All Forum Posts by: Tyson Thurman

@Lara White thanks so much for the reply. That definitely helps. Now I can get started on building my team. Right now, I’m looking in Ohio, specifically Toledo right now.

I honestly have a list of about two dozen other markets such as Birmingham, AL and Atlanta, GA and some areas in the Midwest. I still haven’t 100% committed to a market but am leaning towards some of the Ohio cities right now.

How’s the market in OKC? I’ve heard some good things about some areas out there but haven’t dove into the markets much. I’d love to hear more.

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Hi all, how did you assemble your team when approaching an out of state market using the BRRRR strategy? Did you start with a realtor and build the team the same way you would build it if you were local? Or are there specific differences in how I should start building a team in my target market? I have a few markets in mind that I'd like to pursue but just want to make sure I am taking the proper steps in building a trustworthy team out of state. I also am not sure if I should still be targeting properties on the MLS when searching for these deals out of state or if my boots on the ground will be able to help me locate properties fitting the BRRRR strategy a bit better? Thanks so much.

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@Andrew Postell thanks so much as always. I’ve noted these questions and answers and look forward to putting them to work.

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@Andrew Postell Hi Andrew, Thank you so much for this informative post. Do the Questions for Lenders apply to just the lenders we will be contacting for the Refinancing step? Or can some of these questions apply to the HML we will be using in the Buy step? Are there any other specific questions we should be asking HML when we interview them?

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Originally posted by @Andrew Postell:

@Tyson Thurman the most important piece of lending is finding one that will do what you need to do. Knowing what you are going to be doing is first. And then second, finding a lender that does that precise thing. I wrote an entire post on how to find good lenders that you can find HERE. Feel free to ask any questions if you need. Thanks!

@Andrew Postell Hey thank you! I'll definitely check out the article and let you know if I have questions. Thanks for your help.

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Originally posted by @Sherry McQuage:

Talk to different lenders. Talk to lots and lots of lenders. Generally, a smaller local lender that you have built a relationship with would be most likely to finance the kind of property you are talking about.

You may need to build the relationship first, and find out what criteria they would need to lend on such a project. You may need to get more experience with DIY projects. Where there's a will, you will find a way.

Best to you!

Hi @Sherry McQuage , what are some good ways to build relationships with lenders prior to coming out and asking about funding a specific project?

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Originally posted by @Stephen Brown:

An agent will most certainly help you with your offer and guide you through the legalities of everything. They are there to make sure that the transaction goes smoothly and that you don't get burnt by a greedy seller. Let me know if you need help with anything.

@Stephen Brown Hi Stephen thanks for the reply. That makes sense. I actually am interested in Toledo OH as one of my potential target markets. I may be reaching out to you for some assistance in the area!

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Originally posted by @Brandon Goldsmith:

I would agree with some of the other comments. Being a buyer, representation is free so I would definitely take advantage of it. Also if you have never written an offer in that state, you might need to do a little more research in order to secure the deal but the process, in general, should be pretty easy with an agent who is local to your target market. @Tyson Thurman

@Brandon Goldsmith Yeah definitely going to stick with building my team starting with the real estate agent in my target market and build from there. Thanks so much for taking the time to reply.

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Originally posted by @Wayne Brooks:

@Tyson Thurman On a listed property, the purchase contract Has to be on the state realtor form they are obliged to use. There is no value in “writing your own offer” as the commission is already set.

@Wayne Brooks makes sense, thank you wayne

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Originally posted by @Michael Dumler:

@Tyson Thurman as you mentioned, working with a buyer's agent cost you nonthing so, why not take advantage? Of course, perfrom your due diligence. Make sure whoever you do decide to work with is credible and well versed in the industry. Often times, if you find a great OOS agent, they'll be able to assist you in developing the rest of your core four (lender, contractor, inspector, pm, clossing attorney, etc). As far as submitting an offer OOS, it's all perfomed through the purchase and sale agreement. Most offers will also require you to submit your pre approval as well, unless you're all cash. All the best!

@Michael Dumler Makes total sense. I'll look to start with a local agent and then continue to grow my team from there. Thanks so much for your reply.

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All Forum Posts by: Tyson Thurman

Tyson Thurman has started 5 posts and replied 37 times.

Post: Out of state boots on the ground

Post: Out of state boots on the ground

Post: How To: Find Real Estate Investor Friendly Lenders

Post: How To: Find Real Estate Investor Friendly Lenders

Post: Brrrring with convention loan

Post: Brrrring with convention loan

Post: Putting in an offer out of state

Post: Putting in an offer out of state

Post: Putting in an offer out of state

Post: Putting in an offer out of state