I have a lot of people ask me when looking to get into the US market, what is the first thing you need to do to get started? My answer is always the same…
Build your team on the ground!
This is, I believe the most critical and important step to do and do well. If you are looking to purchase an investment in your neighbourhood, or nearby suburb, or even a nearby town, you are able to visit the property, do the walkthroughs and inspections, query the agents etc yourself. Not such an issue here, you can do your own due diligence and trust yourself. But if you lived in Sydney and wanted to buy a property in Perth, you would need to ensure you get a good agent over there who you can rely on to give you the right information, ask the right questions for you, I would even recommend finding a good buyers agent in that area to work for you!
Same with the US. There are a few people who are important you find good ones and people you can rely on.
1) First and foremost would be a Realtor you can trust. They will be your “boots on the ground”. They will find the houses for you, do the inspections, negotiate on your behalf etc. Finding this person can be difficult; you may know someone already in the States who is a Realtor; have friends or family there that may be able to refer a Realtor they have used; check out and call references that the Agents have (yes often the good agents will have references you can check) etc.
Once you find this person, they may then be able to recommend a good title company once you have found a property, and will likely be able to refer a good home inspection company to do Home Inspection Reports etc for you.
2) Secondly, to do a flip, you will need to find a reliable General Contractor, and this person will be again, critical to your success in the project. Will need to make sure they do good standard of work, and they will often be able to supply to you a folio of previous jobs they have done so you can see. Possibly can even get a referral here too, someone you know might know a good contractor etc
3) Thirdly but certainly not lastly, would be a property Manager if you intend to rent the property. Again the Property Manager (PM) can make or break your investment if they do not manage the tenants well, don’t collect rents, deal with maintenance issues etc. Referrals here and references can be crucial.
On the other hand if you don’t have a solid way to find good contacts in the US for your investing, fear not… We do!
This is really the backbone of what we do. We have sourced, screened and used hundreds of property professionals in the US to narrow down to the ones we have that we trust…
Leverage off our team in place, book a call with us today to discuss how!