I intend to start regularly visiting the city I want to invest in after corona goes away. I understand I need to build a local team before I can start buying,but I really have no idea how to do this professionally. I'm just a 24 year old kid with no company backing me,so I really have no idea how to establish an initial professional relationship with real estate agents,contractors, etc and be taken seriously. Just calling someone and saying I am looking to buy real estate in the area and I would like to schedule a business meeting over lunch just seems clunky.
Investor · Philadelphia, PA · Member since 2016 · 20 posts · 12 votes
6y
@John Carmody is there a reason you are starting your investment business in a city far away from where you live? It would be helpful to share the location where you live, where you would like to invest, and the distance you would have to travel to get there.
Investor · Philadelphia, PA · Member since 2016 · 20 posts · 12 votes
6y
@John Carmody is there a reason you are starting your investment business in a city far away from where you live? It would be helpful to share the location where you live, where you would like to invest, and the distance you would have to travel to get there.
The area that I live is very expensive and I am not a fan of the tax and rental laws here. (baltimore county, md) I want to look at suburbs of springfield, MO as single family homes there are cheaper and the company I work for has a plant in the area if I ever decide I'd like to move there.
Investor · Philadelphia, PA · Member since 2016 · 20 posts · 12 votes
6y
@John Carmody, I am not a fan of investing out of state when you are just getting started and have no experience. A huge part of this business is managing your team and contractors. It is very difficult to do that when you are out of state and you have to trust people you are building a relationship with. It can be done; however, there is a lot of room for someone to take advantage of you because you lack experience and do not live in the area. 1) I would suggest you post another forum to ask people who invest out of their home state how they build and manage their team while living out of state. If you want to pursue getting an investment in MO, 2) you might start with a turnkey property and get a property management company to manage it for you. I am not sure how much money you have to get started;however, you could purchase a duplex or triplex and house hack in it if you move to MO. This suggestion is a safer option as you learn the fundamentals of the business. Best of luck to you,
For investor focused RE Agents, try going to (property local) real estate meet up events for investors and landlords, then ask around for what you need.
To find a Closing Attorney ask for referrals from (property local) Brokers and Property Managers.
I actually had never thought about the fact I could be taken advantage of in terms of my planning for an out of state deal. I think Im just going to have to save up longer or get an fha loan for something in my area so I can house hack and learn the ropes