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The Team You Need to Buy and Sell Foreclosed Homes
Buying Realtor You want to find a realator who specializes in selling foreclosed properties for banks. These realtors work for one or more banks. They work on a volume basis they have to turn multiple properties a month to make a profit. Ask for people who buy and sell houses which realtors are in this business.
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 will not have time to sell your home. He will be too busy listing properties for the bank. You want to find a realator that will get you the most money in the shortest time. This is a business where if a house must sell quickly to make the maximum amount. You want a realator who can get you the right price, too low you lost money on the sale too high the property will sit costing you interest and utility payments.
Home Inspector Sounds simple enough, but if you don't get this right it can cost you dearly. Imagine buying a house without running radon tests or asbestos tests, only to find out months and tens of thousands of dollars later that you can't sell because the beautifully remodeled home is contaminated. It happens. Choosing the right home inspector can save you time and money. Also, if you pay attention to the home inspector reports, you will learn what to look for when you first visit a house. The key to choosing a home inspector is to make sure they hold certifications and can check your investment for mold, radon, lead paint, and asbestos.
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 You can save a lot of money buying wholesale. Typically you can find a wholesaler through an internet search or in the phone book under Building Supplies - Wholesale. To get an account, you need a company name, a credit card and a bank account, that's it. Don't buy retail! Home improvement stores like Home Depot and Lowes charges 20-40% markups for nearly every product on their shelves.
Accountant Find one early, interview them and get their advice months ahead of time. This will make the tax season a whole lot easier and less stressful. This is not where you want to save money with turbo tax. 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 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.
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