Investor · Philadelphia, PA · Member since 2015 · 172 posts · 58 votes
I am just about ready to dive into investing head first and begin doing deals. I know which professionals I'll need (realtors/agents, mortgage brokers/bankers/lenders, inspector, attorney/escrow/title, contractors, accountant, management company), but I haven't the faintest idea on how to find the right people beyond endless internet searches and screening, or hoping to find the right professionals on BP in the specific area I want to invest in. This seems like the biggest hurdle for me, besides financing my deal. Where to begin and how to proceed?
@Ben Feder using a variety of methods (some mentioned in the above posts) start with one member - the real estate agent. From there all conversations should end with "based upon my goals, who do you recommend I should reach out to? "
And keep in mind, once you find a rock star agent, he or she will have a preferred lender, for example, and referrals to other members or even contacts/methods to find you those referrals
Have you been attending local RE meetups? I get most of my referrals from other (more experienced) investors who I met at RE clubs.
This has worked very well for me thus far.
-Dan
I am just starting so I haven't been to any. I plan on going to more, but I did go to a seminar yesterday where they tried selling me on an investing bootcamp (which I decided to pass on).
Where do you find your local real estate meetups? On the meetup app/meetup.com or any other good places where you can find one? I think I heard BP has local groups but not sure where to access that.
@Ben Feder BP & meetup is where you will find networking events in your area. For BP, when you click the BiggerPockets logo in the upper left-hand corner of the screen it will take you to your homepage/dashboard then at the lower right-hand you will see a section for local events. Once you connected with one, don't hesitate to ask for recommendations for the other members of your team, until you grow your list, and pick which one fits your criteria. I'm also just starting out and slowly building up my amazing team. Good luck!
@Ben Feder using a variety of methods (some mentioned in the above posts) start with one member - the real estate agent. From there all conversations should end with "based upon my goals, who do you recommend I should reach out to? "
And keep in mind, once you find a rock star agent, he or she will have a preferred lender, for example, and referrals to other members or even contacts/methods to find you those referrals
I always reach out via phone or email to see how quickly and professionally they respond. You'll be shocked by how many people don't return a phone call or email. If they don't, that makes it easy. If they do withing a reasonable time frame, I ask if they'll meet me for coffee and answer some questions. If you can get them to meet you and patiently and respectfully answer your questions, go from there.
For me, it's vital that the people I work with communicate efficiently with me and are willing to answer as many questions as I have. If they don't do those things, they certainly won't improve once we are working together.
I always reach out via phone or email to see how quickly and professionally they respond. You'll be shocked by how many people don't return a phone call or email. If they don't, that makes it easy. If they do withing a reasonable time frame, I ask if they'll meet me for coffee and answer some questions. If you can get them to meet you and patiently and respectfully answer your questions, go from there.
For me, it's vital that the people I work with communicate efficiently with me and are willing to answer as many questions as I have. If they don't do those things, they certainly won't improve once we are working together.
Thanks. That makes lots of sense to weed out the duds and stay focused on the good ones. Where do you find the majority of the people you work with though (websites, BP, REI meetings, etc.)?
@Ben Feder If you have an agent helping you, start making offers man. There will never be a perfect time. You don''t need an accountant to land your first rental. You don't need hours logged rubbing shoulders with mortgage brokers to get one either. As @Nat Rojas alluded to above, it's very likely your agent will have a lender they have worked with in the past he/she can refer you to if you don't have one yet. It's free to prequalify and you can change if you find a better option while you are under contract (I've done it). I'm sure your agent also knows a few contractors they can pass you info for. Just start man
@Ben Feder If you have an agent helping you, start making offers man. There will never be a perfect time. You don''t need an accountant to land your first rental. You don't need hours logged rubbing shoulders with mortgage brokers to get one either. As @Nat Rojas alluded to above, it's very likely your agent will have a lender they have worked with in the past he/she can refer you to if you don't have one yet. It's free to prequalify and you can change if you find a better option while you are under contract (I've done it). I'm sure your agent also knows a few contractors they can pass you info for. Just start man
Thanks man. I like hearing things like that, that inspire me to action.
Consider diving in and learning who to use and who not to use as you go along. Anything to not get caught up in finding the perfect professional to the point where it further delays your action.