5 Personnel To Have In Place Before Making An Offer
A new real estate investor, may be tempted to close the first deal as quickly as he or she can. Even though it might be rewarding to finally render an offer, it is important to have some people on board, to cater to the needs once it is accepted. If the workforce is not present, all of the hard work will go to waste and finding the deal and securing it, will be useless as well. There are some workforce personnel that are very important. You will even work with them for long periods of time. It might even take years and they will be with you, as you deal with varying projects. That being said, here are the 5 Workforce Personnel to have in place, before making an offer
- Real Estate Attorney. A real estate attorney will ensure that, you are protected in every deal or contract. You need to have an attorney that you can rely on and they should be a qualified one as well. The attorney should understand your business. They will help you out in every transaction and even provide some advice, along the way. The attorney will also offer advice on how to structure your real estate business as well as steering you away from contracts, that are not beneficial to you. If you don’t have an attorney on board, no one will review the contracts for you. Get an attorney that is good and focuses specifically on real estate. They should also have a paralegal on the staff, that is always available to contact you or communicate with you at any point in time, without having to wait for hours for a response, an email or a callback.
- CPA. As a Real estate business, there are profits, revenues, losses and expenses. This is precisely the reason why you need to have a CPA on board, if you want to move forward. Enlisting the services of a certified public accountant is a necessity. Although you might be tempted to save some dollars by doing the accounting yourself, refrain from doing so. Yes, saving money is important but don’t disregard the need of hiring an accountant to help you out. A CPA will assist you in setting up your business and the appropriate structures, that will protect your best interest. There are so many new investors out there, that buy real estate under their names, but they do not understand the risks that are associated with it, along with the potential downside. The CPA will not only prepare things for you, but they will also provide recommendations, by setting up an LLC or whatever entity you choose. The CPA is also effective in dealing with tax strategy even if the filing time is almost over. They will render proper deductions and write-offs, which will in turn, save you thousands of dollars annually. Don’t hire a CPA that is not in tune with the real estate business. If they are not knowledgeable, they may not be able to offer the right advice, specific to your situation.
- Mortgage Broker. Remember that financing will influence, every offer that you make. You might not be applying the traditional lender financing method or you may not have a plan at all, one thing to ensure success, is to have a mortgage broker to assist you. It is important to note that an experienced mortgage broker have strong ties and access to various types of people, that are in line with the real estate business. These people will provide you the necessary connections and will even set up a meeting with a money lender or a successful real estate agent, within your region. They might even have connections with almost anyone in the industry such as a real estate accountant or an attorney. The primary job of the mortgage broker is to provide you the best financing option, that will cater to your goals and your current financial standing. Since most lenders are tweaking their loan programs, stated income and zero down payment programs are losing its hold in the real estate market. Remember that a mortgage broker has access to varying loan programs, in comparison to a local lender.
- Contractor. Always have a good contractor on board. They will help in fixing, flipping, buying or holding rental properties. It is inevitable that work is always needed on every property, that you are considering on buying. If you are new to the industry, you will realize that implementing fixes cost a lot, and the expenses associated with repairs, are a bit high. Even the experienced real estate investors are finding it difficult, to get estimates as closely as possible. Get a contractor that knows what you need, ensures the work is completed and that income will be generated from the properties, that are being rehabbed or repaired.
- Real Estate Agent. The final person to be a part of your team is the real estate agent. They are an essential member of the team. Their main job is to not only help or assist you in finding deals in the market, but they will even sell them for you. In the same manner that you are getting qualified members, make it a point that the real estate agent that you hired, is a qualified one and a good fit. Hire a real estate agent that is passionate about this type of work, is hungry for results as well as knowledgeable in working and dealing with an investor. Check out, if the agent is confident, well versed with the market as well as helping you attain your goals and meet your expectations.
In regards to starting a real estate investing firm, having the right people on board will propel you to success. This type of investment, requires a team of qualified personnel. Don’t be in a hurry to render an offer, if your team is not yet complete. Have these five people on board, before your business begins to launch itself from the ground.