How to Become a CIA: (Part 6) How to Assemble Your REI Power Team

October 14, 2009 | By | 6 Replies More

Real_Estate_Investing_Power_Team_REIWelcome … to Part 6 of the “How to Become a CIA” creative real estate investing series … How to Assemble Your Real Estate Investing Power Team …

(if you’re new to the series, you may want to start with the introduction)

I’m here to tell you … Investing is a Team Sport!

I couldn’t tell you even one successful real estate investor I know that doesn’t have a strong team … the kind of team that has your best interest at heart, the kind of team who’s there when you need ’em, the kind of team who fills in your weaknesses and leverages your time and resources so that you can ONLY do what you enjoy and are good at …

Do you know how to value properties?

… if not, that’s where your team comes in …

Do you know how to contract a property?

… if not, that’s where your team comes in …

Do you know how to inspect a property and estimate the repairs needed?

… if not, that’s where your team comes in …

Do you know how to research the title of a property?

… if not, that’s where your team comes in …

Well, hopefully, you get the point … because I could go on and on …

How to Assemble Your Real Estate Investing Power Team

Here’s what you’ll learn in this week’s video tutorial …

= > Who’s on Your REI Power Team

= > What Your Power Team Does for You

= > How to Find Rock Solid Team Members

= > Danger: Where Most Investors Go Wrong

Check out the video below …

Now, get out there and build your REI Power Team.

But, don’t go about it all wrong like most investors. …

Real estate investing is a relationship business … in order to build an effective Power Team, you need to focus not on you, your wants, your needs. The focus of every new relationship should be the other person … who they are, what they do, and ultimately, how YOU can help them!!

That’s how you build a win win relationship! That’s how you assemble your REI Power Team!

The Network Magic Opener

I created this to help investors avoid the mistake of not focusing on the other person. By asking lot’s of questions, you can find out exactly where someone may fit on your Power Team.

The number one question in your mind when team building should be, “How can I help you?” Because invariably, the other party will want to reciprocate and help you in your en devours.

It’s been said by many, “If you help enough people get what they want, you’ll get what you want.”

Structure of The Network Magic Opener

I. Introduction

II. Questions About Meeting (only if at networking meeting)

III. Questions About Their Occupation

IV. Questions About How Can You Help Them

V. Closing – Appreciation, Reaffirm How You Can Help, Let’s Stay in Touch

Sample Script When Networking at Your First REIA Meeting

Introduction – “Hi, I’m ___________. I’m new here.”

Questions About Meeting – “Have you been coming to this meeting for awhile? What are the meetings usually like? What’s your primary goal when coming to these meetings . . . to learn, network, find deals? Who runs the organization?”

Questions About Their Occupation – “I would assume you’re an investor? How long have you been investing in real estate? Do you have a particular niche that you focus on?”

Questions About How You Can Help Them – “I’m newer to real estate investing but am hitting the ground running. Is there any way that I could help you? What would be the best kind of referral I could send your way? What do you look for in a good investment?”

Closing – “It was great to meet you < insert their name >. Here’s my card. When I come across a situation like < insert how you can help them >, I’ll let you know. Let’s stay in touch . . .

“How to Become a CIA” Action List

1) Join your local REIA and become an active member. The potential benefits to this are too many to list.

2) Map out your action plan for assembling your REI Power Team. Write down the specific steps that you are going to take. Be as clear and detailed as possible.

3) Memorize the Network Magic Opener. Customize it so that you can use it in other parts of your business as well. And keep in mind that real estate investing is a team sport … it’s a relationship biz … continually ask, “How can I help you?”

4) Leave a comment with your thoughts, questions, and suggestions. I love to hear from you all … (that’s what keeps me going) …

Happy Investing!

Here are the links to the rest of the series . . .

Intro | Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 7

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Category: Business Management Systems and Tools, Property Management, Real Estate Investment Buying Strategies, Real Estate Investment Financing Strategies, Real Estate Investment Selling Strategies, Rehabbing, Tips and Tricks

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  1. Hal Verity says:

    You are better than good. You know the saying “What Goes around Comes around.” Expect great things in your Life you, will get 100 fold back from what you give. So look out!
    I hope you never get sucked in to becoming a “GURU”.
    Best Regards

    Hal Verity

  2. Chris Ranney says:

    Great job Pat. I would love to hear more about some of the deals you have been making this year. Do you have a niche? What kind of referrals can I send your way? Lets keep in touch. Peace.

  3. Lui says:

    I definitely agree here. It’s not all about you when you meet someone else. Most often other investors are facing some obstacle or challenge and the REIAs are often the first place they turn to. If you’re direct with your approach, you should be able to walk away and roughly know what it is they are looking for and how you can help them. Even if you can’t help them right now, it’s great to keep in touch with people because you never know…

    Patrick, do you have any other ideas for finding other investors outside of REIAs (calling the bandit signs DOES work)? What do you think about using the social networking groups to find some of those other investors?

  4. Patrick Riddle says:

    Right on Hal … thanks for the kind words! Don’t worry … I won’t turn into one of those “late night gurus” … lol … I’m just a regular everyday dude that figured some stuff out …

    Chris … my niche is single family homes in the $100K to $175K range in and around Charleston, SC. If you have any leads, feel free to pass them by me …

    Lui … good questions … other than REIA, call all investor marketing that you see (bandit signs, newspaper ads, etc), go to the local foreclosure auctions, tax sales … those are all good places to find investors …

    I think social networks can be a good source of investors … I’m actually going to do a video on it soon so keep your eye on the blog … it’s coming soon …

    ~ Patrick

  5. Nick Johnson says:

    I wouldn’t be half of what I am without my team! I rarely do anything but grow my business now that I’ve got great and loyal members of my team to work my business.

    It takes time to build those relationships, worth every ounce of it though!
    .-= Nick Johnson´s last blog ..Why Do You Need To Build Relationships To Be A Real Estate Investor? =-.

  6. Paul says:

    Real estate investors can find real estate attorneys, real estate agents, title companies, handyman services, property managers, hard money lenders and businesses who are eager to get involved and be a part of their power teams at