Hey, what's up friend. Kris Krohn here and today we're talking about how you build
your own real estate power team. There are 6 core people you have to have in
your life if you want to crush it in real estate. I have a team this year that
is going to help me purchase 300 properties just for me. Not a lot of my
clients and a whole lot of other people. And the reality is I can do all that
sitting from the come from my home, sitting back, enjoying life sipping my
virgin daiquiri all while the team is busting their hump making this thing go
down. Which in the end, you want a team that supports you to make your dreams
come true. Stop solo journey and stop thinking you
can do all by yourself. Because the reality is with these other bright, smart
people that we're going to help you figure out right now how to put together,
you can make miracles happen.
I hope that you have been enjoying my friend Tyler Bennett. We've been working
10 years together and Tyler's an expert in the acquisition side. He's a brilliant
business owner. He owns tons of his own real estate. Commercial deals. I mean,
all sorts of different kind of projects out there. One of the things that Tyler
has done for me over the years is Tyler's really helped put a super
impressive team in place from start to finish. So, I couldn't think of anyone
better to bring on than the man himself that actually has put this together. That
for all I know you're going to click the link at the end this video say, "Dude, can I
have you as my team?" And that could even be a possibility but more important,
we're gonna show you today how to build your own Power Team and the 6 players
you need to put it all together. -Thanks Kris. Appreciate having me. And I think
we both know, a lot about of life and success in life is surrounding yourself
with people that can do things better than you can do them. Right? -It helps
elevate us. And it's that same concept, in in life, we just implemented it in real
estate. It's let's go find people that can do things better than we can do them.
Let's add them to our team and that's the recipe for success. -But I got to tell
you, Tyler. Most people have a do-it-yourself mindset. -Yeah. -Most people
are like, "I compute the property manager and I'll get my Realtors license. And
I'll work at the lender." Yeah. And they all of a sudden, they start trying to do
everything. They'll either get overwhelmed or they'll get burned out
and then they'll make a mistake. -Yeah. -And so all of a sudden their whole financial
future, gone. -Yeah. And you think about it, it's... Okay, somebody might be pretty handy.
You know? I'm not. I don't pick up hammers because just, it's dangerous, right?
But some people may be very handy and they want to do their own repairs and
Rehab and do all that. -That was me. -Yeah. -That was me on my first 25 homes and tell them
like, "I have..." I don't think I've touched a hammer since I had my nervous breakdown.
-Exactly. But the reality is you are touching hammers but you are also
searching for deals. You also work in on the lending. You are also doing all the
other aspects. There's people out there that do hammers all day long, every day
and they're better than you at it. -But I think that the fear, Tyler is that people
think, "If I hire them, then that's money out of my pocket." And there's this
scarcity mindset that says, "There's not enough to go around even on
successful deal." So, they keep asking themselves to do the parts to save money.
But they don't understand that that will ultimately sabotage and hurt them in the
end. You got to do what Scrooge McDuck said. I was watching when I was growing up.
He says, "You got to work smarter, not harder." -Yeah. And you know, we're going to
talk about 6 different team members to make the ultimate team today. And in my
mind, adding all those up... One plus one plus one is a lot more than 6. Right? At
the end of the day. -1 x 6 is like 600, right? -And the results is going to be more profitable
business. -Let's talk about the 6. -Yeah. Let's start the agents. How do
identify property? I wish that every single real estate agent out there was
really, really competent and really good and high producing. The reality is is 90%
of agents do less than this many deals a year. And so, it's important that you find
the right agent for your team. -Yeah. And so one of things that you need to
understand if you want to take notes on this. Number 1, find a realtor that is
insanely successful. -Yep. -I mean, Tyler not to steal went out of
your PlayBook. But what Tyler helps open a brand-new market that we're going to set
up massive infrastructure. And first thing he does is he'll infiltrate
the largest real estate offices in the area. And he'll track down the top 1
2 or 3 agents. Because they're the ones that are closing more deals than
anyone. They've mastered the game. They understand the market. And the realtor
that's doing that much business isn't a taker. And isn't a giver.
They actually have figured out how to find a beautiful balance where everyone
wants to reveal them their business. And they know what's up and down left and
right. -Yeah. And typically, they have a scalable model. They have additional
members on their team and just today, this morning, I was talking to a top
producing agent in a market that we're researching right now. And that agent
owned over 40 investment properties in that market. So, I want somebody that not
only could help me find properties but is doing what we're doing as well so
they truly believe in what we're doing. -So, these Realtors are your bird dogs.
They're your finders. They're the ones that are going to find the deals and
they're going to do all the legal paperwork so that you can sleep well at night
knowing all the eyes were dotted all the t's were crossed. That's number 1. -Yep.
