{"id":6998,"date":"2023-04-07T20:30:08","date_gmt":"2023-04-07T20:30:08","guid":{"rendered":"https:\/\/imsfund.com\/?p=6998"},"modified":"2023-04-07T20:30:08","modified_gmt":"2023-04-07T20:30:08","slug":"7-key-relationships-that-will-make-you-more-money-in-any-market","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2023\/04\/07\/7-key-relationships-that-will-make-you-more-money-in-any-market\/","title":{"rendered":"7 Key Relationships That Will Make You More Money In Any Market"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div :class=\"{ 'hidden': $store.proContent.showFullPrompt() }\">\n<section class=\"px-4 relative border border-slate-200 mobile-toc lg:hidden\" x-data=\"{open:false}\">\n<button class=\"flex items-center gap-4 my-2 border-none w-full\"><br \/>\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"h-6 w-6\" fill=\"none\" viewbox=\"0 0 24 24\" stroke=\"currentColor\" stroke-width=\"2\"><path stroke-linecap=\"round\" stroke-linejoin=\"round\" d=\"M4 8h16M4 16h16\"\/><\/svg><\/p>\n<h2 class=\"font-semibold text-slate-800 text-base m-0 js-toc-ignore\">In this article<\/h2>\n<p><\/button><\/p>\n<\/section>\n<p><em>This article is presented by New Western. Read our\u00a0<a href=\"https:\/\/www.biggerpockets.com\/editorial-guidelines\" target=\"_blank\" rel=\"noreferrer noopener\">editorial guidelines<\/a>\u00a0for more information.<\/em><\/p>\n<p><span data-preserver-spaces=\"true\">Let\u2019s face it. It would be tough to become a local expert in every market where you are interested in buying an investment property. It takes a great deal of time and effort to become an expert in your own neighborhood.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">You need to build relationships with contractors and <a href=\"https:\/\/www.biggerpockets.com\/agent\/match\" target=\"_blank\" rel=\"noreferrer noopener\">real estate agents<\/a> and learn about zoning, permitting, city ordinances, development rules, and short-term rental regulations\u2013 this is all in addition to constantly staying up to date on what homes are selling for in your neighborhoods.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It\u2019s time well spent on your business. And investors looking to expand and grow their fix-and-flip or buy-and-hold rental business eventually realize that building a team becomes crucial for sustainable growth. And sanity, of course.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Hiring a CPA, real estate attorney, and virtual assistant are pretty straightforward additions to help you organize and operate your business.\u00a0\u00a0<\/span><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">But there are seven crucial relationships you need to develop to truly become a local market expert. How they can help you, however, might not be obvious.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">City and County officials<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Why do you need to know city and county employees who just pass laws, require permits and lengthen timelines?\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Those city and county officials live in the community and care enough about their city or county to participate in the management and growth of that community. They also look out for their neighbors. They are not the evil, unseen \u201cman behind the curtain\u201d pounding a gavel and finding pure joy in crushing your investment goals.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">City and county officials know everything about zoning, ordinances, and development. Before you consider investing, city and county officials can let you know if you are even allowed to do that type of project and, even better, how you can do it. Imagine how much time and money you could save if you knew that the zoning and regulations don\u2019t allow short-term rentals, that city water isn\u2019t available, or that the property next to your cute little rental home was just zoned for commercial use and a Walmart is being built.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Lenders<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Why do you need to build a relationship with a lender? Will they give you more money if you do?\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Not likely. But the more types of lenders you do business with will allow you to do more business in general. Your lender doesn\u2019t have to be a big national bank. Local banks and credit unions loan money in their communities and often can get creative with their loan options and offer better rates than big banks. They also know land owners, business owners, and people in the community who are looking to buy and sell their homes or may be headed to foreclosure.\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">You\u2019ll find out about more deals when you work with multiple lending partners, especially if you start using creative financing strategies. When you work with private money lenders, transactional lenders, and syndicates who pool money together, you open yourself up to more opportunities. You can build a partnership, gain equity in a project, take on a piece of an investment property, and grow your portfolio and reputation.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Real Estate Agents<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Why would you need to spend time developing a relationship with a real estate agent?<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Not all real estate agents work with investors. In fact, even if they\u2019ve worked with investors, that doesn\u2019t mean they have enough knowledge to support your business strategy. You need a real estate agent that only works with investors and is an expert in the market you are looking to purchase in.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Not only do investor-focused agents know home values and have access to the MLS\u2013but they also have specialized local data, know how to calculate <a href=\"https:\/\/www.biggerpockets.com\/blog\/estimate-arv\" target=\"_blank\" rel=\"noreferrer noopener\">after-repair value<\/a>, have access to <a href=\"https:\/\/www.biggerpockets.com\/blog\/off-market-properties\" target=\"_blank\" rel=\"noreferrer noopener\">off-market properties<\/a>, and have relationships with everyone. A real estate agent might be the most important relationship to have in a local market because they are constantly transacting and working with every type of vendor you could possibly need, from contractors to attorneys, title companies, lenders, and of course, buyers and sellers.\u00a0 \u00a0 \u00a0\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Title Companies<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Why do you need a relationship with a local title company when title companies basically do the exact same thing in every city?\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Not all title insurance companies are created equal. On the surface, it might look like title companies provide the same services. They are a neutral third party that researches and insures the title on a property and helps facilitate the closing process between buyers and sellers.