Planning purposeful networking

5 Replies

I’m posting a question I asked Whit Ewen, along with his response. I appreciate his feedback and welcome additional thoughts.

I have heard about the importance of networking and was planning on building my network along with my study. If there is one thing I’m good at it’s talking to anyone about anything. Your feed back kind of refocused me effort today on just meeting as many folks as possible, phone, in person, email, text and BP messages.

I do however want to be purposeful in my efforts. Is there a recommended priority you would give to my pursuits?

My plan network work wise:

To find rehab property: meet several real estate agents and wholesalers to get a feel for who I like work with, then seek contractor referrals.

For but and hold: At the same time meet the turnkey guys and decide who is the best fit.

Lenders: I do have some cash, so I’d not planned on meeting lenders yet, is this a mistake?

Legal & Tax: ask for referrals

Response-
Whit Ewen
“I'd put the agents/ wholesalers and contractors on a parallel track and put some feelers out for lenders also. I'm not as familiar with the turnkey folks but must admit that sounds a bit risky. I'd also add some property managers to your networking targets, as they will know who wants to sell. Pick ones that you'd like to work with so hopefully you can just keep the property with them when you buy it. “

Originally posted by @Roland Brown :

I’m posting a question I asked Whit Ewen, along with his response. I appreciate his feedback and welcome additional thoughts.

I have heard about the importance of networking and was planning on building my network along with my study. If there is one thing I’m good at it’s talking to anyone about anything. Your feed back kind of refocused me effort today on just meeting as many folks as possible, phone, in person, email, text and BP messages.

I do however want to be purposeful in my efforts. Is there a recommended priority you would give to my pursuits?

My plan network work wise:

To find rehab property: meet several real estate agents and wholesalers to get a feel for who I like work with, then seek contractor referrals.

For but and hold: At the same time meet the turnkey guys and decide who is the best fit.

Lenders: I do have some cash, so I’d not planned on meeting lenders yet, is this a mistake?

Legal & Tax: ask for referrals

Response-
Whit Ewen
“I'd put the agents/ wholesalers and contractors on a parallel track and put some feelers out for lenders also. I'm not as familiar with the turnkey folks but must admit that sounds a bit risky. I'd also add some property managers to your networking targets, as they will know who wants to sell. Pick ones that you'd like to work with so hopefully you can just keep the property with them when you buy it. “

 What market are you looking into?

I’ve been looking at Kansas City area, Memphis, some of the cities around north and east Texas like Tyler and Longview. I think I’ve seen the most Turnkey in cities in Ohio so I’ve done some research in cleaveland, Cincinnati, and Toledo. 

Pretty broad I guess. I’ve mainly been trying to get an idea of what is out there. 

Originally posted by @Roland Brown :

I’ve been looking at Kansas City area, Memphis, some of the cities around north and east Texas like Tyler and Longview. I think I’ve seen the most Turnkey in cities in Ohio so I’ve done some research in cleaveland, Cincinnati, and Toledo. 

Pretty broad I guess. I’ve mainly been trying to get an idea of what is out there. 

I don't know of any turnkey companies in East Texas. If you are looking for contacts in that area, look into the local REI meeting. Lots of good contacts there.

Thanks @Mike Reynolds

Within texas I’m looking more towards flipping and Buy and hold.  Out of state I am interested in Turnkey because they at least are a place to start as far as the help needed in buying and renting. Cash flow is my target right now. 

I’ve really struggled with Turnkey because it feels like I’d be starting off behind on the Equity side. 

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