-Number 2? -Loan officer. -Okay. Lender, banker. -Awesome. Now, is a good loan officer your
buddy that helped you do the loan on your personal residence? -No. I like to say
everybody has a neighbor or a friend or or cousin or something that's a real
estate agent or loan officer. -Not the time for nepotism. -Yeah. -Do not play a
family favorites when you're doing real estate. -Again, the majority of loan officers out there,
their main businesses primary residences. -Which is a total different game than
investment. -Completely different. A lot of times you'll go out and you'll find
somebody that has done a handful of investment purchases. And that's all
they're going to do every single year, is 5 or 10 investment loans versus there
are lenders out there and obviously, the lenders on our team 98% of their
business our investment purchases. So, they understand the game of not just
doing today's loan but putting you in a position to map out a plan so you are in
a good position to do tomorrow's loans and continue to buy and buy and buy. -Now,
you do understand that you're the mastermind of this team. And the
mastermind of this team deserves to put an all-star team together. So, if you're
looking for the most successful Realtors that understand investment lending, then
guess what you're looking for in the lending side? You're looking for the most
successful lenders that all they're doing is they're crushed in their
competition by closing every day of the week. Loan, loan, loan, loan, loan. If you can find
a mortgage broker, not just a bank but a broker that works with multiple banks
that specializes in investment lending and their closing at least 20 deals a
month, you have likely found a really good lender that's going to be valuable
member of your team. -And CAUTION: Don't shop price first. Because you don't want to go out
and interview loan officers and just get the most competitive quote that you can
and go with them. Because in the long run, that may end up hurting you. They may be
a bait-and-switch and you get to the closing table and it's completely
different. Shop quality first and then work in price. Because every busy loan
officer is doing a lot of volume. They're going to be very competitive in ratings
fees. They're not just trying to put food on their table with 3 loans a month.
If they're doing 20, 30, 40 loans a month, they're a high-volume shop, they can be
super competitive in rates and fees. -Now, I'm going tO tell you right now, those are
2 super valuable players. The next one on the team you got to talk about
--Appraisers. -This is a third-party validation to the value that you're
putting on a house. So, an agent does a good job, it estimating what the value of
the house is going to be. But we also want an appraiser to come in. The lenders
required as well. Because they want a third party
opinion. And you want to make sure you get somebody that's competent in that
area. Again, that's doing a lot of business and familiar with your product
and what you're trying to do. -Absolutely. I actually just had an
appraisal come in on my house that came in a half million dollar difference. You
know, than the next appraisal because one wasn't doing a lot of business, didn't
have a lot of. This wasn't his familiarity with this product. Total different
experience. You got to find someone that is an experienced. You got to find someone
who's experienced in your product. -Yeah. Because you can find a super busy
appraiser that's used to appraising $200,000 houses or townhomes all day and
then they come and appraise your house here. -They have no idea how to do it. -Yeah.
-It's just a completely different product. -Okay. Fourth? Title. -A lot can go wrong
behind the scenes with title of entitlement of a property. You've got to
make sure that as you buy this property is free of all encumbrances and that
title company works cohesively with the lender, with the sellers agent. Because
everybody needs to get together behind the scenes and and work as a team. So,
it's important you have the right title company as well and escrow officer
behind-the-scenes. -Awesome. What I really like about one of the title
agents that we use is that, she's actually really thorough, really good to
work with, makes deeding of properties quickly. I mean super easy. She'll drive to me
wherever I need to meet with her. And so you know, having the right person on that team
can just make things a lot easier and a lot more convenient. -Yeah. And their job
is to coordinate details coming in from all over the place. And they need to do
that well to keep your job. -Okay, number 5. -Repair and rehab team. -Right.
You're going to have, you're going to buy a property and it's going to probably need
something. And if it does, you can either every time just find the handyman that
you had worked with before that could maybe do stuff. But are you getting the
right quality? Are you getting the right work done? Or you're getting it done at
fair prices? You want definitely to have good report. I'll tell you the challenge
with rehab is that these people for whatever reason, they can flake. -Yeah. -It
is the weirdest thing about that industry who gets interacted there. But
they're often not the most organized or reliable individuals. So for me, I'm
looking for fair and I'm looking for reliability, I'm looking for loyalty. -Yeah.
-Those are the 3 things that I look for when I'm looking for some of that's
going to help rehab on my homes. -And you really hit all the main things.
Again, don't go out and just find the cheapest person out there because
quality comes into play as well as reliability. Right now,
everybody in construction is busy. Because we're in a booming construction
market. You know, I remember back in 2009, 10, 11.
We had rehab guys that were general contractors that were working for 20
bucks an hour doing repairs and maintenance because they were out of
work. And so, you have to understand what's going on in the market and if you
surround yourself with good agents, good loan guys, good title people, typically
they can refer you to good repair people too. -Absolutely.
