Just my two cents, but in my experience partners=trouble
You said:
Team will look like this:
Lawyer - to handle legal for company
Realtor - to receive commissions
Contractor - for the obvious
Developer - to grind out the deals and be the salesman.
If I may,
Your Attorney is safest if he is hired, not partnered. You can find one proficient with real estate simply by asking. Use the phone book and stick to heavely populated areas or fringe areas. Do you use an Accountant? He should know exactly what you are planning to do and, if he is worth his salt, will know the appropriate Lawyer, or Pit Bull as I like to call mine. By the way hiring the wrong Attorney can be expensive.
As for realtors, I hope you expect more of them other than just collecting commisions. Work with as many as you need to. They will say they can cover your full area, but you will find they are town/demographic specific. There are also two kinds of realtors, those who list and those who sell. Plus I’ve always felt it a good idea to change signs when flipping properties acquired from realtors.
Contractors? You’ll like to have a GC, ( General Contractor). He’s the guy who will coordinate the rest of the sub-contractors, i.e. roofers, electricians, plumbers, floor guys, painters, etc. He is the guy you want to partner with. The ONLY guy you want to partner with. You can find him by asking at jobsites in your target neighborhoods, he won’t be there, but you’ll get a name and number. Ask at the local supply house, Chamber of Commerce, even the local bar with all the trucks in front at 5:30. Hopefully he won’t be there either, but it’s almost garranteed that one of his Subs will be.
And that leaves the Developer. Guess what, that’s you. You can now officially add “Developer” to you business card. You don’t need to be building sprawling subdivisions to be a developer.
If you are indeed going to buy and hold, the profits are long term. I don’t know of any GC’s interested in partnering with anyone to do that. If they want to be a landlord, they usually already are. Plus if you are just getting started why not fix and flip (partner with a GC), or wholesale to another investor or GC. That way you can build up your capital for a long term buy and hold strategy without the use of partners.
From what I have learned the formulas are the same for any price market. You just need to find the deals before anyone else does, so stick to the areas you know best. And the old rule applies: never use you own money!
I don’t know what state you are in but I’ll bet Brookview Financial is there. They’ve got your money, it may seem a littlte pricey, but they will cut you a check tomorrow.
Well that’s my two cents. I’ll bet you have a property or two you have been thinking about? So talk to as many small private mortgage companies (rich people) as you can, have a beer with the boys at the bar, and get out there!
Cheers!