Planning to start investing in single family homes in the New Haven, CT area by early next year. Absorbing as much info as I can and saving in the meantime. I want to create my 'team' of folks (realtor, handyman, small contractor if needed, attorney, accountant) by then. Any suggestions on how to do this? I was planning to contact my realtor that I used to purchase my original home that I live in now. I want to spend this time getting prepared. Any suggestions on creating my group of folks before pulling the trigger??
Anyone just use Thumbtack or Homeadvisor? Besides securing financing and reading more about investing, what else can I do these few months??
Thank you everyone in advance!! Your advice is priceless!!
You could build your team entirely out of professionals here on BP and/or recommendations from people here on BP. I would try to network with other BP members, establish relationships and get trusted recommendations that way.
Hello @Kunal Domakonda . Congratulations on committing to invest in the Elm City. As @Dan Weber stated, you can build your team from the professionals here in BP or word of mouth from local New Haven BP members. @Ryan Luby hosts a monthly BP meet up in New Haven and you can join us in the next meeting to get recommendations of your core team members. I just recently acquired a multi-family in New Haven and will be happy to share with you the contacts that I have used. Just inbox me.
@Jeff Lamothe sounds terrific! will do
Hi @Kunal Domakonda ! I would be more than happy to chat or grab coffee!
@Kunal Domakonda Connect with local investors here in BP, attend meetups in your area (some are doing it virtually now), join Facebook real estate groups in your area, mention to everybody you talk to about your real estate investing and ask for referrals. There's also as a website called Nextdoor, it's a neighborhood website, you can ask for recommendations from your neighbors on contractors or on pretty much anything, that's where I found my contractor. Regarding the realtor, I recommend connecting to realtors that are active/member of BP community or find someone that is investor-friendly or investor themselves.
And once you connected to one, it will grow from there. Each person that you will connect with will definitely know somebody that could potentially become part of your team. Good luck!
I will be IM'ing you guys. @Dan Weber let me know about your next session. Would love to join!
@Kunal Domakonda A great team is a great idea.They can save you both time and money.
Start speaking with agents that work with other investors,if they are just end agents they don’t always understand what we are looking for,so you may have to talk to several to find one that is helpful.Meet as many other investors as you can,They can help with contractors and attorneys and closing companies that will be helpful to investors.
Best of Luck!
@Kunal Domakonda I wanted to add that thumbtack and HomeAdvisor are both retail priced platforms.The users pay for referrals and in the end you pay for that.You want to find wholesale contractors.Get the best prices possible for quality work.When looking for contractors and speaking to them always let them know,we love to pay for completed work.
I would say be careful about your ambitions of "putting the dream team together". If you're brand new, you don't really know what you're getting started on. You need a lot of competence and confidence to have a "team". What I would recommend is do your damnedest to find a really good agent in your area who comes from a reputable brokerage that has strong relationships and then see who they can connect you with. Don't try to build your team all at once. Find a good starting point and then see who you meet and see who works for you. Reshuffle as needed.
@Dan DiFilippo starting with a solid realtor is great advice! Build/learn/adapt from there
@Dan DiFilippo Hey Dan I am a new investor myself. I set a goal to do my first fix and flip in three months. I would would say Use BP I have connected with great people on here from my rookie Wholesaler partner and a experienced investor who is allowing to shadow them on there project. I would also keep educating yourself read as many books and podcast as you can and most importantly take action daily on reaching your goal. Can’t wait to hear about your first deal.
I started early last year. This is what I think worked for me
1. Real estate agent- found two amazing real estate agents in the two cities I have invested in. One of the agents is an investor himself and does out of state investing as well. He helped a lot with the locations to focus on and helped me network with good lenders and reached out to other investors if he could not answer a question himself.
2. Property manager- This was critical in my first purchase because I didn't visit the property. She knew everything about the location from schools to crime rate to rents and any info that is needed to make a decision. The second agent I use is also a property manager.
The above two were very important. I interviewed a lot of agents and property managers before finalizing. Handyman, lawyer (in case I need help with code violations ) came from agent's network.
3. Home inspector- I found him by accident but he has been crucial in price negotiations.I make sure I look at the property when he is on site and about to finish his inspection.
A team can save you time and money.
@Mrinal Parashar thank you. Terrific advice
I found my handyman/contractor on craigslist, and it worked out well. I just gave him a small job to see how he'd do, and as he hit it out of the park, he's now my "go to" guy. Like swimming, you just have to jump in and see what happens. Good luck, brutha! Oh, my contractor is an ol' Vietnam Vet, so I get some cool stories, and he gets kicked out of Lowe's time to time, God bless him. :P