Q: What tips do you have for building a team like that?

A: Start by finding a real estate agent because they can connect you with the people you need. I compiled a list of agents to call based on reviews and sales volume, and I asked some technical questions to get a sense of their understanding of the market and what I’m trying to do. For instance, I ask about vacancy rates in the area or what cash-on-cash returns they’ve seen investors in the area get. 

But even more than the technical questions, I’m paying attention to how the conversation feels. Is this someone who seems ethical, that I’d want to scale and work with over time? Do they seem like someone who’s willing to go above and beyond for clients? From there, you can use the same process to find property managers and contractors. 

Q: You’ve talked to a lot of successful investors on your podcasts. What have you learned from those conversations?

A: I’ve learned real estate is a relationship game. You can’t do anything without relationships — whether it’s finding properties or financing options, raising money or connecting with an agent or contractor, you need good partners to work with.   

A second thing I’ve learned is that if you have the desire to invest in real estate, you can do it. You don’t need millions and millions of dollars to start. It’s helpful, but it’s not required. And there are so many different approaches that work. One guest will say you should be buying 100-unit buildings for your first deal rather than waste time with small stuff. Another says starting small and building up is the best approach. And both are really successful. There are a lot of ways to succeed in real estate. 

Q: What’s one of your must-haves when deciding to invest in a property?

A: This isn’t a feature of the property, but you need to have enough reserves going into it to cover anything that could go wrong. If you have $101,000 set aside, you don’t want a property that requires $100,000 to close. 

Q: Where do you go for real estate news and advice?

A: I’m on Twitter and use the hashtag “#retwit,” for real estate Twitter. Some of the investors I follow are Nick Huber, an investor in self-storage; Chris Powers, founder of real estate firm Fort Capital; and Keith Wasserman, founder of multifamily investment firm Gelt.   

Q: Who’s your sounding board? Is there anyone in your life you make big decisions with?

A: If I make a decision, I think it’s important to be able to take the credit — or the blame. If you’re getting advice or feedback and make a decision based on what people say, if it does work out, a lot of people are more than happy to take the credit, but if doesn’t work out, they blame others. I talk to people and get advice, but I like to make decisions independently.