All Forum Posts by: Justin Hale

@Michael Wallimann

@Justin Hale

Here is something that expands a bit more.  I actually called my buddy out of the blue one day and he answered with "I forgot you can also talk on these things".

https://www.biggerpockets.com/member-blogs/11993/84686-did-you-know-your-phone-can-make-calls

I agree with @Blake Edwards 100%. Make the calls, and talk to people in person. I invest in that area as well even though I am thousands of miles away and honestly my whole team was built out of an initial conversation with the real estate agent attached to a fourplex I was interested in (and wound up purchasing). From the very start of our first conversation I could tell she was my kind of agent. A complete hustler. Hungry, knowledgable and motivated. Then on top of it you add the old saying "rockstars know rockstars". Of course she was connected to everyone else that became members of a solid team. A team built from conversation. 

@Justin Haleundefined

@Justin Hale Before answering your question, are you looking to invest in the Albany area, or are you looking to invest in another market?

I invest out of state (about a 2.5 hour flight away), and I've found that spending a few bucks to fly out to the market and meet people in person is a really great way to determine who will be on your team.  I agree that the phone is better than email or text.  The only thing better than the phone is in person - you can learn a lot from meeting with someone in person.  There are a lot of things that I can pick up in an in-person conversation.  As David has mentioned in his books and podcasts, really all you need is the first member of the team that's a rockstar.  I've always found that people that are really good and accomplished know other complementary service providers that are also rockstars.  Justin, are you a rockstar?  If you are a rockstar, you'll be able to attract other rockstars to want to work with you, even if you don't have the experience.  I've found that rockstars meet with a lot of people and have a general knack of being able to bucket people or read people very quickly.  They will be able to pick up on whether you are a rockstar or not.  Focus on becoming a rockstar to be able to attract rockstars.  There's a certain confidence (not cockiness) that rockstars have that is palpable.

@Justin Hale

A property manager probably won’t know the market. They could assist with the building and process tenants but good solid agents in the area aren’t property managers.

Where have you started looking?

I my experience when you start contracting deals your team will come together pretty fast at that point. It’s easy to get side tracked with the “team” thing. Most gurus use that as content filer. The other content filer is day dreaming about your, “ why”. I don’t need a course about my “why”. 

@Justin Hale - Call, Call, Call people.  Don't email them and dont text them.  Speak to them on the phone.  You will be able to tell in seconds who is on their game, who will be helpful, and who will be willing to be on your "team".  

Hi Justin,

I'm also an investor in the Albany area, and a property manager.  You'll have no problem finding a property manager or a lender around here, they all want your business assuming you're legit and have money to spend.  Contractors and deal finders, however, are a real challenge.  

In our property management business, we spend hundreds of thousands every year subbing out to maintenance and rehab contractors, and even for us its still super tough to find decent ones that we can rely on, so for the smaller investor that needs a contractor to work for cheap on a rehab project, you're going to have to get in line, and don't expect a deal.  There's a huge shortage of good contractors around here, and a million homeowners willing to pay retail prices to have their kitchens redone or basements finished, so decent contractors have no reason to want to work on rehabbing a 100 year old foreclosure at rates investors can afford to pay.

As for deal finders, in my opinion that should be you. If its not you, your only options really are a wholesaler or a real estate agent. Most agents know nothing about investment properties, but the good ones that do are either going to 1) buy the best deals for themselves or 2) not want to work as a buyer's agent to find those houses that are great deals because they get paid a small commission for a TON of work. If you're like most that are looking to buy a $60k duplex to rehab in Troy or Albany, an agent is only going to make $1500 on that, so most aren't overly motivated to work with a buyer. For finding deals, I'd recommend mailers, driving for dollars, and even scouring the MLS. Two of my last BRRR's were from the MLS and were excellent deals.

Good luck!

@Justin Hale good evening and welcome!

What exactly are you looking to invest in exactly?

This could help me point you in the right direction. Who do you have in your circle so far?