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Thursday, January 28, 2010

Real Estate Investing: Building Your Dream Team

By Minh Pham

The truth is that most small real estate investing business fail because of poor management. You are the CEO of a real estate investing company and must be able attract, evaluate and manage experienced talent. The following is an idea of the type of professionals that are needed: CPAs, Attorneys, Private Lenders, Contractors, Marketers, Home Inspectors, Mortgage Brokers, Realtors...etc.

When assembling your team you must think in terms of the prospects skills, ability, passion for their work, and energy-levels:

1. education and experience;

2. Roles that they have played in their organizations;

3. Their training, specialties and certifications

4. How can they help you and vice-versa.

Get Help!! By nature, most real estate investing business owners and entrepreneurs in general are prideful about their problem handling skills and independence. But, there are times when even the most savvy entrepreneur may need to seek the assistance of a professional. Good thing for us is that often times professional advice to does not have to be expensive. Good resources for finding reasonably priced and/or free advice: real estate investing clubs, chamber of commerce, local library or trade associations

Don't let a misplaced sense of pride prevent you from discovering the correct solutions to your real estate investing business problems.

Determine how much help you need and try to get it as early as possible. A mentor is highly recommended since the majority of successful investors take on a mentor early in their real estate career to achieve success sooner and to avoid costly mistakes. Key Factors: Momentum & Confidence

Confidence and Momentum are two important factors when doing your first real estate investor deal. Making $100K net profit is not impossible, but if you are waiting for this perfect deal to come along you may be waiting for some time. Putting money in your pocket and learning from the deals that you are doing is much more important than getting rich from the first deal. In fact, hitting a home run on your first deal may be a pitfall and set you back and give you a false security. You'd expect every deal to be like this, the reality is that that is not.

What you don't want to do is sit around waiting for that "deal of a lifetime" to come your way, get started and get going. - 23208

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