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Jonathan Tiongco
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Analysis Paralysis - Ready to Make Offers But Don't Know Who Needs To Be On My Team

Jonathan Tiongco
Posted

Hi everyone!

I've been lurking on BP for quite a while now, reading books (Rich Dad Poor Dad, Psychology of Money, The Intelligent Investor, etc.), listening to the podcast daily, and learning as much as I can. At this point, I think I'm suffering from analysis paralysis and would really appreciate some guidance from those of you who have already gone through their first deal.

A little about me: I'm a full time locum tenens 1099 Emergency Physician based out of San Antonio, TX. My wife and I are interested in building a real estate investing business together. We don't have any professional real estate experience, although we did recently purchase our first home in San Antonio. Our goal is build a portfolio of cash-flowing rental properties over the long term.

Right now we are focusing on single families home in San Antonio with two acquisition strategies in mind:

1. Seller financing, my preferred strategy is favorable terms can be worked out

2. BRRRR if the numbers make sense

We've spent month building buy boxes, analyzing deals, learning about creative financing, and recently started cold-calling listing agents with these strategies in mind. Honestly, making those first few calls was nerve-wracking but exciting! Here's where we're stuck...

I'm almost hoping every seller tells us "no" because if someone actually says "yes" I'm not completely sure what the next steps are. We don't want to lose a good deal because of lack of preparation. So my biggest questions are: 

Who do I actually need on my team before I start making serious offers?

For those of you who remember your first deal, what professionals did you have lined up before going under contract?

Do I need a buyer's agent if I'm pursuing seller-financed deals, or is it reasonable to represent myself?

Should I have a real estate attorney before submitting my first offer, or only after I have an accepted contract?

How do I find a title company that understands creative financing?

Should I already have a contractor lined up before making offers, or can that wait until after I'm under contract?

At what point do you involve an insurance agent, property manager, lender (for BRRR deals), etc.?

Is there anyone I'm overlooking who is absolutely critical for a first time investor?

My biggest fear isny making offers. It's getting an accepted offer and realizing I don't have the right team in place to get the deal over the finish line in time. If you were mentoring someone buying their very first investment property in Texas, what would you recommend as their minimum viable team?

Of course, any advice, lessons learned, or recommendations especially from my Texas/San Antonio investors is greatly appreciated! Thanks in advance! 

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