Flip Tip Summary
The best investors understand the importance of surrounding themselves with others that can help them hit their objectives. You can’t do it alone in real estate investing, or in wealth building. patrick Donohoe joins us today to discuss the importance of building your financial team for your real estate investing business, and for your own financial well being.
Flip Tip Transcript:
Mike: Hey, it’s Mike Hambright from FlipNerd.com. I have a quick Expert Tip to share with you from Patrick Donohoe of Paradigm Life who is going to talk about building your financial team.
This Expert Tip is sponsored by RealtyMogul.com, B2R Finance and AceBusinessFunding.com.
Patrick: Thanks, Mike. Yeah, a quick tip for today is what I consider one of my most valuable assets, which is my team, and each of the team members play a specific role, and it’s not the role that I play. So I think if you are, which I’m assuming all of you want to be successful in real estate, in investing and building your wealth, it’s important to understand the roles of your team.
And so the first team member I would say is a good attorney. Second team member is a mentor, somebody that has done what you want to do, and you can follow in their footsteps. Another is a tax advisor or an accountant, and then also I think an asset protection attorney would be good as well. But also your network. And I think your network could be local meet-up groups, or it could be online forums.
And also at the same time, if you don’t have this team necessarily in physical persona, you can just find some gurus that are out there, that have written books on the subject, and they’ll essentially become part of your financial team so that when you do have an idea or an opinion or an investment opportunity, you go to their books. You go to their podcasts. You go to their audiobooks and see what their opinion would be. I think that’s going to help you better assess what you’re doing, and follow in the footsteps of those that have already been successful.
Mike: We’d like to thank Specialized IRA Services, National Real Estate Insurance Group and VirtualStaffNow.com.
Please note the views and opinions expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.