the-abcs-of-real-estate-investing-ken LifeFeeling

• Accountant. Your accountant will help you not only with your own business finances,
but also help you put together profit-and-loss projections for the properties you are
considering.
• Appraiser. An appraiser is an important team member and should be a person who
specializes in both your market and the types of properties you are targeting. This
professional will help you determine the appraised value of property before and after the
sale.
• Architect. Some properties need more than just a coat of paint and the bushes trimmed
to get them into shape. An architect can help you with new design ideas and renovations to
increase curb appeal and operations performance.
• Insurance agent. The insurance agent will help you place the proper protections when
you own the property. Having the right coverage for the right price will be necessary if you
acquire property.
• Property tax consultant. Property taxes are realities in this business and property tax
consultants can ensure that your taxes are being assessed fairly and accurately.
• Income tax consultant. The tax laws are complicated and it is always good to have the
advice of someone whose job it is to keep up with tax law.
• Estate planner. As your real estate assets grow, an estate planner can help you shelter
and dispose of them in the event of illness or death.
• Environmental company/industrial hygienist. If you suspect mold, asbestos, or any
other environmental hazard, you’ll need one of these to help you through the process of
testing and removal if necessary.
• Surveyor. As you are rehabilitating a property, you may need the services of a
surveyor to assess boundary lines, elevations, and other such matters.
• Structural engineer. Your contractor may find a problem that jeopardizes the structural
integrity of the building. Call in a structural engineer, who will analyze the problem and
recommend a strategy to repair the building.
Teams are just that: People who work together to get the job done. They should be on
your side and have the mentality that when you are successful, they are successful. Keep
searching until you find people whose goals and business methods gel with your own.
CHAPTER THREE ACTION STEPS
• Understand it takes a team to be successful in this business.
• Determine whether you want a partner.
• Evaluate partner candidates based on the qualities of a good partnership.
• Establish your business team first—an attorney and an accountant.
• Begin networking to find other team members for your property search team, your
offer team, and other team members you’ll need from time to time.