Just starting...HOW DO I BUILD a team - Posted by Cindy

Real Estate Investing
1

Posted by Frank Chin on September 27, 2005 at 15:08:49:

Rebeccax:

Thanks for the kind comments. I was young and innocent once, and admire those who dare to “dream”.

I did get a chuckle reading about calling attorneys, or any one else for that matter, to chat. I recall needing an out of town attorney not long ago, got a recommendation from an attorney in that town. I was busy, gave the number to my sister to call, and my sister called back and said she was curtly told by the secretary that “Ms. so and so is NOT taking on new clients”.

So I called the office and explained that I was referred by Mr. so and so., who highly recommended her, and I would like to come by and discuss things. I was planning to say “if she’s busy, I understand, and I’ll advise my friend”. But instead, I was told “SURE, if you’re in a rush, she has an open slot tommorrow afternoon.” Guess that’s how the real world operates.

You can get lucky too.

I was searching around for NO DOC loans, having no luck inquiring at local banks. Left a ton of messages with mortgage brokers, ON 9/10/2001, the day before 09/11. No one called back.

So I called the first one back on 09/12 and got a mortgage broker, a young lady, who was down in the dumps, depressed over what happened. No one called her that day. We wind up trying to cheer each other up and gained a good rapport.

Finally she said “What the heck, I’m swamped with new loans, it’ll normally take me a while to get back to you. So here’s the name of my contact at the bank who can arrange the loan. It’s on me.” I since refied several mortgages saving myself a ton of brokerage fees.

Yes, sometimes you get lucky.

Frank Chin

2

Just starting…HOW DO I BUILD a team - Posted by Cindy

Posted by Cindy on September 25, 2005 at 15:24:46:

Hi All!

I have read numerous courses and I’m finally ready to apply the information.

I have no money, bad credit and a part-time job.

I would love to hook-up with a realtor and small bank inquiring about properties, but I am afraid they will not help me b/c I don’t have money and my credit is poor.

How can I overcome this…fast?

I also need a creative Attorney, reliable contractors, bankers, etc…

I know I should join the local REIA but money is VERY tight and I don’t have the $125 to join.

Any suggestions?

I am in CT.

3

Re: Just starting…HOW DO I BUILD a team - Posted by Frank Chin

Posted by Frank Chin on September 26, 2005 at 16:27:31:

Cindy:

You might want to check the rules of your local REIA. Some of them allow folks to come by paying an admissions charge per meeting, to check it out first, before joining. The one I went to also allow members to bring someone as a guest, for free.

I like to comment on “How can I overcome this…fast?”. What you are trying to do is build relationships, and the only way is for people to get to know you, try you out, which is not a fast process.

Your best bet is to go to work for some bank, or realtor, and maybe get a sales license along the line. The license does cost money though.

Also, some people does not have good skills at cold calling attorney or banks particularly if you have nothing to offer. One guy I know who got started knows that most slaes agents love to take listings, but hates to go to closings to pick up commission checks. So he volunteers to sit at closings and pick up checks, and get to meet attorneys and investors, by showing up early.

He built his team chatting with people at closings. He might not get thru the attorney’s secretary at his busy office, and its so much easier to introduce himself across the table at a closing, give his pitch, and leave his business card.

Apparently, it worked well for him. He went on his own after he got his team.

Frank Chin

4

Re: Just starting…HOW DO I BUILD a team - Posted by Stan

Posted by Stan on September 26, 2005 at 13:51:17:

Not meaning to be critical, but how are you going to get started if you do not even have $125? How are you going to pay for inspections, appraisals, holding costs, closing costs, and other fees and professionals associated with real estate. Inspections cost money, repairs cost money, attorneys cost money. If $125 dollars is a hinderance, then you may need to get your other affairs in order before you start. If you attempt now and it comes time to write a check and you can’t, then you have just then lost your credibility that you are trying to establish.

Just the way I see things.

5

Re: Just starting…HOW DO I BUILD a team - Posted by StevenS(CPA)

Posted by StevenS(CPA) on September 26, 2005 at 11:30:31:

You have to have a well written business plan before you do anything. When you talk to these people you will have to show them what you are trying to do and how they fit into the picture. By having a well written business plan to show them they know that you are serious and they can see how you are going to make it work. Without a well written business plan its all just talk.

Plan your work then work your plan.

6

Re: Just starting…HOW DO I BUILD a team - Posted by Gerald(NC)

Posted by Gerald(NC) on September 25, 2005 at 19:05:07:

The book, “40 days to success in REI” is a good source for telling you what you need to do to get your team built. It is written by Robert Shemin. Google it.

Basically, get out the phone book, and start making calls to other investors you’ve seen in the paper, accountants, attorneys, mortgage companies, local realtors, etc. If you don’t call/look for them, you won’t build your team. They won’t come looking for you…yet.

7

Re: Just starting…HOW DO I BUILD a team - Posted by rebeccax

Posted by rebeccax on September 27, 2005 at 12:40:54:

Frank,

I admire you for not mentioning any of her obvious short comings.

Rebecca