What's the order of operations when contacting others involved?

What's the order of operations when contacting others involved?

Washington, DC · Member since 2018 · 36 posts · 12 votes

I'm just in the research and learning stages, but I've heard a lot about the eventual need for buy-and-hold investors to contact many different people: lendors, realtors, contractors, lawyers, property management companies, and others.

At what stages of the process, from initial research to becoming a landlord, do all of the members of your eventual team come into play? How early should I be forming these connections, and how far along should I be in seriousness of buying? Would it make sense to be speaking with any of these people while I'm just learning about neighborhoods?

More importantly: are these teammates there to help/work with you to close in on a property and buy it, or do you call on them when you already KNOW what you need them for specifically?

I have a friend of a friend contact who is a realtor and who has forwarded me some listings. I am not ready to buy yet and she knows that, so I'm treating this as some friendly mentor-style help. But what does the realtor actually do and when does she do it? I don't want her to get the wrong idea if I keep taking help without "hiring" her (I know I don't pay her directly).

Just wondering about when each person here comes into play, and how much "help" they provide rather than just providing a direct service.

Thanks, all.

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  • Rental Property Investor · Lodi, CA · Member since 2018 · 206 posts · 115 votes
    7y

    @Jared G.

        Just being in the learning stages I wouldnt concern myself with contacting anyone but your realtor at the moment.

    If you're interested in rates from lenders, contractors, or property managers it doesn't hurt to call around and ask some questions. I wouldn't take up too much of their time unless they keep the conversation going. You don't want to hurt your credibility when you are ready to go.

    Find some local BP meetups, real estate networking events, or even a local rotary club networking event. People go there to talk and will give you a lot of information. In the meantime listen to BP podcasts, read a lot of books, and look at a lot of deals!

    Your realtor should know the market and will help close on your first deal. I'd stay in contact with the current one you have sending you properties. Don't be afraid to offer to buy them coffee or lunch to teach you a little bit.

     When you think you're close contact a lender. Once you're preapproved I'd call around to some property managers. Your agent may be able to recommend some. They should also be able to recommend other local professionals. Contractors, lawyers, accountants.

     Consistency is key, good luck!

    - Mike

  • Justin BrownBusiness Member
    Real Estate Agent · Allentown, PA · Member since 2017 · 343 posts · 156 votes
    7y

    @Jared G. I would echo everything @Michael Kistner laid out for you, especially trying to find a local real estate meetup.  That will be key because you will get the motivation to make your first purchase. What's keeping you held back from moving forward? Also building a solid team takes years and lots of deals to put together. Don't feel locked into any one person for any of these roles. 

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