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
A solid title company (or closing attorney in some areas) is an absolute must for any real estate pursuit. Think of how many transactions get stymied or delayed because of issues that hold up the closing. Some of these are legit and some are simply byproducts of a closing coordinator that is dropping the ball.
There are several benefits that you will gain from a good title company. First, you will know early on exactly what you need to do for a successful closing. Nothing dampens the spirit of a would be purchaser of real estate like last minute requests for more information and a good title company can help you avoid these frustrating hang-ups.
A good title company can also be an effective go-between among the parties in a real estate transaction. Some real estate deals can be stressful or even contentious so a title company who’s good at what they do can often keep the peace and keep everyone’s eye on the so-called prize and thus avoid deals falling apart.
Last, and perhaps most important, is the actual title research that a title company performs. Real estate that is transferred from one owner to another should absolutely be unencumbered, or devoid of extra liens and such that can make a transaction less appealing to a would be buyer. A good title company presents any such issues during the escrow period and should also be skilled at removing some kinds of liens to make for more successful closings.
As for where to find a good title company, my best suggestion is to seek referrals fro other investors, as this is perhaps the best endorsement you can get, short of your own actual experience with a particular closing company. When you actively interact with other investors, you’re bound to hear of a good title company sooner or later and it never hurts to simply ask a colleague and see what they have to say.
Can you continue to see how your apartment empire can be created without you not having to be a jack of all trades? Just about all highly successful business owners respect and implement the power of delegation and it is wise to pattern your own business accordingly. 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!
