Finding Rockstars for My Core 4

[Justin Hale]

Hey there BiggerPockets Community,

I just finished listening to BRRR by David Greene and I am pumped to begin my investment journey. I am in the Albany NY/Capital Region of New York.

I am trying to find consistent ways to discover Rockstars for my core 4.

I was interested in the ways that other people in the BiggerPockets Community find and procure top talent, particularly: 

1) What methods do you use to find them?

2) How do you show them you are serious?

3) How do you make it worth their while, besides money?

I know that no one is obliged to read this and it means a lot that you took the time to read this.

Thank you.

[Ryan Vienneau]

Hi Justin,

I'm also an investor in the Albany area, and a property manager.  You'll have no problem finding a property manager or a lender around here, they all want your business assuming you're legit and have money to spend.  Contractors and deal finders, however, are a real challenge.  

In our property management business, we spend hundreds of thousands every year subbing out to maintenance and rehab contractors, and even for us its still super tough to find decent ones that we can rely on, so for the smaller investor that needs a contractor to work for cheap on a rehab project, you're going to have to get in line, and don't expect a deal.  There's a huge shortage of good contractors around here, and a million homeowners willing to pay retail prices to have their kitchens redone or basements finished, so decent contractors have no reason to want to work on rehabbing a 100 year old foreclosure at rates investors can afford to pay.

As for deal finders, in my opinion that should be you. If its not you, your only options really are a wholesaler or a real estate agent. Most agents know nothing about investment properties, but the good ones that do are either going to 1) buy the best deals for themselves or 2) not want to work as a buyer's agent to find those houses that are great deals because they get paid a small commission for a TON of work. If you're like most that are looking to buy a $60k duplex to rehab in Troy or Albany, an agent is only going to make $1500 on that, so most aren't overly motivated to work with a buyer. For finding deals, I'd recommend mailers, driving for dollars, and even scouring the MLS. Two of my last BRRR's were from the MLS and were excellent deals.

Good luck!