New to real estate. Ready to learn!
Hello everyone! I am new to the world of investing in real estate. I am interested in buying Land, fix and flips and rental properties. I don't currently own any properties but I did start a LLC in hopes of getting the process started. I need some pointers on where to get started and how to build my team.
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Welcome to real estate, Chris. Starting with the team is probably one of the most important things you can do before buying your first property.
My biggest advice would be: don't build your team based on who is easiest to find, build it around who is actually aligned with your strategy and can execute.
I'd start with a good investor-friendly agent, lender, contractor/GC, insurance agent, and title/closing company. But don't just take someone's word for it, interview several people, ask for references from investors doing similar deals, and ideally start with a smaller project before trusting someone with a major one.
Also, figure out your investment criteria before building the team. What market, price range, strategy (flip/rental/land), target returns, available capital and risk tolerance?
The right team for a flip isn't necessarily the right team for a long-term rental.
And one thing I'd strongly recommend as a new investor: learn to analyze the deal yourself before relying on anyone else's numbers. Your team should help you execute and challenge your assumptions, not make the investment decision for you.
Good luck!
Getting the right people around you early can save you a lot of expensive lessons later.