_{Presented by Astra Properties LLC}
Building Success: The Right Time to Assemble Your Real Estate Investment Dream Team
_{By Nicholas Burrus · 12/15/23
Thanks for tuning in to todays read! Read time is roughly 10 mins.}

Happy Friday! ☀️ 

Welcome back, and thank you for tuning in:

The weekend is upon us; but it’s a good day to fill your brain with more knowledge.

Today we’re talking about building a team - a dream team to be exact.

For those of you who hold a bit more units (usually 50+), you might be asking-

Is hiring a team even worth it?

Great question

Let's dive in

Is It Time to Hire a Team? 👯 

As the business grows, so does the work. And if you're finding yourself overwhelmed by the tasks you have to tick off your list, you might need people who can help take some of the stress out of managing your growing business.

Now you might ask yourself:

“Why do i need to hire someone when I can do it alone?”

Well, no one can do everything alone (Right Steve? fist bump 👊), and delegating tasks that consume your time will help you free up more time to be productive in other corners.

More productivity = More money

You’ll be amazed with how many misc items take up a good majority of your time, so outsourcing those to others can help you focus on the nuggets that will help you grow.

Every successful business has an amazing team in its corner ✅ 

Going solo on your ventures is fine, but you'll still people in your corner to help you stabilize and scale.

Positions may look like:

• Property Manager

• Asset Manager

• Office Manager

• Leasing Agent

• Acquisitions/Sales Team

And the list goes on (depending on the size of your company)

Deals have many moving parts.

Without the right people helping you knock out tasks and run the portfolio, you’ll be in a tough spot with your time, life, finances, etc.

A team works as a support system - providing answers, resources, and strategies to help keep the business moving like a steam train. 🚂 

So,

You’ve built the internal team, but what about the external team?

What does this team look like? 

It's one thing to decide on getting a team and another to choose the right people for the job. Your dream team should have:

Realtor: This is your go-to person for finding investment properties in local and out-of-state markets. They can also help you learn about home values in various areas and make the best purchasing decisions - especially on out-of-state investments.

Mortgage lender (or Hard Money): There are many ways to fund a property. Without someone with finances by your side, you’ll be a step behind the rest. A lender will assist in all things related to your business finances, including:

• Build relationships with other types of lenders

• Negotiate lower fees

• Choose the best financing methods when buying a property

Hard money is also essential when it comes to purchasing flips.

If you have multiple projects going on at once, it might be difficult to tap your private lenders if they already have money in your other deals.

This is why it’s great to have a few HMLs in your corner.

Certified Public Accountant (or Bookkeeper): You can't take advantage of tax incentives without hiring a certified public accountant.

A CPA helps you stay organized financially by:

• Preparing your personal and business tax returns

• Reporting on your earnings every tax season

• Balancing your accounting books to save you money on taxes

Your accountant can also provide advice and strategies to make the most of every investment and how to navigate selling / reinvesting into other assets.

Attorney: You need a closing attorney to get deals closed for you. Someone who knows you and your business and can negotiate with other attorneys is essential and will separate you from your competition.

A lot of investors use any attorney they meet, or use multiple to “diversify”.

We don’t do this. You can if you want though.

Use someone you trust and who can get the deal done. Build the relationship for the long term and they’ll also refer you deals and recommend you to other sellers they meet 🙌 

💫 What Else is Poppin? 💫 

Swiftonomics: The Eras Tour revived economies and boosted rental revenues all over the country 🎸 

Taylor Swift's Eras Tour is more than just record-breaking - it’s reviving the economy!

Rental revenues and local tourism have seen an unprecedented boost as fans flooded cities and territories all over the country to experience what's shaping up to be the "highest-grossing solo tour in history" 👏 

Hotels, retailers, and Airbnb hosts are raking in profits before and after the concert thanks to the influx of fans willing to pay thousands of dollars for the experience.

According to an AirDNA report, the Eras Tour drove rental revenues by 75% and nightly rates up to 25%. The concert's economic impact varied from city to city, but overall, the tour generated a staggering $27.3 million in rental revenue.

Insane right

The Eras Tour was held across 20 US cities. The tour started in March 2023 in Arizona and ended in August in California, spanning 56 shows. 

Outside her extremely lucrative concert run, Taylor was recently honored by Time Magazine as its "Person of the Year."

Congrats Taylor

Did Google introduce a ChatGPT killer? 🤖 

The gloves are off - Alphabet is ramping up its response to ChatGPT 💥 

Google just rolled out Gemini, its newest AI system, claiming it to be the most powerful AI system on the market.

The software is Google's attempt at unseating OpenAI as the leader in AI tech. 

OpenAI launched ChatGPT in 2022, which shook the tech industry and left tech giants scrambling to develop similar tech. 

Google's Gemini is "natively multimodal," processing text, images, audio, video, and computer codes. There will be three versions of Gemini - each one was developed for specific applications: Nano, Pro, and Ultra. 

In a not-so-distant future, Gemini could power up Google's search engine, unlocking important algorithms that can be utilized in many applications.

Catch the latest episode of the AstraCAST podcast!

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You can catch me and Marcos on YouTube, and soon Spotify! Catch up with us as we bring on guests from all parts of the industry covering everything from real estate, personal development, to growing a business through acquisitions, rentals, and renovations.

Don’t be shy, check us out here!