relationship with a small local bank is where I want you to start when it comes to building your financial and legal team. And that team is going to consist of mortgage brokers and bankers and hard money lenders, private lenders, attorneys, and title companies. And I, you know what, I also want you to add an accountant, specifically the one that invests in real estate themselves. I want you to add an accountant to your team.

You know, while your accountant may not be directly involved in your transactions, this individual will be invaluable when it comes to helping you keep more of your money, which in turn helps you make more money. You know, more information on why this is so important can be found below. But there's a link down there labeled Epic Wealth Saver, Epic Wealth Saver. However, you know, save that click for the end of the course. I want to stay focused on who makes up your team, of which leads me to the next group. And that group is your property protection team. You see, protecting your real estate investment involves a large group of team members with a wide range of skills, you know, from providing roof repair services to helping with property

management. I mean, these people protect your investments and I also add value to your investments. And because of that, it is extremely important that your property protection team always delivers the highest quality service. And, you know, this team is going to be made up of contractors, property managers, exterminators, house cleaners, plumbers, electricians, and other service providers. So developing a high level of mutual trust and a strong working relationship is it's really key when it comes to your property protection team. And when you do that and provide these individuals with regular work, you know what you're going to start to notice that your phone calls are returned more frequently. The rates you are charged are less and your

jobs are completed on time more than their typical customers. Give them regular work. That's a win-win for everyone on the team. And take a note of this, your property protection team, they're going to often be a great source of deals too. Now, no matter if you plan to rehab and and sell quickly or if you plan to buy and hold for cash flow, your property protection team, they're going to be the difference between success and failure. Specifically, here's what I mean. This is really important. A poor to average property protection team, they're going to cost you more money and opportunity than anywhere else in your business. Conversely, a good property protection team, they're going to contribute to your long-term profits and overall success than

anywhere else in your business. I mean, that you are trusting these individuals with the life-blanky, of your business. Make sure that they understand that and that they live up to the requirements of being on your epic team. You're the quarterback, remember? Never forget. You are in charge. Now, I recommend being slow to recruit and quick to cut when building this segment of your team. And more on that a little bit later. The fourth group, your exit strategy team. You know, the most successful real estate investors always know their exit strategy before they sign a contract with a seller. However, there is something to be said for Ready Fire Aim. I'm a big proponent of that, but there is some advantage to having your exit strategy team

members in place before you finalize a deal. And many of these team members will likely be members of one of your other epic team groups as well. You know, for example, a bird dog and a real estate agent from your frontline acquisition team, they can also help you find a buyer if you're planning on selling a property or a mortgage broker from your financial and legal team. They may be able to qualify one of your lease option tenants for a loan so that they can cause the contractor to purchase or a property manager from your property protection team.

They can find you a tenant for your rental property and start the cash flowing. It's not necessarily what these team members do, but how they do it. You see, when you pull someone from another group into this one, you want to know that they are the best at getting the deal done. Because, you know, as the saying goes, you make your money when you buy real estate, but you don't get paid until you sell or exit. I mean, you want a buyer fast. You want a tenant buyer qualified and closed.

You want a good tenant in place quickly to start paying the rent and providing monthly cash flow. You know, the quicker you can finalize your exit strategy, the sooner you can move on to making money on the next deal. So make sure your exit strategy team understands that and can get deals done. Time is money. And now that bonus group that I mentioned at the beginning, the fifth group, your Epic Insiders team. You see, your epic team is not going to be complete without this final group, the must have group if you want to experience indefinite growth, ongoing growth, both professionally and personally. Your epic insiders team is going to be the group of individuals that consistently contributes to

you achieving that next level of success. I mean, they can be real estate agents or investors or attorneys, accounts, or other professionals. They can be in any of the teams that we mentioned previously. And, you know, what they must be, though, They must be successful professionals who know more than you do about real estate investing and financial freedom. I mean, these are the people you will turn into for advice on both professional and personal levels. There'll be mentors who provide guidance and wisdom and feedback and strategic advice and so much more. It's really endless what they're going to offer you.

And your epic insider's team, it can act as a mastermind group even. And it can be a source of funding for your investments. It's actually, typically it's a great source of funding. So when utilized correctly, it'll be the team that helps you really finally achieve your vision and mission of becoming financially free and independent. So make sure you choose these people wisely. All right, here's a final thought on who makes up your epic team. You see, the best contractors, the best real estate agents, best attorneys, property managers, they only work with the best, a chosen few. And they don't have time to accept work outside of their teams.

They don't want to work with just anyone. You know, these individuals want to work with others like you who have a vision and mission for success. They want to work with others who will help them succeed financially and will gladly return the favor. You know, if you're going to achieve success of epic proportions, then you better make sure that you pull together nothing short of an epic team. So take the time to just begin drafting out your teams. Put the professions of team members in each of our five main groups that we covered. And you'll see a link below titled Epic Team Worksheet. Click that link to download the Epic Team worksheet that I created for you and get started on a draft of your Epic Team.

I mean, if you already have an idea of someone to fill a certain position, just pencil them in a spot. If not, don't worry. In the video lessons that follow, you're going to learn how you'll find the major players in your Epic Team and how to manage and grow your team. So let's go to the next lesson now. All right. See you there. This podcast is a part of the... the C-suite radio network.

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