Building a Team of Experts

Another valuable-lesson Robert Kiyosaki teaches is, when you're beginning investing in real estate YOU should not be the smartest one on your team. This sounds like an awkward statement, but makes sense if you translate the logic to the 80/20 rule.

There are so many things to know about real estate, real estate law, local tax law, repair and maintenance, etc. - that it is too much for any one person to specialize in all these areas.

Then, logic would dictate that it is wise to surround yourself with a team of people each with an area of expertise you can utilize. For example, one might choose their favorite real estate attorney, realtor, accountant or CPA, lender, handymen, property manager... and the list goes on and on.

If you are new to investing in MN real estate, this can be an overwhelming task to interviewing choose one or more people in each area.

A more common, and possibly easier, way of accomplishing this is simply to network with people who've already done what you want to do. Usually, then you can "steal" key members of their team of experts to also use in your own.

If that investor has used this expert and likes them enough to continue using them, they have obviously already earned the trust and business of that investor. As you network, you can also continue to grow your team and add new and more players as you go. I've never heard of anyone having too many experts!