Lender · Nationwide · Member since 2018 · 571 posts · 310 votes
Hi everyone,
In a little over a month I'll gain access to a bunch of capital, and plan to buy a 2-4 unit multifamily rental in Jacksonville, FL. But let's say I had access to the capital now. What's the best order to start assembling a team, and where does the purchase of the property fit it?
For example, some agents have asked me to be preapproved by a lender, I assume they want to make sure I'm serious and not wasting their time. Is it optimal to have a lender in place before doing an agent with a showing? How about contractors and property management? Should I have made contact with these guys (and gals) before I've made an offer, or should I figure I can find these guys once I've found a good deal. What do you think the optimal order to do things is?
P.S. Can anyone recommend property managers for small multifamilies in Jax?
Rental Property Investor · Vancouver, British Columbia · Member since 2018 · 53 posts · 18 votes
8y
In my experience there no reason you can't do all of these steps at the same time. Just let the people you talk to, know your current situation and your timeline.
Day 1. Talk to the bank
Day 2. Talk to a potential property manager
Day 3. Talk to Realtor
Day 4. Talk to another bank
Day 5. Talk to a contractor
Day 6. Talk to another property manager Day 7. Talk to another Realtor
Day 8. Talk to another bank.
Day 9. Talk to a potential contractor
Mix the days however you like.
Some points to take away:
1. (Self Reflection) If you don't do any of the above in a reasonable amount of time... then you'd have to look at how serious you really are about this.
2. (Givers versus Takers) If a person requires you to do something before they even talk to you (Taker), they're probably not interested in working with you anyway. The best people give first.
3. (Persona) If you're truly serious, people can tell...
Rental Property Investor · Jacksonville, FL · Member since 2015 · 343 posts · 142 votes
8y
@Shafi Noss - Yes, you need to shop around for a bank that best fits your needs. Do all of the leg work now.
Secondly, how do you plan on acquiring your team? Are you local to the area?
Real Estate Broker · Jacksonville, FL · Member since 2015 · 96 posts · 31 votes
8y
@Shafi Noss
It's very wise when possible to arrange financing. However, I've helped Buyer control assets by agreement only.
Biggest roadblock when you want to move forward and place an offer is if the Seller requires POF or pre-approval. I'd love to assist and guide you if interested in purchasing in my area, thanks!
Rental Property Investor · Vancouver, British Columbia · Member since 2018 · 53 posts · 18 votes
8y
In my experience there no reason you can't do all of these steps at the same time. Just let the people you talk to, know your current situation and your timeline.
Day 1. Talk to the bank
Day 2. Talk to a potential property manager
Day 3. Talk to Realtor
Day 4. Talk to another bank
Day 5. Talk to a contractor
Day 6. Talk to another property manager Day 7. Talk to another Realtor
Day 8. Talk to another bank.
Day 9. Talk to a potential contractor
Mix the days however you like.
Some points to take away:
1. (Self Reflection) If you don't do any of the above in a reasonable amount of time... then you'd have to look at how serious you really are about this.
2. (Givers versus Takers) If a person requires you to do something before they even talk to you (Taker), they're probably not interested in working with you anyway. The best people give first.
3. (Persona) If you're truly serious, people can tell...
Investor · Grasonville, MD · Member since 2017 · 453 posts · 415 votes
8y
It's going to be a trial and error process, some people will work out, some won't. The important thing is to get going and don't get to hung up on the specific order. Call around until you find the terms and type of person you want, you are the customer.
Don't forget about insurance brokers or lawyers if you plan to create an entity.
Lender · Nationwide · Member since 2018 · 571 posts · 310 votes
8y
@Jack Bobeck, it'll be 2-4 units no more than 220k for the multifamily. I have a strong preference for something less, so I can develop my renovation chops.
@Mitchlyn Davis, some agents have offered their preferred lender, which is not a bank. Do you recommend sticking to a bank? I'm out of state and will acquire my team through BP, research, and referrals.
@Orlando Spencer I'd be happy to hear more about you Orlando, could you send me a PM telling me more about yourself?
@George Lay and @Ken Nykzaj Thanks, that's good advice from both of you. I've been doing trial and error with realtors, while looking at properties, but it sounds like its best to get all cylinders firing.