Has anyone ever told you that building a team is paramount to your success? I hope I am not the first one to tell you this because, in my opinion, your team is the most important contributor to your success. Jim Rohn said, “You are the average of the five people you spend the most time with,” so make those 5 people count!
We have six members on my real estate syndication team. Each member has a unique set of skills that individually is impressive but together is where the real magic happens. Some groups are smaller, others are larger. The size of the team is not important (to a degree) but the sum of what the members can do together is.
Think of your investing team the same as a sports team. Every member of the team plays their position and has a role to fill. On business teams, sometimes the same player has to play multiple positions and cover multiple roles. And that’s okay! So long as they can manage those responsibilities. As you and your team grow you need to find others who can carry some of the weight so you can continue that growth. It’s hard to throw the passes and catch the touchdowns too!
Let’s talk about actionable tips to help you build your team:
Know your strengths and weaknesses
This is the first step because you need to know what you bring to the table. And more importantly, what you don’t. In other words, what are you good at and what do you need help with? A good way to answer this question is to determine what feels light for you. What is an easy lift in regard to the activities you complete?
In contrast, what feels heavy for you? What would do you usually put off doing last or otherwise do not enjoy doing?
Join forces with others who can supplement your weaknesses
This is where you utilize the information gathered by build your self-awareness and determining what you like and what you do not like doing. If you are the passionate visionary who loves finding opportunities and then chasing after them, yet you do not like running the numbers on those opportunities, find someone who is passionate and loves the financial side of the game. Just like when a football team might have a great wide receiver who can catch the long touchdown catches, it is important to have a good running game too so that you have a better chance of reaching the endzone. The point is that it is easier to score by surrounding yourself with the right players and building a team of people who all work well together.
Establishing the same values and goals is a MUST
Nothing makes this more obvious than an example of partners who end up suing each other and break apart in a rage because each of them had a different idea of where the business was going and how to get there. It is hard to reach the same destination in you get on separate trains heading in opposite directions on a separate set of tracks – even if at first it seems you are both on a train. You have to take the time at the beginning of the relationship to talk about direction.
Finding partners that match your passion and goals is a magical feeling. When everyone is on the same page working for the same thing, it’s eerie how it doesn’t feel like work but becomes a fun challenge that everyone is engaged with. It is not enough to simply find a person with a complimentary skill set, but does that person also have a complimentary vision?
These are a few tricks I learned by having conversations with many different people about possibly combining forces and then finally finding a group of people who are so similarly motivated and passionate about creating wealth and making an impact. When you find the right person or group it can be like fireworks! It behooves you to take your time, do your diligence, and ask the hard questions upfront because the worst thing to do would be to rush into some long-term commitment only to find out that your long-term goals do not match. Think carefully when building your team and in doing so you will open the opportunity to grow to much higher heights as part of a powerful team.
Blake Dailey is a multifamily real estate investor and host of the Multifamily Journey Podcast. He has reached his financial independence (Passive Income > Expenses) number through investing in real estate and aims to help others do the same. He helps passive investors impact their lifestyle and wealth by investing in multifamily real estate through his company Growth Vue Properties. Growth Vue seeks to help investors achieve the ultimate asset – Time – by making their money work so they don’t have to.
Find out about investing in multifamily with Blake at thegrowthvue.com or learn more about Blake, read his articles, or connect with him through his website at multifamilyjourney.com.