Meeting a HML to build a relationship prior to purchase?

Question

Hi all!My business partner and I have been working diligently on getting all our pieces in place before purchasing our first home renovation project. Currently we're fleshing out our business plan, got our LLC in place, ran our numbers (being conservative), and have had a heavy focus on our REI education and local networking.

Our next step is to meet a HML in person to get a feel for what we need to do next, and where we should be headed. Ideally this will help us prepare for when we find the deal, so that we can go right to the HML and close the deal quickly without any newbie overlooks.

My question is, is this a good idea, and will HML even give us the time of day, just to sit down (virtually or in person) to talk and ensure we are on a good grounds prior to purchasing a deal.

If so, I would love any good HML recommendation that are willing to work with a solid first time home rehabber with experienced mentors backing us every step of the way. If anyone has a HML they can recommend who's ok with a quick chat over coffee to go over any of the nuances prior to finding a deal, please comment below. Any and all help is much appreciated!

Muz

Muz Khan · Answer

@Stephanie Potter

I agree that the BRRRR strategy is something we will definitely go for once we transition into the buy and hold part of our business, can't wait! We'll continue to try MeetUps and REIAs that have treated up well so far, thank you!

@Chinmay J.

I think i'll definitely try to go to the meet ups for Washington Capital Partners, this seems like the best bet, and also provides the informal environment that we're looking for to build this relationship. Great tips!

Thank you!

Chinmay J. · Answer

I have met @Andrew Michael's Team of Washington Capital Partners prior to putting an offer on the property. Its not a bad idea to meet face to face with someone you could be doing business with, but as @Stephanie Potter said most of it these days is done on phone. You can try and go to meet ups for Washington Capital Partners as they are in our area, but there is also chance you could be working with someone who is outside of the area you are investing. Good luckj.

Andrew Michael · Answer

@Muz Khan I would love to sit down with you anytime. I will send you a PM with my contract and office information.

@Chinmay J. Thanks very much for the shout.

Stephanie P. · Answer

@Muz Khan

Most loan scenarios and number running is done on the phone or email these days although MeetUps is a pretty good way to meet investors. It's really the only way to scale the business (especially with the traffic in the DC Metro area).

BP is an excellent source for valuation tools and property/deal evaluations. The BRRRR strategy has proven to be really helpful for many investors as a road map for success. Poke around the site to get familiar with the resources available.

PM me if you'd like to chat further.

Happy investing and welcome to BP

Stephanie

Meeting a HML to build a relationship prior to purchase?

Meeting a HML to build a relationship prior to purchase?

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