Who Is Specifically Involved in Your Team?

4 Replies

I am new and looking to stack all my dominos before I get into investing. I am looking to start House-hacking, invest in a couple of single-family homes and then 100+ Multi-Family Complexes because that's what matches my life/real estate goals. 

I want to know who the players are. Who do I NEED to have in place before I start investing? I am based in New York so I know I need deal finders.

Would appreciate if you guys went over your process for finding your own team members. 

Nobody because you don't know what you need until you need it, yes you'll need a property manager and real estate agent but the rest is dependent on what you buy.  For example you'll shop around for insurance after you have something under contract.  Same with a contractor, no GC will waste their time talking to you if you don't own anything.

@Anthony Madia

Core 4

Realtor

PM

Finance guy or gal

Handyman

Start w a good realtor they will point you on right direction

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I agree with Raul on the Core 4.  This is what the BP hosts talk about all the time.

You may or may not need a Realtor depending on if you are comfortable negotiating and finding deals.  If they are experienced working with investors it would be way easier, but they tend to not want to work with you unless you are pre-approved or have funds in the bank. This will show them that you are a serious buyer.

You will definitely need a mortgage broker or lender. I would go with a smaller local lender, they tend to have better deals and most likely keep their loans in house.

If you plan on house hacking you may not need a property manager, but you should build a relationship with one that can help you with local rent rates.  The PM will come in once you can't or don't want to handle managing your properties. They also are the first person who gets notice that a person wants to sell their property, good to pick up deals from. 

Last you would need a handyman or contractor if you don't know construction at all.  There are somethings they can spot right away that a normal person couldn't.  You would also take this person with you when you are looking at properties to buy, they will give you tips and you can use these when you negotiate your purchase price or repairs.

@Anthony Madia my most “active” team members are agent, home inspector and PM company. You need all of that and good trades people to be successful