Posted by John Behle on December 15, 1998 at 22:02:56:
In Reply to: Did I mention the TEAM posted by John Behle on December 15, 1998 at 13:35:59:
The technical team is a group of resources you need. You don't necessarily get together with them all or need everyone all the time.
Your technical team includes whatever people you need to help you in the areas of finding, funding or qualifying notes.
Finding - You might have people on your team such as Realtors, other note brokers, or mortgage brokers
Funding - This can include financial planners, CPA's, consultants, insurance agents, Mortgage funding companies, financial institutions, and hard money lenders.
Qualifying - This is the "Due-diligence" part that is essential to protecting yourself, a funding source or an investor. Many times if you are just brokering a note, the funding source will be responsible for this. If you are buying for your own portfolio, using private investors or "Table funding" notes (buying to re-sell later), then you need this aspect of the team.
You also need the "due-diligence" squad to avoid wasting time or money.
It includes people to help with:
1) Determining property values (Appraisers, Realtors, other investors, MLS comps, or the Internet)
2) Determining the "Integrity of the title" (title company, title researchers, attornies, county recorder personell)
3) Legal review/ Problem solving. This can be an attorney, title company or knowledgable agent or investor.
That's just a sampling of some of the team members you might need or want to have. You can do all of this yourself - but even if you can, do you want to? Is it the best use of your time? Could someone pick up something you miss?
One good assistant may be able to do many functions. For example, one of my best resources at one time was a young college student that had worked for a credit union. He could do the market analysis (CMA's) and provide comps to help establish value. He knew titles and could go pull an "abstract" for my review. He could do a drive by and take pictures of the property and neighborhood.
Tomorrow I'll share some more about the "Mastermind Group".