Investors need to realize that, as they embark on their real estate investing venture, although they’ll be doing most of the work and (hopefully) seeing a nice profit, the entire process is a collaborative effort.
No one would successfully be able to start a new job without the proper training, and only a fool would be able to turn a solid profit on the stock market without the proper guidance. So it is with real estate investing. Gone are the days of quick-and-easy buying and flipping with enormous profits. Investors need a plan if they’re going to succeed, and they’re also going to need some help.
Investing as a collaborative effort
It’s possible to know a great deal about real estate and be particularly savvy, but there are some things that need to be left to the professionals. While the Internet can be a tremendous source of information and help with research, it just will not tell anyone what is really going on with a house. It’s important to actually get out there and see the property.
An online home appraisal will not detail the quality of the house and the condition that its features are in. Internet reports will not indicate if there are new carpets or no carpets, or what sort of fixtures are in the bathroom, or what sort of kitchen and what sort of appliances there are. In order to do this, investors need to get out there – and often times, call in the pros for another opinion.
Throughout the investing process – and not just the first one, but with each and every property purchased, professionals are needed to aid investors:
An attorney. A lawyer will help an investor wrangle through any/all legalities of buying real estate. Any contracts that come as a result of the transaction must be written up by a lawyer.
Title or escrow company. The best ones to go with are the ones that work mostly with investors; they’ll speak the same language.
An insurance agent. Not just any insurance agent, but one that specifically deals with real estate contracts and such.
A CPA. Since investing should be treated as a business, an accountant is needed to help with finances and profits. The theme here is to find one that understands real estate and investors.
A mortgage broker. Again, it’s good to stick to one that understands investors and has experience with investors.
A contractor and a plumber. If the investment property is a fixer-upper, a contractor will need to come in to determine if any structural or cosmetic repairs are needed. A plumber should also be referenced as they will determine the conditions of the pipes, (if there are any leaks or major problems). Overhauling the plumbing for a house can be an enormous undertaking, just like with making structural repairs. Investors should keep a fair distance from houses with structural issues as these tend to kill the profit.
Just as lawyers specialize in an area, so should the pros that work with investors. This helps to keep everyone on the same page – and operating in harmony.
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