How to Assemble an A-Team
Rental property investments have a lot of moving parts, so it’s important to assemble an A-team to get things done. You don’t want to go over budget because of an inexperienced contractor. Or chase your capital investor for more money after each draw. We’ll always suggest working with Renovo Financial because we’ve done the legwork of assembling an A-team for you!
Identify the task at hand
Sometimes identifying the task at hand is easy, but other times, it can take some time to figure out exactly what you want to do. When investing in rental property, are you fixing and flipping, or starting with new home construction? Depending on your end goal and what is financially best for your situation, identifying the task at hand is always the first step when you want to assemble an A-team.
Identify the skills needed for project completion
Now that you’ve figured out what you want to do, you need to know how you’re going to do it. We’ve compiled a complete checklist for fixing and flipping a house that could be useful to you at this stage. When fixing and flipping a house, you may need the services of a realtor, contractor, and financial backer. But you may also need legal services or insurance.
Find the people
In this stage, when you want to assemble an A-team, you’ll need to do your due diligence and research. While a contractor might be cheap and available immediately, they may not have the best track record of job completion. You should check out sites like the Better Business Bureau and read their reviews. Referrals are best if you already know people in the industry because they can point you to a trusted professional - ensuring your job gets done correctly, safely, and in a timely manner.
Hire honestly and in the right order
When you’re in the hiring stage, be honest with the team you’re trying to work with. Don’t give them unclear expectations and state the challenges. Are you buying a home that’s been foreclosed on, and the entire HVAC system needs to be replaced? Let your contractor know ahead of time exactly what’s going on in the house so they’re able to determine if they can get it fixed and up to code within your timeframe.
It’s also important to hire in the right order. You might want to hire the real estate agent to “get it out of the way”, but if there’s no property to list, you could be paying consultation fees.
Now that you’ve got your team together, it’s essential to manage them properly. Visit the job site every day during construction, or check out other listings similar to yours to see how another rental property compares to yours, and be in touch with your real estate agent about it. Keeping everyone in the loop doesn’t mean you’re micromanaging them, but they’re the professionals - let them do the job you hired them to do.
When you’re looking to assemble an A-team for your business, contact Renovo and talk to one of our team members to discuss how you can continue to grow your rental investment business amid an ever-changing market.