From the course: Part-time Real Estate Investing

Selecting the right people to excel

From the course: Part-time Real Estate Investing

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Selecting the right people to excel

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- [Instructor] Building a team is critical to succeeding. It doesn't mean hiring a lot of people in-house. It does mean meeting people and assembling a team of people who will compliment what you're doing. If you are hiring people for specific jobs, maybe it's just an assistant to get you started, think about what do you need help with that's easy for someone else to do? And what are the things that you're really good at, and you love doing? Do those things. Offload the things that drain your energy or are very easy to assign to someone else. Just hire one person at a time. So you start small and slowly. Be sure to train and monitor your new hire. Interns can be a no-cost solution. They may require a lot of hands-on assistance, but they're great for administrative tasks, running errands and helping with your marketing. You can inquire at a local college career center to help find interns for you. A virtual assistant is another way that you can find a relatively low cost person who's very task oriented. The quick start guide to UpWork will help you with a virtual assistant. Using a virtual assistant is a relatively low cost way to get assistance with task oriented projects. A virtual assistant can be anywhere. They can be in your same city, your same state your same country, or anywhere in the world. Places like UpWork.com are a great place to find people who are already knowledgeable about real estate. You can find someone to do very specific tasks at any time of the day for a very low cost. So consider using a virtual assistant, especially for those items that are easy to outsource, and that are a drag on your time, but can be done easily by someone else. This allows you to spend your energy on the things that you like, and are more related to revenue generation. If you're considering partners, think long and hard, they can be very tricky. It has to be someone that you have a high degree in trust in, and they must fill a gap in the business. If you're thinking about a partner, think variety versus duplication. Don't duplicate what you already bring to the party. If you're going to bring a partner on, they should add variety and have skillsets and interests that compliment you, not ones that overlap. Also always try to get legal assistance if you're going to form a partnership, because money is involved, projects are involved, timing's involved. You want to make sure that it's very clear who is doing what, what role will each of you play? How is money being raised or who's bringing money? And how are proceeds going to be split?

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