Investing out of State before I have a team together

Investing out of State before I have a team together

Investor · Canoga Park, CA · Member since 2016 · 114 posts · 50 votes

Hello,  I live in Southern California and have rental homes locally and one out of State, in Nevada.  My homes were purchased  years ago but I am looking into investing out of state now because the prices are so high locally.   I would like my next purchase to be a buy and hold and I'm looking for a house that needs work that I can fix up and rent out.  I'm not comfortable doing this without a team, but I have a close friend in Texas that I could use to check on work and help me as I build a team if I decide to keep investing in that area.  I'm trying to figure out a way to have my friend work for me either as a partner or paying some type of a hourly or rate per job to do things like oversee contractors, meet home inspectors, send me progress videos and possible help me with finding a property management company.  What would be the best way to set something like this up?  I'm ok with giving her a percentage or paying an hourly rate, but I'm not sure how to structure it.  She does not have any real estate experience and will not be investing any of her own money, but she is smart, works hard and is trustworthy.  How would you recommend I set up something like this?  Any input or advice is appreciated.  

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  • Los Angeles, CA · Member since 2018 · 326 posts · 279 votes
    7y

    Stacee, it's great you have someone you trust in another state and that individual can be your boots on the ground, however, since she has limited real estate experience you'll still have to do some leg work in this process.  

    Either you or your friend can identify through BiggerPockets or by google a local realtor, a local contractor and a local property management company.  Once you've identify a few of each you can task your friend with following up on the legitimacy of the team you're putting together.

    The first place to start is with identifying a realtor, contractor and property manager.  Again, have her do the follow up work and things will get rolling from there.

    Pay her a fee for the work she does and determine approximately how much time it would take to do these tasks so it doesn't become a full time 40 hour per week job.

  • Realtor · Houston, TX · Member since 2018 · 7 posts · 8 votes
    7y

    I live in Houston, TX. I also have connections in Austin and Dallas.

    In addition to being a real estate owner and investor myself, for the past 20 years, I have provided accounting, tax and management consulting to companies and their owners within the real estate industry where I earned the moniker "The Tax Diva". I served as a Tax Manager with BDO LLP and CliftonLarsenAllen; both top 10 accounting firms in the nation working on small to mid-sized clients in the real estate sector.

    I recently made the move to the forefront of real estate, applying my solid business expertise and market knowledge in residential sales, leasing and management transactions. Kristina prides herself with staying abreast of market trends and property values to make sure my clients have the most precise and up-to-date information when making investment decisions. High ethical standards, cutting-edge marketing strategies and unparalleled professionalism is what you can expect when working with me on your next real estate deal.

    I hold an MBA (specialization in Personal Financial Planning) and a Master in Taxation from the University of Miami.

    I am available for further discussion. I would love to be a part of your Texas team, or as I like to call it, your #PowerCircle!

  • Investor · Canoga Park, CA · Member since 2016 · 114 posts · 50 votes
    7y

    @Michael Tripp Thank you. This is solid advice and I appreciate your suggestions.

  • Investor · Canoga Park, CA · Member since 2016 · 114 posts · 50 votes
    7y

    @Kristina Mahoney Adams Thank you. I will message you. I am looking to build a team.

  • Mike ReynoldsPro Member
    construction · Nacogdoches, TX · Member since 2011 · 2k+ posts · 1k+ votes
    7y

    @Stacee Evans What part of Texas are you interested in? I may can give you or your friend a few names for contractors in several parts of the state to vet.

  • Lender · San Antonio, TX · Member since 2018 · 109 posts · 108 votes
    7y

    @Stacee Evans I have several clients who do this - they invest in Texas from California. If you're interested in the San Antonio market I can connect you with a Realtor here in town that works with investors and also offers project management services for a monthly fee. The other cool thing they have is a network of contractors they've vetted to pair with clients who are starting from scratch.

    To get started you'll need:

    • Realtor
    • Wholesalers
    • Contractors
    • Insurance agent
    • Title company
    • Property manager

    I'd be happy to introduce you to some people I know and have worked with here in the different markets in Texas if you'd like.

    Regarding your friend, I would pay her on a weekly basis based on the work that's being done. If she's going to be your project manager you can either pay her a weekly or monthly fee or give her a portion of any proceeds.

    Hope that helps!

  • Specialist · San Antonio, TX · Member since 2018 · 155 posts · 76 votes
    7y

    @Stacee Evans

    I am local to the San Antonio market and pretty well connected with realtors and contractors. Not sure if you were looking in this market, but I highly recommend SA to Buy and Hold investors. Would be happy to put you in touch with a few people.

  • Investor · Canoga Park, CA · Member since 2016 · 114 posts · 50 votes
    7y
    Originally posted by @Mike Reynolds:

    @Stacee Evans What part of Texas are you interested in? I may can give you or your friend a few names for contractors in several parts of the state to vet.

     I was looking south of Houston, but I'm open  to any area that makes sense.  I don't know anyone in the San Antonio area, but as long as I have a good team, I'm willing to go where the numbers will work. 

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