Assembling a Team: What's the Best Order?

[Shafi Noss]

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?

[George Lay]

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...

Hope that helps.