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Let’s 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.
You need to build relationships with contractors and real estate agents and learn about zoning, permitting, city ordinances, development rules, and short-term rental regulations– this is all in addition to constantly staying up to date on what homes are selling for in your neighborhoods.
It’s 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.
Hiring a CPA, real estate attorney, and virtual assistant are pretty straightforward additions to help you organize and operate your business.
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.
City and County officials
Why do you need to know city and county employees who just pass laws, require permits and lengthen timelines?
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 “man behind the curtain” pounding a gavel and finding pure joy in crushing your investment goals.
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’t…