Real Estate Radio NW – Part 2 – Focus on Team
In our previous look at the Real Estate Radio Northwest show, we reviewed the discussion on sourcing properties. In this look, we want to review the discussion on sourcing and utilizing a team of professionals. This airing of the program was hosted by Nick Neal from Graystone Mortgage, had guests Ian Morell and Zack Lazo from Caliber Real Estate and Travis Wandell from Veristone. The show was focused on investing from Foreclosure Auction purchase through rehab and flip.
At the beginning of the program the participants described their relative roles in real estate investing. Initially, the discussion about becoming an investor sounded pretty straight forward. However, as the participants told stories about their experiences, it became clear that it can sometimes be tricky and always risky to execute a profitable deal. Experience was shown to be a big advantage in unraveling complexity and recognizing the right opportunities. As seasoned professionals, each member of the group has learned from the mistakes of others. They have learned where to find and take advantage of key information. As well as where to avoid a pit-fall. This was reflected well, with stories about buying the wrong property at auction. The stories showed how experience hones your instincts and helps with the right decisions during crunch-time at the auction.
As much as instinct is important, it was also clear that Caliber and Veristone follow a rigorous process and conduct thorough due diligence. They know how the system works and they want to help guide investors down the path that they recognize will work best for a particular objective. As an investor, when you engage a team, you have the security of knowing that if the pros like the deal, it’s probably a good deal. It was clear, that the goal of these professionals is to work together with their investors to ensure success. Travis shared that Veristone executed 760 successful loans last year. This high level of productivity helps build repeat investors. Both Caliber and Veristone are committed to building long-term relationships, reducing risk and maximizing investor profits.
The initial value in working with professionals comes in the pre-purchase analysis and acquisition of the property. However, acquiring the property is only the first step. Because they have a vested interest in their investor’s success, they want to help with renovation as well. They pointed out, that getting the ideal support team not only includes the real estate guys and the lender, but also a good contractor. Veristone and Caliber spoke of their network of contractors and service providers. All whom, are willing to offer significant discounts based on the volume of referrals. They emphasized, that leveraging this professional network is less expensive than trying to go-it-alone. With the help of professionals to manage the budget in this fashion, it helps maximize profit.
The guys all agreed that the goal at the end of the day is making a property sellable. Having a team that can ensure the deal makes sense and the job is done right is important. These guys have a system for doing it right … and you get the return by doing it right. It makes good sense to follow the advice of successful real estate investors and use their techniques to profit in today’s market.
You can listen to the original podcast here:
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Veristone does not finance owner-occupied properties.