Tips for building your out of state team?

Question

Hi all - my name is Mel and I'm a newbie in REI. I'm looking for advice on building my out of state team. I'm close to narrowing down which city and specific area I want to buy my first door in and I plan on using the BRRRR method, so I'm really starting to think about building my team.

For those that are/were in a similar boat, what aspects do you like about your team that you think they do really well? What are the attributes you look for? Or what red flags have you experienced?

Realistically I see myself being able to get out to the property once to meet or interview potential team members. This part of the process is something I'm pretty nervous about since this would be my first deal. Any advice about finding the right property managers, agents, contractors, or lenders would be appreciated. Thanks in advance!

Jason Allen · Answer

@Mel Adams

For me, it was finding an agent in a market I was interested in, who already had the team in place. I got very lucky! So lucky, in fact, that I quit what I was doing to come out and work with him.

My advice: find a rockstar agent (like David Greene)

always says), and that agent will help you get your ducks in a row.

Mel Adams · Answer

Hi @Jason Allen - this is great advice, thank you! I'll work on finding an agent first.

Aigo Pyles · Answer

See reviews and make a thorough research.

Drew Sygit · Answer

An agent and a PMC should work together to find you great rental properties.

We don't recommend relying solely on an agent as they're out of the picture after the closing.

No one has more "skin in the game" than a PMC as they have to deal with the property every day until an owner sells or fires them.

Also recommend finding your own Inspector and not one referred by an agent. You want an unbiased Inspector.

Joe Funari · Answer

@Mel Adams  I will second what @Jason Allen said about first identifying a Realtor in the market your interested in investing. They will have recommended contacts from good lenders, home inspectors, insurance, property management, and contractors. I work in the Dallas/Ft. Worth area and it still amazes me when I recommend any of these that on occasion other beginner investors want to "reinvent the wheel" and go their own way. That is definitely their choice. I only give recommendations and they can choose to use whomever they want. But I am also a seasoned investor and have used all of my recommendations in my business, and especially with the contracts, have done work at my primary residence too. So trust and practical experience goes a long way for me. I would also add that in your search find a Realtor that is also a fellow investor that has personally done transactions in the exit strategy your interested in whether it is rentals and/or flips, etc. Also, make sure they have experience, and especially, patience to work with. Inventory is non-existent. But a great Realtor will still help you find the deals. You can search here in BP in the Network section too for Realtors in a specific market too. That is a good place to start. Hope this helps.

Tips for building your out of state team?

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