I am interested in investing in Ohio, California, Arizona, New Mexico, and Texas. I am interested in wholesaling and buying multi family units to rehab and hold.
I currently live abroad and I need some suggestions about how to put my teams together ie. Laywer,CPA,realtors, lenders(traditional and Hard Money),Property Management companies, contractos, and investors. This is challenging, so any suggestions will be greatly appreciated;referals accpeted. Also any suggestions from investors who live outside of their investments markets, I would like to hear about how you manage you different projects.
At the moment I have found a property in Ohio, that needs to be rehabed but should be cash flow positive after the rehab. Can anyone give me suggestions about how I might do the due dilligence ie. comps, local vacancy rates, average rents in the area, type of neighborhood ?
Thanks for taking the time to read this.
Aarron
You need local help. I don’t think searching the internet is necessarily that great, but you may want to start looking in MLS or at local investment clubs for agents and investors who list rehab properties. Most of us can sell them off of MLS, but it may at least give you an idea of who to start with.
I’d say to first set up solid relationships and do phone interviews to assemble your team in each state you’re interested in. Also ask about their market because it may be different than what you read or there may be pockets that are better than others.
Thanks Dee,
You reinforced what I was already thinking; getting a team together before I move on anything. I guess it takes time to get all the right people in place.
Where do you live abroad? Where in OH were you looking to invest? Out of curiosity, what made you choose OH as an investment state?
Thanks!
Yeah I live abroad currently. I chose Ohio because that is where my parents were raised.
Do happen to know anyone in that area who you might refer?
oh I live in Tokyo. And Im looking to invest in the greater cleveland area.
hi adayatatime…I live in Okinawa and i’m currently investing in Guam. I have access to the local MLS and I have a good partner that I work with. I do all the marketing, negotiations and contracts from here, he inspects the properties, gets the contracts signed and closes the deal. I market for a buyer and when the phone rings, he screens the buyer and again I get the documents ready. You definately need a good partner with the same goals. There is no way I could do this without him.
What exactly would you be bringing to the table on the deal, cash?
Hey Frog,
Hows Sunny Okinawa? I would like to hear about your investments in Guam. Please post something or send me a private message. And by the way, I agree that one needs a partner that has goals and can be your eyes and ears on the ground.
Hey Rich,
What Im bringing to the table is a good team that can take action when a deal comes up. Now im in the process of putting that team together, takes to the good advice from dee. ANd I have a bit of cash and a good credit score. Is there anything else that would be needed?