The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

REAL ESTATE Building a Team

JScott

Legendary Contributor
EPIC CONTRIBUTOR
FASTLANE INSIDER
Speedway Pass
Aug 24, 2007
4,204
8,133
1,961
I'm starting this thread for very selfish reasons, but hopefully it will also be able to benefit other forum members...

First, the selfish aspect: I'm trying to find a good CPA in Atlanta (where I'll be moving and investing in real estate in the near future). If anyone (Diane, maybe?) can recommend a good CPA in that locale, I'd really appreciate it.

Now, to make this thread beneficial to other forum members, let me pose this question:

When starting to invest in a new location and building a team, how do you go about finding great team members?

This might include attorneys, financial consultants, CPAs, agents, brokers, lenders, contractors, property managers, partners, etc. Obviously, word-of-mouth references are the best, but what if you can't find any personal references?

Then, when you do find potential team members, how do you verify that they're right for your team? What questions do you ask? When do you engage in contractual relationships? Etc...

If anyone can help me with my personal need (a CPA in Atlanta), thanks! Otherwise, what other tips can you provide that will help investors build a new team?
 

Don't like ads? Remove them while supporting the forum. Subscribe.

Diane Kennedy

Bronze Contributor
Aug 31, 2007
795
209
49
Why does your CPA need to be in Atlanta?

Or put another way, if you had a choice of a fantastic CPA who was well experienced in real estate who was located in Texas or a so-so CPA who you would have to pay to educate in real estate who was next door, which would you choose?

My suggestion is to expand your horizons.

On the rest - find one really good advisor and they can help you find the rest. Good people know good people.
 

Diane Kennedy

Bronze Contributor
Aug 31, 2007
795
209
49
Questions:

- Their ideal client (listen to how they talk about that person, is that you? If not, move on)
- Their personal experience in whatever you're doing
- Their personal point of view (again listen for the words - you don't want someone who hates real estate as an advisor ifyou're just starting in real estate)
- How do they communicate with their clients? How often? If you call, how soon can you expect a call back? (critical if a deal is going)
- Do they have systems and a company behind them that backs them up if they're on vacation? (again, critical if a deal is going)
- Finally, how do they charge (results or by the hour)?
 

Runum

Platinum Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Aug 8, 2007
6,004
4,511
1,918
DFW
find one really good advisor and they can help you find the rest. Good people know good people.
I agree. If you find one good advisor they are already associated with other like minded people and they will refer you.
 

Russ H

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Jul 25, 2007
6,556
1,293
381
58
Napa Valley, CA
JScott-

Our accts are in AZ, and our attys are all over the country.

We hire specialists, who are experts in working on what we are doing.

Sure we have local folks (bankers, bookkeepers, bldg contractors, car insurance, etc.).

But for the big stuff (loans, legal, acctg, entities, etc), we go to whomever is considered the best—AND (this is a biggie), can communicate with us in a way that is both understandable and prompt.

We don't work with folks who can't explain how or why we need to do something (in fact, that's why we're working w/the accts in AZ right now-- b/c they are great at explaining things in a way that my non-acctg brain can understand).

It has taken us years to build a good team. And by far the best tool/technique we've used is word of mouth: We find a fellow investor who does what we do, and ask them who they work with. If we get along, they're usually happy to refer their team folks.

-Russ H.

-Russ H.
 

phlgirl

Bronze Contributor
Read Millionaire Fastlane
Aug 29, 2007
813
174
85
Philadelphia
Great question, JScott. ++++

This topic should be important and relevant to everyone.

I have found the search fairly difficult (particularly with the relocation) and although I feel I have compiled a competent team, I am still not sure that they will be the long-term players.

When I first arrived in JAX, my focus was towards a CPA and an attorney.

I made a list of potential firms/names. I did this by searching online – yellow pages, http://www.martindale.com/ (attorneys), etc. I probably made a list of 10-20 of each.

Hit the phones and after brief conversation determined whether or not it warranted a further meeting. I would say I met with 5-10 of each, in person.

I made a list of questions and used it at each meeting. Between the answers they provide and your overall gut feel, you can short-list them or not.

I must be picky because, as I said, I have yet to feel like I have found the key players. I am looking for someone who will not only answer my questions but come to me with LOTS of suggestions as well. I would like someone who is proactive and would be happy to pay for good service (so long as I am learning and they are saving me money in the process)! I want someone who talks about long term goals as well as short term.

Interesting concept that the CPA/attorney could be anywhere. I never thought of that but am thrilled because it allows for a larger database of options! When I left PHL, my attorney and CPA both recommended that I find someone knowledgeable in FL - so that I would not have to pay them to learn FL law/regulations. I still keep in touch with both for any PA issues .

Diane, if this is the case, would you happen to have a recommendation for SFH real estate? Perhaps a better question is does your firm still do small business work? :)
 

Diane Kennedy

Bronze Contributor
Aug 31, 2007
795
209
49
Phlgirl - I dont' want to be overtly marketing here, BUT since you asked. :)

Check out DKAffiliated.com - you'll see how we work with clients across the country. Drop an email through the website and say what you're looking for, we probably can find someone.
 
OP
OP
JScott

JScott

Legendary Contributor
EPIC CONTRIBUTOR
FASTLANE INSIDER
Speedway Pass
Aug 24, 2007
4,204
8,133
1,961
Thanks everyone for your replies!

Diane - My big concern with working with a non-local CPA is mostly in the business setup phase (where I am right now). I assume it will be my CPA who will recommend the business structure I will want to use, and who will also file the paperwork in the city/state where I will be doing business. Should I expect that a non-local CPA will know the nuances of setting up business entities in other places, and will be able to file all the paperwork remotely?

If this is something that is pretty typical for non-local CPAs (and specifically for your firm), perhaps I've found my CPA! :)
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.


Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Sponsored Offers

Lex DeVille's - Advanced Freelance Udemy Courses!
-- HALLOWEEN SPECIAL STARTS TODAY! Get any of my courses at Udemy's current best price through Friday! Use code: HALLOWEEN Use any of the links...
Top Bottom