Core Four - Greenville, SC

[Eric Paul]

Hi BP community!

My wife and I are about 10-12 months away from making our first investment in a SFR in Greenville, SC. This will be a long distance real estate initiative that will require a strong "Core Four" [Deal Finder/Agent, Property Manager, Contractor, and Lender].

My question is around timing. How soon is too soon to start reaching out and setting up conversations? Any guidance or best practices that you found to be the most effective? I don’t want to lose momentum with the extended team by reaching out too early but then also want to allow enough time to learn the the best mutual fit.  Any insight is appreciated. Thank you, Eric

[Ryan Webster]

@Eric Paul

Start building your team now. Be transparent about where you are in the process. And follow up consistently to show your serious and still engaged I persueing your goal. You'll need a broker and manger to help you find and qualify your invesent property before you make an aquisition. This is one of the reasons you need to build your team first. Greenville is a great market.

As you'll be investing long distance the more units you can get the better. The number of units will help spread expenses and make it easier to secure debt.

[Michael Smith]

It's never too early to start building relationships!

[Morgan Eriksson]

i'd start now, i'd hate to start a relationship for only couple months out when you can build a relationship over several months of calls, maybe drive up for a beer/coffee and talk real estate strategies.  But the big thing is to be as clear as you can be on expectations. Make sure to tell your core four WHY you are waiting 10-12 months and keep them updated as you get closer. Make sure you are clear in your expectations.. What you are looking for in that person's role, the criteria of the deal or services that person will provide, and the timeline. A mistake I made on my last deal was I just assumed that my GC would think to put in a dishwasher space, and outlets by the bathroom vanities... But because i wasn't clear I ended up causing both of us headache... .. another thing When they bring you a deal or respond to your request for quote for services, be quick to respond back and be ready to pull the trigger when all the stars align for you. But start now! and welcome to the Greenville market, we're glad to have you!