Advice for a Newbie pt. 2: Building Relationships

[Hunter Kahn]

Hi Everyone, 

      When last I posted I was asking about how to get information on properties. Seeing how many people wanted to help with my predicament was inspiring. Now, I'm coming to you with a new question. 

     In my quest for property #1, I've been making a lot of new acquaintances in the hopes of doing business with many of them. I keep hearing that building relationships is key to getting the best deals and I'm looking for good ways to do this. Now, I know how to make and have friends but my struggle is that I'm not yet equipped to do any business. While I am working up to this point rather quickly, I'm trying to determine what is important to agents, brokers, lenders, attorneys, and PMs such that I can be of value to them until I'm able to actually buy through, borrow from, or otherwise employ their services. 

     For context, I'm currently building my presence in two markets. First, in Kansas City, MO. Where I was discussing in my last post based on cap rates and price to rent ratios. Now(and on the advice of BP community member @Nicholas L.) I'm also looking into my local market (particularly Boulder county, CO) because of year-over-year appreciation and the amount of distressed multifamily that exists there. 

     In both areas I've started to make connections by reaching out to investor friendly agents and brokers. In both cases I've found that these people are friendly, great conversationalists, and very helpful when I've been honest that I'm both new to the market and as an investor. So at this point, I'm looking for ways I can foster these relationships until there is a deal to be done. 

     It may be the case that the answer to this question is simply to be friendly, treat them with courtesy, and be a decent person. If that is the case, I accept the redundancy of my question. But if there is any value I can provide in my new-found relationships that someone with more wisdom or experience than I knows of I would be greatly appreciative of your input!

Thanks again!

Hunter