As a new real estate investor, it's important to build a team of professionals who can help as you grow and expand your business. Who do you need on your team? It should consist of an accountant or CPA, a Realtor and an attorney.
Why should a real estate investor work with an attorney?
When you are building a real estate investment business it's important to have an attorney on your team, from the very beginning. This way you know exactly who you can call when you need any help, legal or financial. The worst time to look for an attorney is when you need one quickly, because you won't have the time to find the one that is right for you.
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But attorneys aren't your ally only when there's trouble. Attorneys are also a great source of information and can help you find more prospects. There are several advantages to working with attorneys:
1) Attorneys have "inside knowledge" not known to everyone else - In their normal course of business, attorneys often interact with clients who need to dispose of property. People often consult attorneys when they are selling property or when they are in difficult situations such as divorces, deaths, bankruptcies and circumstances that require property liquidation. If you cultivate a relationship with a good attorney you can learn about these properties before they go on the open market.
2) An attorney can help you close deals - Even the most experienced real estate investors often use attorneys for closings their deals, both for buying and selling. If you are not using a Realtor, it's a good idea to use an attorney when closing deals on complicated properties, especially when you are a new investor.
3) Don't work with just one attorney - The more attorneys you can meet and get to know well, the better the chances one will bring you deals. Think of them as business contacts. Treat them well and in return they will treat you well. Even if you haven't done business in a while be sure to keep in touch with cards or letters. Or better yet, with an occasional phone call. Remind them that your business is real estate investing and that you appreciate their help.
4) Attorneys grease the wheels of business - Let's face it: attorneys are connected to the people in our society who have money. As a result, they are often a great resource for real estate investment funds, both privately and through influential people that they interact with. Attorneys like it when their clients do well because it means more business for them. And they often help people when they have large sums of money they need to invest. And people who need to invest large sums of money are exactly the kind of people who can help you succeed as a real estate investor.
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