Buying Realtor In order to get the best deals on the market, you need to have a realtor who is plugged into the foreclosure market. Often, these realtors work directly for one or several banks in the area that are trying to get rid of distressed homes. These realtors can give you advice on the market, advice on how to bid for a property, and they often have connections with a mortgage banker who can get you financed in today’s market. How do you find this realtor? Ask around.
Mortgage Professional I do not endorse any lender over another, but I do get financing from Wells Fargo and Countrywide, two of the largest mortgage lenders. Your mortgage broker must be up to date with the change in the market. Many times the mortgage professional at larger lending institutions will be more capable of adjusting to this market and the changing needs of it. You need a mortgage professional who will be honest with you and work quickly for you. Today’s mortgage market is different than it was 1 month ago, 5 months ago, 1 year ago.
Selling Realtor If you get the right buying realtor, they won’t have time to sell your home. They are too busy with their bank contracts. You need a selling agent that is well versed in your city, or even in your neighborhood. The key is to find an agent who is honest with you to price your home correctly to ensure a sale. Time is money when you are flipping a house. Price it wrong and you could carry a property months longer than you should. Mortgage, taxes and utility payments can easily run into the thousands of dollars and cost you time gong towards your next project.
Home Inspector A good home inspector can keep you from making a big mistake. Simple tests can keep you from buying a home with a mold or asbestos problem. It is better to find out now than after you spend twenty thousand remodeling the home.
Contractor As the investor, a lot of what you need to know to buy wisely is learned by working with your contractor. The contractor controls the pace of work. The contractor also spends your money for you. They help you to develop and adhere to a budget. Some people walk into an investment property, see holes in the walls and ceilings, and get scared off. I walk in, see those same holes, and know that for $400-$1,000 there are no more holes in the walls, the plumbing is repaired and I can move onto another phase of my renovation.
Suppliers Don’t buy retail you can save twenty to forty percent buying from a building supplier instead of Home Depot. Plus they usually deliver for free. Look them up in the phone book under “Building Supplies” To get an account, you need a company name, a credit card and a bank account, that’s it. Don’t buy retail!
CPA This is not where you want to save money with turbo tax. An experienced CPA will help you save thousands. Make sure they are familiar with real estate investing. Also don’t wait till after the first of the year. sometimes you can make changes in Nov and Dec that will salve you thousands. Make sure they have degree in accounting, they don’t actually have to be a CPA.
Attorney They can help you decide whether you should incorporate, form an LLC or go it alone as a sole proprietor. A real estate attorney can save you money on title work, can draw up rental/ lease agreements and can advise you on tax strategy when buying and selling your real estate. If you buy a commercial building a real estate attorney is a must.
Insurance Agent You need an agent you trust. Ask the tough questions so that your exposure will be at a minimum. Are you covered in case of loss from fire, flood, theft, or injured workers/ tenants. If your policy leaves you exposed in any one of these major areas, your work could all be done for nothing.
Friends & Family Two of my favorite words. They will give you advice which is often good. If you feed them well, provide a frosty beverage or two, and don’t overwork them, the friends and family work crew will have fun, make your job more fun and most importantly work for free. Jobs like light demolition, painting, cleanup and many yard projects can be handled by anyone who owns a home.
Erin Cureton is the managing partner of Cureton Property Alliance. For small plumbing problems like a sweating toilet bowlvisit Leaky Pipe. Also consider sewer lining to reduce costs. This message brought to you by ad Agencies
