Back again now with our special, “Set for Life!” All about creating income and wealth, by getting into real estate when you’re young.
And we’re going to wrap up this hour of the show with a quick talk about you, your investments, and your real estate team.
That’s right, your team. Because if you’re starting to invest in property, you don’t want to do it alone. You’ll need seasoned professionals by your side, every step of the way, to make sure your money, your time, and all your best interests are protected.
Let’s start with the hub of the wheel. Your REALTOR®. They’re the local market experts. And they’ll know where to look, for quality real estate Investments. They’ll know how much they’ll cost, and how much rent they can pull in. That’s solid data, which you’ll need if you want to create an extra income stream.
Your REALTOR® can also help you prepare a winning offer, and negotiate on your behalf. They’ll also be there to take care of all the details that occur between the time you get a ratified contract on your new investment, and the time you actually sit down at the settlement table and buy it. Your REALTOR® can also help you assemble other members of your team, who are also very important.
Starting with the lender. REALTORS® know lenders in your community. They know which ones always deliver the money to the closing table on time. And frankly, they know which ones don’t. Many REALTORS® and lenders have worked together for decades and so there’s a deep trust there. Your REALTOR® can probably recommend three or four lenders for you. Talk to all of them. And find out which one might be the best fit for your investment plans.
Your REALTOR® can also help you find a quality home inspector. Because after all, if you buy an investment property, and then discover later that you have to pour a ton of money into it, well, there goes your profit! Your inspector can give you a good idea of whether you might face big bills down the road. Plus they’ll carefully examine the property for safety issues. Which are critically important for landlords.
Also, ask your REALTOR® which insurance agencies in your area are experienced in investment properties. You’ll need to insure the place just right. Making sure that as the landlord you’re protected, both in terms of the property itself, as well as liability.
And finally, every real estate investor needs and experienced accountant on their team. That’s especially important, because even though you might be familiar with all the tax implications of owning a home of your own, almost all of that changes, when it’s an investment property. All the way from – the deductions that you can claim on the property, to the income it generates, and even, how to trade up from one property to another while deferring the taxes on the profit! So you can pour the entire profit of your current investment into your next one, and pay the taxes later…maybe decades later! An accountant can help walk you through all of that.
I know it may sound like a lot, but think about this. Once you assemble your real estate investment team, and buy your first property, they’ll still be there when you buy your second and third and fourth. Over time, you’ll develop quality relationships with every member of that team. They’ll know you, and you’ll know them. And they’ll know what your goals are and how you hope to achieve them.
And you can expect that every one of your team members will be a powerful, and helpful ally, as you build your real estate portfolio, and become “Set for Life.”