Why Should You Have a Team in Real Estate?
The market is not the most important factor, nor is the deal, nor is the cap rate or anything else. The most important aspect of real estate, and in particular apartment syndications, is the ability to execute the business plan. Because, if you can’t execute the business plan, then the best deal and the best market really means nothing.
We said that one way for you to build up your ability to execute the business plan is obviously going to be your education and experience, but the most important piece is going to be your team… Because, when you are first starting out, you’re not going to know how to execute the business plan properly, and that’s kind of the catch-22 because the best way to learn how to do it is to actually do it, but you can’t really do it until you’ve done it before. So the way to get around that is to surround yourself with an incredible, experienced team who has experience executing the business plan in the past successfully.
Who Are Your Team Members?
The four core team members are going be a business partner, a mentor, a property management company, and a real estate broker or brokers. Those are going be the four most important members of your team.
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