New Member - Looking to Build an Investing Team

[William Brien]

Hi all -

I'm a new poster here on bigger pockets.  I've been listening to the RE podcasts for months and now looking to finally actively engage in this fantastic community.

I currently live in Los Angeles, but am looking to invest in the multifamily space in an out-of-state market that is a little cheaper. I, along with two partners, have been looking into a few cities that are a short(ish) flight away (Boise, Salt Lake City, San Antonio, Dallas, Houston) as well as a few cities that are a bit farther (Charleston, Charlotte, Raleigh, Atlanta, Orlando, etc.). Our current plan is something along the BRRRR method of value-add/hold in multifamily space. I am curious to hear people's thoughts as to whether there is a significant benefit to picking a location 2-3 hours away vs. 5-6 hours away?

Also, I am looking to build a network of brokers, lenders, property managers to help from acquisition through management.  My question here is two-fold - should we pick a city and then try to build this network, or feel out building a network in multiple cities and then pick a location based on where we can generate the strongest network?  Any help/suggestions would much appreciated.

Thanks!

Will

[Scott Mac]

Hi William,

I'd pick ONE city, then fly there, rent a car and spend 1 week driving around and getting to know the areas, and the neighborhoods. To try to locate where I'd like to buy, and most importantly where I don't want to buy.

While there attend a FEW real estate meetups and talk to the locals about what areas of the city are best, and any local common problems such as in Texas, possible foundation issues due to soil conditions, or earthquake bracing in California, etc...

Spend the week networking and driving around with a city map.

Good Luck!