In our previous post, we began speaking about the importance of getting the right professional help when making a start in the real estate business or moving to increase one's holdings. We've already mentioned the importance of hiring property managers and realtors.
We would be remiss if we didn't stress the importance of hiring a good real estate attorney. Particularly for those who begin to acquire more holdings and want to make sure everything is in order from a legal perspective, hiring an attorney is critical. Many agents, however, will discourage their clients from hiring an attorney, whom they may suggest could screw up real estate deals. The reality is that a good real estate attorney has a different eye than a realtor.
While a realtor may know the market and how to negotiate a deal, they aren't always aware of the legal ramifications of any particular deal. And choosing instead to read documents on one's own can end up leaving an investor surprised when they fail to understand what they're getting themselves into.
Hiring a certified public accountant, preferably one with strong real estate experience is another wise thing to do for investors growing their business. An accountant can help an investor to structure his or her business for tax purposes and handle other tax-related matters.
Those looking to become even more involved in the business should begin thinking about engaging in some asset protection planning, hiring an insurance professional, look into a commercial lender, and make acquaintance with a reliable title company.
Each step of growth along the way in the real estate business brings new challenges, and having the right professional help can make all the difference.
Source: CNBC.com, "Finding Help for the Real Estate Baron in You," Alec Foege, October 8, 2012.
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