Building Your Real Estate & Note Business Team
This is the time of year when high school, college, and football teams are on the field. No matter how good a football player may be, they need a team Even a Heisman trophy winner or an All American ball player needs others to accomplish the goals of the team. Well, the same is true your real estate and note business. You cannot do it alone. You need the help, work, skills, and wisdom of others to accomplish the goals in your real estate and note business. Today in my blog, I want to highlight some of the people you need on your team. They are as follows:
1. Attorney- You will need the skill and expertise of an attorney on your real estate and note business team. Make sure that it is an attorney that is skilled in real estate and knows about real estate notes. If you are doing real estate transactions, you will need an attorney to prepare documents for the sale and purchase of real estate. If you are buying or creating real estate notes, you need an attorney to prepare the note documents. Since laws may differ from state to state, do make sure that the attorney is licensed and knowledgeable about the state where the property is located.
2. Tax preparer- It is important that you have a tax preparer on your team. While an accountant can keep track of your income and expenses, a tax preparer can help you understand the tax ramifications of your business. Please do not get your tax advice from a person you ate your lunch with or from a Facebook post. Get your tax counsel from a person that knows current tax laws and knows your situation.
3. Insurance agent- If you are buying real estate or renting real estate, you will certainly want to have it insured. If you are financing the purchase, the lender will require insurance. If you are owner financing the sale of a property, it is important to have title insurance. By the way, you also will want to consider having liability insurance .
4. Real estate professionals- These include property management agencies if you are renting your property and real estate agents to assist you in buying or selling property. While you can do some of the tasks yourself, you probably are not familiar with all the rules and regulations for rentals, evictions, buying, and selling real estate. Get a professional even if it costs you some money.
These are some of the people you need on your real estate and note business team. They are essential to your success. Next time, I will look at a few more folks you need on your team. Best wishes in all your real estate pursuits.- R.L. Wall