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">But, not all title companies work with investors or have experience closing on investment properties where buyers and sellers have multiple strategies. A traditional home transaction usually involves one buyer, one seller, and one lender with standard escrow instructions. Investors often deal with properties that have complicated title issues, not to mention they also have partners, business entities, creative financing, double closes, varying inspection periods, and specific escrow instructions. The documents and amendments involved in an investor transaction can get very detailed, and every deal is different.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">You can build relationships with multiple title companies that know how to work with investors and grow your business with them. In fact, they will even call you when they need a reliable investor to get a deal done rather than letting it fall apart and missing out on their fee.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Surveyors<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Why do you need a relationship with a surveyor at all? Aren\u2019t they just licensed, neutral third-party vendors who cost a lot of money?\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Yes, surveyors are licensed and regulated, and the documentation they create on a property is filed, recorded, and becomes a living legal document. That document protects your investment whether you are buying or selling because a current survey will represent boundary lines, improvements, utilities, easements, and right-of-ways. It is the legal road map of a property.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Surveyors also know people. They know property owners, neighbors, real estate agents and have personal relationships with city and county employees and officials. They also know the zoning and ordinance laws and what\u2019s happening with the city council and local development projects. They know the history of a city and county and also where that city and county are headed when it comes to highways, new businesses, and planned communities.\u00a0\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Wholesalers<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Why would you want a connection with an unlicensed wholesaler who never actually owns the property he is selling?\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">A better way to define <a href=\"https:\/\/www.biggerpockets.com\/blog\/wholesaling-no-money\" target=\"_blank\" rel=\"noreferrer noopener\">wholesaling<\/a> is that it\u2019s an investment strategy, not just a person\u2019s profession. Wholesaling a deal is just one way to approach buying and selling real estate. And wholesale investors can\u2019t take on every deal they come across and often have deals to pass on to other investors.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">And one step further\u2014the investors, real estate agents, business owners, or entrepreneurs who wholesale will also have a deal to sell, are looking to buy, partner, recommend vendors, and contractors. When you do business and build relationships with people who wholesale as a career or as a strategy, you can do more business and get better deals just by helping each other out.\u00a0 \u00a0\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Other Investors<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Why would you ever need to be friends or business associates of your direct competitors?\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Other investors are your competition and could snag your deals and steal your contractors. That\u2019s one way of looking at it but also extremely short-sighted. Investors who come together have more resources. A newer investor could partner with an experienced investor to gain knowledge, and that experienced investor could gain equity or profit in the deal. Some experienced investors are exiting the market and need to offload properties. Rather than pass on a property, an investor could give that deal to another investor. One investor may be looking to park cash in a project, while another is looking for funding. The greatest network you could build is one with like-minded professionals who can help each other achieve larger goals and ultimately get to financial independence faster.\u00a0\u00a0<\/span><\/p>\n<div class=\"is-layout-flow wp-block-group border border-gray-200 p-6 rounded-md has-slate-50-background-color has-background\">\n<div class=\"wp-block-group__inner-container\">\n<div class=\"wp-block-group__inner-container\">\n<h3 class=\"has-text-align-left mt-0\"><strong>This article is presented by New Western<\/strong><\/h3>\n<figure class=\"wp-block-image size-large is-resized is-style-default\"><picture decoding=\"async\" loading=\"lazy\" class=\"wp-image-149628 sp-no-webp\" title=\"7 Key Relationships That Will Make You More Money In Any Market 2\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/04\/NW_Assets_Trademarked_Vertical_Gold-1024x430.webp \" type=\"image\/webp\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/04\/NW_Assets_Trademarked_Vertical_Gold-1024x430.png\" type=\"image\/png\"><img src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/04\/NW_Assets_Trademarked_Vertical_Gold-1024x430.png\" decoding=\"async\" loading=\"lazy\" class=\"wp-image-149628 sp-no-webp\" title=\"7 Key Relationships That Will Make You More Money In Any Market 2\" alt=\"NW Assets Trademarked Vertical Gold\" height=\"183\" width=\"519\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/04\/NW_Assets_Trademarked_Vertical_Gold-1024x430.png\"\/><\/source><\/source><\/picture><\/figure>\n<p>New Western makes it easy to buy an investment property.<\/p>\n<p>As the largest private source of investment properties in the nation, New Western buys a home every 13 minutes for our marketplace of more than 150,000 investors looking to rehab houses. Investors have access to a large volume of inventory and to our licensed agents who are local experts in over 50 markets across the country.<\/p>\n<p>Join our marketplace for free.<\/p>\n<\/div>\n<\/div>\n<p class=\"italic\"><b>Note By BiggerPockets:<\/b> These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.<\/p>\n<\/div>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.biggerpockets.com\/blog\/7-relationships-for-investors-in-any-market\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article This article is presented by New Western. Read our\u00a0editorial guidelines\u00a0for more information. Let\u2019s face it. It would be tough to become a local expert in every market where you are interested in buying an investment property. It takes a great deal of time and effort to become an expert in your own [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":6999,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/04\/professional-relationship-1024x517.jpg","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-6998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/6998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=6998"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/6998\/revisions"}],"predecessor-version":[{"id":7000,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/6998\/revisions\/7000"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/6999"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=6998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=6998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=6998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}