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Are You A Solo Real Estate Investor or Team Player?

By: Kalinda Rose Stevenson, PhD

A teamwork mentality separates the most successful investors from investors who struggle to do it on their own. Imagine that you are playing on a team when you invest in real estate. The people on your team will provide what you don't have, including special resources, knowledge, and relationships. What is the result? You will be more successful and make more money than you would on your own.

If you consider real estate investing as a team sport, you will see the advantages. Think of a team game, such as soccer. What happens when you are in a bad position to score? If you have a teammate in better position to make the goal, you can pass the ball. In a team game, when one player makes the goal, the whole team wins.

The opposite image of teamwork is the idea of the self-made man, who climbs up the mountain of success and boasts: "I am now the king of the world." (Few women are described by this model.) This is a competitive model, in which the "top dog wins." As a model of success, this model assumes that success is the result of single-handed effort, not a team effort.

The benefit of teamwork, in contrast to this self-made man model, is that the whole becomes more than the sum of its parts. The essence of Napoleon Hill's MasterMind concept is that you will achieve greater success by surrounding yourself with like-minded people, than you will by attempting to do it alone.

Let's be specific about how this idea of teamwork applies to real estate. What if you want to buy a particular property, but you don't have enough money or credit to buy it yourself? If you are limited to using your own resources, then the deal is not possible. You simply can't buy the property.

With an investor teamwork mindset, you say: "I can't afford to buy this property, but I know people who do have the money to buy it."

You can be a "bird dog." A bird dog is somebody who finds a property and passes the information to someone who can buy it. The bird dog makes money by finding properties, not by buying them.

Another real estate role is to be the deal maker. You can make money by arranging the deal. When you introduce the seller to an investor who can afford to buy, you can make money by being in the middle of the deal.

Another role is to be the one who buys, because you have money to invest. If you have the money and credit, a bird dog or deal maker can bring the deal to you.

A soccer team needs different players. My point is that real estate investing is the same. It needs different players, playing different roles. Your role can change. You can player different positions on a soccer team. You might play defense. You might play offensive. You might play in the goal. You might be the one who takes the shots. You might be the one who passes the ball.

If you understand that you're part of a network of investors, and that somebody has the money and can make it work, then it's not all up to you. You're not clawing your way up to the top of the mountain.

The real estate investor world is filled with people who have money, credit, and specialized knowledge. The more you treat real estate investing as a team sport, the more successful you will become.

Article Source: Main Articles

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