I know my weaknesses - looking for investment partner to help

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I know my weaknesses - looking for investment partner to help

Member since 2018 · 19 posts · 8 votes

This feels weird for me doing this post but I think it's better I admit where I am lacking and find someone to compliment those weaknesses, and hopefully form a solid partnership where we can build a very lucrative property portfolio.

What I can bring to the table:

  • Extensive research and knowledge of real estate investing.
  • Analytical mind / software development company.
  • Have built my own custom CRM with literally thousands of MF properties, across SMF, MMF and LMF, as well as over 1,000 self storage properties. Most of these have owner details.
  • I am a digital designer and have already built own investment website, business cards etc.
  • Have made a spreadsheet of the most recession proof markets around the country, based on population, income, median house prices (and lots more factors) - most of these markets across Texas, Colorado, South Carolina and North Carolina. My list of properties are mostly in these regions.
  • Already have hundreds of postcards printed for mail outs.
  • Substantial savings for downpayment.

Why am I looking for a partner?

I tried to cold call people, I did it for a couple weeks, it was ok. But it's time to admit it's my weakness. I am a computer guy, so mostly prefer email and other digital forms of communication. I want to find a partner who is willing to pick up the phone and hustle, and I know that is not where my strength is. I want someone outgoing and extraverted who would spend the time calling potential sellers from the CRM I have built.

My CRM has thousands of off-market properties. Ideally I want to find a large MF (50+ units) in a solid market. However, medium MF properties, and even small MF is of interest to me. Just want to start building a solid portfolio with hopefully cash flowing properties.

The partner should also have investment funds ready to go, and we would equally source off-market deals and invest based on a split partnership arrangement.

I am located in Los Angeles, but soon may be moving either back to New York, or to Austin / San Antonio. Ideally would like a partner nearby so we can bounce ideas etc, however can make it work if it means jumping on a calls and then just meeting at prospective properties.

(As I write this post I am in Austin. I just spent 2 days driving almost street to street around San Antonio, then some towns on my way to Austin, now Austin, next Charleston and surrounding areas. As I go I am marking suburbs and streets which are appealing. Fly back to LA on Tuesday.)

Please go easy on me - I am a bit nervous doing this post!

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Flipper/Rehabber · Fresno, CA · Member since 2018 · 76 posts · 14 votes
7y

Hello Luke 

If you have the CRM ready to go and you have all the data collected to target certain markets ,all you need is hire a VA and half of your problem will be solved .VA can filter the motivated seller for you and you just have to call those few leads instead of making numerous calls yourself.

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  • Flipper/Rehabber · Fresno, CA · Member since 2018 · 76 posts · 14 votes
    7y

    Hello Luke 

    If you have the CRM ready to go and you have all the data collected to target certain markets ,all you need is hire a VA and half of your problem will be solved .VA can filter the motivated seller for you and you just have to call those few leads instead of making numerous calls yourself.

  • Danny RandazzoPro Member
    Apartment Syndicator · Charleston, SC · Member since 2016 · 973 posts · 728 votes
    7y

    @Luke Peake you start get plugged into local investment groups where you plan to move and start networking with them and talking to people. You will probably be able to find a solid partner that way. 

  • Member since 2018 · 19 posts · 8 votes
    7y

    @Ravi Singh thanks for the reply and advice, appreciate it. Any recommendations as to who to use for a VA or where to find one? Thanks again!

  • Specialist · Cleveland, OH · Member since 2018 · 1k+ posts · 666 votes
    7y

    @Luke Peake all do respect it sound like you are promoting yourself / list. Maybe I am reading it wrong , but will see .

    Deals are everywhere, I have never in 10 years used a " list " or cold called any potential seller.  My network brings me properties . Its all about your team, 

    Good luck 

  • Member since 2018 · 19 posts · 8 votes
    7y

    @Bob Prisco not at all promoting myself, if anything the opposite as being transparent on my shortcomings.

    Unfortunately I’m only fairly new to investing so I don’t yet have the network. I have attended a couple meetups but everyone I meet seem to be in the same boat and new investors.

    For finding deals I don’t have people bringing these to me, unless I speak with real estate agents, however from my understanding any properties listed for on market already (and not off-market) are not classed as “deals”? Then how (without the network) do I find off-market deals? All podcasts and books I read suggest building a list, cold calling and mail outs - which is what I’m trying to do. They also do suggest building a network, which is also what I’m trying to do.

    Any suggestions or recommendations is very much appreciated.

  • Specialist · Cleveland, OH · Member since 2018 · 1k+ posts · 666 votes
    7y

    @Luke Peake Simply find an investor doing deals, Learn from them.  Join varies message boards. heck there are deals here in BP, from all across the country . I get 10 deals a week sent to me,  

    Good luck 

  • Member since 2018 · 19 posts · 8 votes
    7y

    @Bob Prisco ok great thanks for advise, appreciate it!

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