In a past set of articles, I introduced the idea of having a team around you to help build your apartment empire. Since the team is so important to your success as a real estate investor and, more specifically as an apartment owner, I would like to take the opportunity to discuss how to find and use these team members in a little more detail.
Just to recap, some of the essential team members that you’ll want to have in place include:
- Bird dogs
- A real estate agent or agents
- A commercial mortgage broker
- A banker (one or more)
- A title company or closing attorney
- A real estate attorney
- Private lenders
- An SEC attorney (if part of your business includes securing private funding)
- An asset protection attorney
- An accountant or CPA
- Property management companies
- Contractors
Moving along in the list of team members, let’s talk about the importance of a real estate attorney. This is one team member you don’t want to be working with on a regular basis (unless they handle your closings for you) since attorney involvement usually means legal hassles of some sort or another. That said, they should be there when you need them and you don’t want to be searching for and interviewing attorneys in times of need.
Attorneys should essentially be conflict resolvers. Most real estate disputes can be resolved without the need to go to court and you need someone, in the event of a problem or dispute, who can help mediate the situation, rather than allow it to escalate into a much bigger problem. Experience does play a part here, as an attorney who has been around the block a time or two will have a much better idea of how to handle real world challenges that can and do pop up in the world of real estate.
Where does one find a good real estate attorney? There are a lot of them out there and choosing good legal help can be a big step for you, especially as you start working bigger and bigger deals. Networking is always a good way to start, as a positive referral from another investor can be a huge help in selecting an attorney that’s right for you.
What about investment clubs? Most areas have one or more such real estate investing groups and, in addition to the networking opportunities that exist there, you’ll sometimes see attorneys as members or who simply attend the meetings to attract business to their firm. I’ve found that it’s always a big plus when a real estate attorney specifically seeks out investors as clients, since many attorneys can do a variety of things but may not be appropriately specialized to best work with you.
Criteria for a good real estate attorney include:
- Having other investors as clients
- Years of experience in a variety of up and down real estate markets
- Experience investing themselves
Can you see how your empire can be created without you not having to be a jack of all trades? Follow with me through this series and you’ll continue to see how your own team can help you acquire the apartments you seek and help build the fortune that is out there for the taking!
