In today’s post, Kendall Matthews brings us the second installment on creating your real estate investing power team.

“I always wished for this,” Eminem once said, “But it’s almost turning into more of a nightmare than a dream.”

In the beginning, you have to be the driver, the coach, the energy source of your team.

What does platinum-selling rap artist Eminem have to do with creating power teams?

If you read Part 1 How To Create A Power Team That Spoon Feeds You Deals, you understand it takes a group of like-minded people to succeed. When you start partnering with people, you quickly find out who just loves to talk, shake hands, and pass out business cards. Their actions whisper in your ear, “I wasted your time.” They need to be weeded out quickly.

3 Things To Avoid in Your Power Team

1) Members Who Have a Poor Attitude or Do Not Participate

“I was playing in the beginning, the mood all changed…”

With new partnerships it is all fun at first. High fives and back slaps. But challenges come real quick like flash floods.

Be clear and unrelenting. Poor attitudes cannot infect your team. Carve those cancer cells out immediately, your success depends on it.

2) Say No To Mixing Friendship with Business

Eminem has made a fortune talking about his broken relationship with his wife. Unfortunately, you will only get a “sorry about your luck” from the bartender as you tell him your tales about a friendship-partnership gone bad.

Someone might have been your best friend since childhood, but when you’re driving business deals, friendships take the backseat.

Most times when the team ends, the friendship ends.

3) Poor Communication

“My English teacher wanted to flunk me in Junior High. Thanks a lot, next semester I’ll be 35…”

When you are starting your Income Property Power Team, every detail won’t be clearly defined.

However, you should be clear on what your goals are and write them out.

Make sure you discuss on conference calls, at least every week or two, on progress, challenges, and successes. If you have a large team, check out services like FreeConferenceCall.com or GoToMeeting.com to facilitate your meetings.

Working with a power team should be encouraging and challenging, not a nightmare. You may never win a platinum music record or earn a Grammy award. But hopefully, you will be able to create platinum relationships so that your power team earns you the financial freedom you deserve.

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If you’re interested in down-to-Earth advice and tips on income properties, check out Kendall Matthews’ blog, The Investment Real Estate Corner.

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In today’s post, Kendall Matthews enlightens us on creating your power team …

Imagine you woke up tomorrow morning and saw your voice mail notification light blinking on your Blackberry.

Just another couple of voice mails from either your boss or co-workers that you would rather not listen to, except something is different about these.

These are “Money Calls”. They’re from your “power team.”

The first one is from your real estate agent, letting you know they sold your property.

The second one is from your CPA, letting you know they referred a business owner who is selling her business and is looking for an opportunity.

The third one is from the marketing director at the assisted living facility down the street. She’s given you the heads up that a new resident owns two apartment buildings that he no longer wants.

What did you do to receive this good news?

Three months ago you decided you had enough of trying to do everything on your own. You decided to create a power team.

After reading this two-part article on creating a team, you’re able to partner with people for real estate profits. Better still, you know the 35 people who should be on your team, and what things you should do with them.

The Purpose of The Power Resource Team

Don’t make it more complicated than it needs to be. Real estate trainer, Mike Ferry, once said, “Real estate is a simple business, don’t make it complicated.”

Don’t make creating a real estate investment team complicated either.

Power Teams can be a group of people that work in real estate. Team members can be people who have the opportunity to help investors accomplish these three goals:

1. Find Deals

2. Find Money

3. Close Deals

Tell Them How To Fish

Giving your team the power of knowledge is the most important thing you can do. Empower your team with a new skill they didn’t have ten hours ago, and they’ll not only be grateful, they’ll want to get more of what you have to offer.

Give them the magical beans of business referrals. If you consistently help grow their business, they will find ways to do the same for you.

Why wouldn’t they get excited and talk to people who fit your criteria? Why wouldn’t they share your investment program with their friends?

Get Your Team Moving

* Create a dynamic team of investors from the people that you already know, like, and trust.

* Raise capital to become a cash buyer.

* Create property “hunters” or “bird dogs” to find a cash flow of properties and turn-key deals.

* Bring professionals in from all areas affected by your business to have expert advice and support.

* Get your power team member’s work done for you and your properties for wholesale instead of retail.

* Create 35 areas of expertise instead of one.

35 People Who Should Be On Your Power Resource Team

1. Residential or Conventional Lender

2. Commercial Lender

3. Private Money Lender

4. Portfolio Lender

5. Investors represented by a Real Estate Agent

6. Escrow or Title Agent

7. Insurance Agent

8. General Contractor

9. Painter

10. Remodeling Contractor

11. Handyman

12. Mail Carrier

13. CPA

14. Financial Planner

15. Divorce Attorney

16. Tax Attorney

17. Corporate Attorney

18. Plumber

19. Flooring Person

20. Electrician

21. Roofer

22. Framer

23. Sheet-Rocker

24. Real Estate Attorney

25. Criminal Attorney

26. Real Estate Agents

27. Mortician

28. Assisted Living Facility

29. Home Inspector

30. Hazardous Waste Inspector

31. Sub Prime Lender

32. Engineer

33. Appraiser

34. Moving Companies

35. City Planner

Is Your Team Like the L.A. Lakers or Washington Wizards?

Can they win championships? When it comes down to it, can they close deals and cash checks?

There are those who want to make money in real estate. Then there are those who do make money in real estate. Over time, you will see if your team consists of consumers or investors.

I read an email recently from Than Merrill of “Flip This House” fame, that stated the following:

“You see a consumer buys something and never does anything. A consumer points the finger at other people when something doesn’t go their way. A consumer takes the easy route and gets mad when the easy route reaches a dead end. A consumer wants a guarantee, when even they know, there are no guarantees in life.

Folks, we are investors.

This isn’t T-ball where everyone gets a trophy.

The differences are vast between investors and consumers.

An investor invests in something and leverages it and get’s a ROI on their investment. They realize that knowledge is worth something. They realize that learning from other people saves them time and money. They realize that they won’t make the same mistakes if they educate themselves. An investor realizes there is work ahead and doesn’t always take short cuts.”

Occasionally, someone gets lucky and hits the real estate jackpot without any strategy behind it at all.

You may indeed get up one day and find that great deal, close it, and cash it all by yourself. But luck is not a strategy. Use the steps outlined above and use them as often as you can.

And then watch as the trickle of new opportunities and deals turns to a flood.

And the flood into an unending deluge.

Want more?

Check out Part 2, 3 Things Eminem Can Teach to Avoid in Your Power Team.

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Interested in wholesale properties? Get on Kendall Matthew’s exclusive VIP wholesale buyer’s list.

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