Rich Dad Education – Real Estate Blog

Dedicated to Elevating the Financial Well-Being of People from All Walks of Life

Building a Power Team For Your Investments

Rich Dad Education Real Estate

We’ve all heard the old saying, “There’s no ‘I’ in team.” Well, there’s no “I” in success, either.

Many times after you finish a Rich Dad Education training session, you feel you have received an overwhelming amount of material. Your feelings are understandable. You are being fed information through a large pipeline, not a tiny garden hose.

Power team to the rescue!

With Rich Dad Education, you are not alone.  Your Rich Dad Education team is here to show you how to digest your gigantic “elephant” of information one bite at a time. Our job as trainers, coaches and mentors is to give you expert guidance that allows you to multi-task, set up efficient processes, reduce stress, make more money and finally, breathe.

Some of us deal with stress and feeling overwhelmed better than others. Some are simply better at hiding it.  Having the right power team and delegating tasks to them are the most important parts of becoming successful as an entrepreneur. The key is to delegate as many things as possible to others, especially those tasks that we hate or are just not good at doing.

Below is a list of places to meet power team members that can help you reduce and eliminate the feeling of being overwhelmed.  You will need some of these members immediately and some you can add later. Keep in mind; it is never too late to start building the strongest team possible.  Also remember for some tasks you really should have professional expertise.

  • The Rich Dad Education: Our team can answer many of the questions you may have.  So take advantage of
    • Elite Trainers
    • Coaches
    • Mentors
    • Other students
  • REIA (Real Estate Investment Associations):  If you haven’t been to your local REIA yet or you are not sure where to find a list of available groups, a good place to start is www.Nationalreia.com.

When you visit the website for an REIA in your area, look for a “Vendors” section, page or tab. That’s where you can begin your search for power team members. If they don’t have a vendor section, you will need to contact the president or a member of the REIA. Ask them, “If you were me and needed a (fill in the blank – contractor, locksmith, mortgage broker, hard/private money lender, attorney, CPA, etc) to help on one of your properties, who would you contact?”

  • Other Investors: Adding other investors to your power team can be very important. You will be able to find them in many places: REIAs, Craigslist, online meet-up groups, Facebook, cash buyers lists, etc.  You can benefit from interacting with other investors that are doing this business on a daily basis. Make sure you ask where they are buying and what buying criteria they use for that specific market.  You can also inquire about which exit strategy or strategies they use most.  Make sure you network with other Rich Dad Education students.  They are like-minded individuals that can help you achieve success.
  • Family and Friends:  Before you hire a family or friend to work for you, think about what might happen if you have to fire them.  Many times family and friends don’t think like employees, and it can complicate your personal relationships. That said, many of our students have found family and friends to be useful when employed as birddogs (people that finds properties for you).
  • Referrals: One team member can lead you to others. Any time you are discussing business with a potential team member, ask who they use for whatever particular task you may need a team member to do. For example, if I’m speaking to an attorney, the first thing I want to know is if they re an investor themselves. If they are, then I can ask them to recommend other teams members I may need

When you find a great team member, they may be able to help you build an entire team. Be patient. You may have to interview 20 people to find one that fits on your team.

Jobs for Your Power Team:

  • “Drive for dollars” (driving an area, collecting addresses of boarded and vacant houses.)
  • Research properties
  • Walk-through properties
  • Place Craigslist ads

Above all, be realistic. Expect that you will fire one out of every three or four power team members every year. Some people will drop the ball on multiple occasions, and you cannot be afraid of firing them. This doesn’t mean burn bridges. There is always a good way of letting people go.  But let’s reserve that topic for a future blog post.

By Travis Howard

Rich Dad® Education Elite Training Mentor

 

For more information on similar topics visit:

http://blog.richdadeducation.com/2013/12/14/networking-for-an-event

http://blog.richdadeducation.com/2013/11/27/interviewing-potential-partners

http://blog.richdadeducation.com/2013/08/13/real-estate-deals

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: