What is your order of events?

3 Replies

I imagine I want to use a local bank, local lawyer, and local management company (last is obvious) to the property (as an out of state investor). Do you get all these people in line first before making offers and finding properties or do you identify the deal first, then find the above along with the inspector, handyman, contractor, etc?

You don't have to use a local bank or a local lawyer. The rest, yes. You should line those up before you start. You can start looking at the same time but in this market you'll be looking a long time so it doesn't really matter. Your property management company should have contacts for handyman, contractors, etc.

If you wait until you have a deal to find property management, contractors, etc, you’ll be under a deadline and won’t have much time to vet your team, unless you already have contacts in the area who can help. 

You’ll want to check with your own attorney to see if your state has bar reciprocity with the state you want to invest in. If not, you’ll need a local attorney.   And although it’s not necessary, it is a nice touch to bring your business to a credit union or lender whose funds stay in the local economy.  

Sharon Powell, Real Estate Agent in TX (#695962)
830-581-1020
Originally posted by @Shiv Jey :
I imagine I want to use a local bank, local lawyer, and local management company (last is obvious) to the property (as an out of state investor).

Do you get all these people in line first before making offers and finding properties or do you identify the deal first, then find the above along with the inspector, handyman, contractor, etc?

 The 1st step is to get pre-approved by a lender. After that you will want to meet with a Realtor who works for a Brokerage that does Property Management. When you are in escrow on the deal you will want to hire a 3rd party inspector to check things out before closing.

As for a handyman, contractor & lawyer your Property Management company should already have that all in place so none of that will be necessary for you.

James Wise, Real Estate Agent in OH (#2015001161)
216-661-6633

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