For the Real Estate Investor Dream Team Roster we have . . .

Well, it isn’t Magic Johnson, Michael Jordan, Karl Malone, John Stockton, Scottie Pippen, but hey, if they read the blog, I suppose it could be. But really what we are talking about it getting together YOUR Dream Team to meet your goal to be a successful Real Estate Investor. Let’s talk about goals. There is a great quote that says “in the absence of clearly defined goals one becomes involved with activity that is eventually consumed at”. Outside of investing, I find myself doing this simply when I am cleaning. I will be working on one project cleaning the kitchen for example, and then next thing I know, I have completely torn it apart because I haven’t focused on the one task at hand which was the mop the floor and instead I have taken the baseboard down and started re-sanding it, because I saw a knick in it and when that happened while I was in the garage I noticed, man, that floor sure should be swept up. THAT’S where that box of screws went! Oh, hey, if I build some shelves, I can store all of that. Oh, I should go to the hardware store to get some more wood. Honey! They had a great deal at the hardware store for light fixtures. Get my point? That is what happens to so many rehab investors. So many rehab investors are so consumed with activity they never reach goal of actually flipping a property for a profit.

So if a rehabber develops a dream team that is going to help them to reach their goal they will be HIGHLY successful Real Estate Investors. Let me explain further. I think if you are a rehab lender, you are getting started, or even if you are a seasoned veteran; one of the most important things you can do is set a goal. How many properties are you going to rehab for a profit between now and the end of year? What about in the next six months?

The other thing you want to look at is what you want your average profit to be per property. Of course you wanted to be as high as possible, but what’s realistic and what can you really do? Next you want to investigate how quickly you can get a property rehabbed from beginning to end. What is the fastest time frame, what is the goal that you can set for those time frames, and that is the goal you need to have on every single project as well.

Now, going back to our subject of the Dream Team and establishing relationships with hard money lenders. It is important that you find a lender that is going to help you to be successful. One way to assist with this is to find somebody who is going to let you go a few months without making monthly payments. You have got other things to worry about. You all ready have so many objectives to accomplish.

Going a few months without making monthly payments is something that is going to have massive benefits to you as the borrower when it comes to finding a hard money lender. Also on your Dream Team you want someone who can fix up the property, you know, a handy man or repair man. You also are going to want to find someone to be able to market your property so find your real estate agent now. On your Dream Team find somebody that can assist with potentially getting a loan for a new borrower if they haven’t found being qualified through a lender. Get a relationship with good mortgage broker.

“You can’t cover the sun with your finger,” is what the Cuban Coach said about the United States Olympic Dream Team, that is how every other investor will feel when they come up against you and your Dream Team by your side. Developing a dream team and having clearly defined goals will help you become successful as a Real Estate Investor.

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