New Member - Looking to Build an Investing Team

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New Member - Looking to Build an Investing Team

William Brien
Attorney · Los Angeles, CA · Member since 2019 · 5 posts · 2 votes

Hi all -

I'm a new poster here on bigger pockets.  I've been listening to the RE podcasts for months and now looking to finally actively engage in this fantastic community.

I currently live in Los Angeles, but am looking to invest in the multifamily space in an out-of-state market that is a little cheaper. I, along with two partners, have been looking into a few cities that are a short(ish) flight away (Boise, Salt Lake City, San Antonio, Dallas, Houston) as well as a few cities that are a bit farther (Charleston, Charlotte, Raleigh, Atlanta, Orlando, etc.). Our current plan is something along the BRRRR method of value-add/hold in multifamily space. I am curious to hear people's thoughts as to whether there is a significant benefit to picking a location 2-3 hours away vs. 5-6 hours away?

Also, I am looking to build a network of brokers, lenders, property managers to help from acquisition through management.  My question here is two-fold - should we pick a city and then try to build this network, or feel out building a network in multiple cities and then pick a location based on where we can generate the strongest network?  Any help/suggestions would much appreciated.

Thanks!

Will

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Scott Mac
Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
7y

Hi William,

I'd pick ONE city, then fly there, rent a car and spend 1 week driving around and getting to know the areas, and the neighborhoods. To try to locate where I'd like to buy, and most importantly where I don't want to buy.

While there attend a FEW real estate meetups and talk to the locals about what areas of the city are best, and any local common problems such as in Texas, possible foundation issues due to soil conditions, or earthquake bracing in California, etc...

Spend the week networking and driving around with a city map.

Good Luck!

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  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    7y

    @William Brien welcome to BP. I would look for a city in the right part of the economic cycle first and foremost.  That is a city with projected growth in jobs and population. 

    How far way that city is is irrelevant the moment it is far enough away to gt on a plane. 2hr flight or 7 hour flight still  means packing, driving to the airport and staying in a hotel.

    1Reply
  • William Brien
    OP
    Attorney · Los Angeles, CA · Member since 2019 · 5 posts · 2 votes
    7y

    @Ned Carey thanks for the feedback. I agree that finding cities with the proper demographics- population and employment growth is important- that’s how, along with other factors, I targeted the cities I mention above.

    What are a few tactical ways to gain connections to brokers, lenders etc if you are looking for a deal in a city that you do not live in?

    0Reply
  • Jason Merchey
    Investor · Hendersonville, NC · Member since 2013 · 754 posts · 281 votes
    7y

    I was looking into Rod Khleif. He and his partner are looking very seriously at a multifamily syndication in Dallas as I type. Might want to see the webinar about that. Sometimes it's easier to analyze a document and a deal than to hit the pavement in search of everything you're going to need to get one started. 

    I'm in Charleston, so be in touch if you decide to invest here. 

    0Reply
  • George Blower
    Retirement Accounts Attorney · Southfield, MI · Member since 2017 · 3k+ posts · 1k+ votes
    7y

    @William Brien

    Welcome to BP!

    0Reply
  • Scott Mac
    Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
    7y

    Hi William,

    I'd pick ONE city, then fly there, rent a car and spend 1 week driving around and getting to know the areas, and the neighborhoods. To try to locate where I'd like to buy, and most importantly where I don't want to buy.

    While there attend a FEW real estate meetups and talk to the locals about what areas of the city are best, and any local common problems such as in Texas, possible foundation issues due to soil conditions, or earthquake bracing in California, etc...

    Spend the week networking and driving around with a city map.

    Good Luck!

    4Reply
  • Rick Pozos
    Wholesaler, Rehabber and Landlord · San Antonio, TX · Member since 2014 · 2k+ posts · 2k+ votes
    7y

    I have to agree with @Scott Mac. Find a city that matches your criteria. Then spend some time there. 

    @Mauricio Ramos, myself and a few others are looking at doing a few syndications this year in the smaller (10-80unit) multi-family space. If you are a limited partner in a syndication, you would not have to go look for properties, do inspections, oversee rehav, work with property management, and a number of other items. Also, you would not have the liability risk.

    You can always call to ask more questions. Everything is on my profile.

    0Reply
  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    7y

    @William Brien i would look for either a CCIM in the city or check Loopnet. They say Loopnet is where deals go to die. However it is a good place to find brokers.

    0Reply
  • Mauricio Ramos
    Rental Property Investor · San Antonio, TX · Member since 2016 · 87 posts · 31 votes
    7y

    @William Brien welcome to BP. Glad you are interested in the San Antonio market. 

    As @Rick Pozos mentioned, you should pick a city first (or two) and focus on it/them. If you look to invest passively into syndications, you can put your money to work for you with a group that you like and trust, and not have to be very involved nor liable with the reposition. 