Now, before we hit the sixth one, I just want to drop this on you. We actually
have a seventh as a bonus. So, hang tight for the end of the video because I want
to actually share with you perhaps the most important player on your team. No,
it's not you. It's someone different. you might be thinking, "Man, who could that be?"
But before we get there, the sixth member of the team that you really need, it's
property management. -Yep. -So Tyler, how do you get bomb property management person? -Yeah. So, I
tell everyone you can buy the right property in the right location for the
right price. You can get the right financing. You can do everything right.
But if you get the wrong property management, it can end up being a bad
investment. So, it's so crucial to have the right property managers. -Dude,
honestly on my local homes, I had transferred 25 of my properties to a
local property management company. They came super highly recommended. And within
the first 2 months, I started getting lit up with, "Hey, the tenants want this
and they want this. And it kept being like an $800, $900, $1,000 thing. I'm not
saying that they were dishonest but I made it pretty clear because of my own
expert knowledge within the first 5 or 6 requests, they learned they
weren't going to get any money out of me other than what they should. And then
guess what's happened last 2 years? Almost no requests. -Yeah. So, you don't
understand the property managers, they might only be charging you their typical
10 or 12 percent or if you're working with hours, maybe 6 or 8
percent. There's still a business trying to find ways to make money. And repairs
is one way it can get. Again, kind of like handyman. You are looking for
reliability, you're looking for someone that you can build some rapport and
Trust with. And someone that doesn't see you as a potential, you know... ATM machine
to get some extra money out of. -Yeah. And a couple other things I say about property
management is we found that the midsize companies are the best companies work
for it. There's big, massive property management companies but you end up just
being a number on a spreadsheet. And it's not real personable. There's really small
mom paws where my experience is there's super
nice. They do a good job but they're just not... There's no redundancy. And so, if
they're on vacation and something happens with one of your houses, it's
kind of a disaster. And so these midsize companies that are
going to value your business but still treat you like a human and not just a
number is one of the keys to the success that I found. -Awesome Tyler. Listen it's
Bonus Time. We've told you about the 6 core members you need to have on the
team. But the seventh is a bonus today. And the seventh is someone that you
shouldn't go into battle without. The seventh is the mentor or the coach. It's
the individual that you're working with that has already done what you're trying
to do a hundred times over. Real estate, you make a mistake and you can
eat it bad. I've seen it a destroy families financially. I've seen it take
people down. And the reality is we're getting advice on how to build this team.
But you got to understand that even though we're looking for loyalty on this
team, that doesn't mean that they got your back fully. The person that's going
to have your back the most is when you're in contractual arrangement with a
man or a woman that has massive experience that is willing to look over
your portfolio and make sure that you're not messing up. Making classic mistakes
or even the small hidden mistakes. That is going to be more than... That's the
MVP. That's the person on your team that says, "Hey, it's great that you're putting
all these people together." But in the end, if we're going to execute this the right
way, let's do that with someone that has been around the block more than 3 or
5 times. -Yeah. And what I like to say is it's that person that will tell you
to back out of a deal the day before closing. -Yep.
Because right? Agents, loan officers... Everybody's commission based and they
make money when transactions close. And they're incentivized for that. What you
want is that other person behind the scenes that not, isn't incentivized
whether you buy that house or not, they're incentivized to give you
education and counsel to make sure you're successful. And if something comes
up, they're going to tell you and give you that advice. -Absolutely. So friends,
today, we have covered not just the 6 components that you need for building
your own power team. We threw in the seventh which is makes you have a coach
or a mentor. And if you're watching this video and you might be thinking, "Alright.
Sounds like work to put this together." There is an ultimate shortcut.
Tyler and I, on the backend, we help bring people into the best markets. The team
has already built and we make that available to people
we have a good relationship and good rapport with individuals that are
rightly minded, positive energy, you know... If it's my partner's first and foremost,
I always invite my partner's to come out to my live events. They're not just
life-changing. But what they're designed to do is cultivate the successful
mindset of an entrepreneur, business owner and more importantly real estate
investor that it takes to succeed. Because having the right mindset is
really what's going to make the difference with whether you crash and burn or
you're totally successful. Trust me, I've seen it happen even with the right
product. People will crash and burn with the wrong mindset, right? -Well, they let emotions get
in the way and they're not able to get into the right mindset to make the
proper decisions. Yeah, so crucial. -Yeah. So, friends, click the link below if you want
to see what the shortcut looks like. Get with a member of my team. They'll break
it down for you see if we have a really good match. You can shuffle
around down there. Get access to my free book. I just got a ship load of them in
I'm giving them away for free. And friends, lots of opportunity for you to
get in the game of real estate and start crushing it right now. Thank you so much
for watching today. Give this video a thumbs up. Give it a like if you actually
liked it. Heck, you made it to the end of the video. We have some kind of that for
you guys, right? And then sure it was someone else that might be looking at
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will see you tomorrow with a new video.