    Feel free to reach out.

    Invest Differently,

    Mauricio Ramos

    0Reply
  • Theo Hicks
    Rental Property Investor · Tampa, FL · Member since 2015 · 1k+ posts · 969 votes
    7y

    Depends on how fast your drive...lol. But really, it is up to you. I personally like investing in an area I can easily drive to because it make the acquisition and management processes easier.

    I would select a market first and then build your team. Most of your team members will ask you "what areas are you looking at?" Without selecting a market and analyzing the submarkets and neighborhoods, you won't really have an answer.

    0Reply
  • Mike Shulman
    Real Estate Agent · orlando, FL · Member since 2009 · 159 posts · 121 votes
    7y

    Welcome to BP. I would focus on researching the area you think you will have the best long term growth and the easiest time finding the type of property you are looking for. Maybe reach out to some local experts to see if they agree with your assumptions. I'd be happy to talk to you in regards to the Orlando Market. 

    0Reply
  • Karen MargraveBusiness Member
    Moderator
    Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
    7y

    The question is, what is the experience of yourself and your partners?  Rather than looking at locations, I think it's more importantto look at what it is you're bringing to the table and then find out what you need to shore up. Obviously funding is a major issue on any deal. If you don't have money and are looking for others that do, you need to have something else of value to add. 

    1Reply
  • Danny RandazzoPro Member
    Apartment Syndicator · Charleston, SC · Member since 2016 · 973 posts · 728 votes
    7y

    @William Brien you need to connect with @Russ Scheider who can help find you off market deal and @Troy Gandee who is a great investor friendly broker/agent in Charleston, SC

    0Reply
  • Russ Scheider
    Flipper/Rehabber · Mount Pleasant, SC · Member since 2013 · 547 posts · 235 votes
    7y

    Hello @William Brien  Let's talk!  Thank you @Danny Randazzo for the introduction

    0Reply
  • Troy GandeeBusiness Member
    Real Estate Broker · Charleston, SC · Member since 2013 · 794 posts · 454 votes
    7y

    Thanks @Danny Randazzo!!

    0Reply
  • William Brien
    OP
    Attorney · Los Angeles, CA · Member since 2019 · 5 posts · 2 votes
    7y

    Thanks @Jason Merchey, @Scott Mac, @Mauricio Ramos, @Theo Hicks, @Russ Scheider and everyone very much for the thoughts, comments and welcome reception.  My two partners and I are all lawyers who have been working in commercial real estate transactions for the past six years and are finally looking to jump into the investing space ourselves.  So while there are undoubtedly benefits to the passive investing/syndication side, we are looking to learn/get the upside from our own deals.  There seem to be a great number of people and information here to learn about investing possibilities across the country and it's time for me to dive in!  Thanks

    1Reply
  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    7y

    Welcome to BP William and best of luck investing!

    Podcast Guest on Show #121
    0Reply
  • Sid Montero
    Member since 2019 · 19 posts · 2 votes
    7y

    I am also new to the forum and am new to RE investing.  Anyone can recommend a good investor focused agent in Charlotte, NC?

    1Reply
  • Aidan Mulligan
    Rental Property Investor · Charlotte, NC · Member since 2019 · 161 posts · 178 votes
    7y

    @William Brien I’m a new investor in the Charlotte, NC area with a background in construction management. If you decide on the Charlotte market I’d love to help you out. I’m trying to learn the business side of real estate.

    0Reply
  • Patrick Menefee
    Real Estate Coach · Charlotte, NC · Member since 2016 · 399 posts · 341 votes
    7y

    @Sid Montero I’m in charlotte as well, new to investing. There are a nimber of good agents on here (@Michael Clay for starters) and a buddy of mine is too. What part of town are you looking?

    0Reply
  • Sid Montero
    Member since 2019 · 19 posts · 2 votes
    7y

    @Patrick Menefee Outside of uptown - I can’t touch anything there... Yet!  😁 Just looking for good rental properties to start.   I will reach out to @Michael Clay.  Thank you!

    0Reply
  • Michael Clay
    Charlotte, NC · Member since 2017 · 85 posts · 38 votes
    7y

    @Patrick Menefee Thanks for the referral!

    @Sid Montero I'd love to help out! I'll PM you right now.

    0Reply
  • Alyssa Dyer
    Rental Property Investor · Oklahoma City, OK · Member since 2017 · 1k+ posts · 694 votes
    7y

    I'd look for companies that already have the network. Why waste time re-inventing the wheel if someone has already made all of the connections for you. 

    Flight times don't matter, the bottom line does. If you find someone that others trust via reviews, you trust due to your rapport and that keeps you consistently updated, sends photos/verification that they're doing what they say they're doing.. you're set! 

    I know hundreds of investors that have done this in OKC that have never been here. 

    0Reply
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