I believe it was writer John Donne who years ago wrote that “No man is an island”. That is certainly true in real estate and note investing. Most of us do not have the time, skills, license, or knowledge to know everything or do everything about real estate and real estate notes. You cannot do it alone. You need help and a good team to help you accomplish your business goals. Years ago, there was a radio show and television show about a western character called “The Lone Ranger”. While that was his name, he was not alone as even the Lone Ranger has his trusty sidekick, Tonto, to help him.
Here are a few persons that you will want to have on your team as a note and real estate investor:
- Attorney and/or title company- There will be legal issues that you will encounter. In most states I work with, you will need an attorney or title company to close your purchase or sell of real estate. Find an attorney who understands real estate investing and note investing.
- Tax professional- Whether your tax professional is an accountant or CPA, work with someone who understands not only the tax laws but your specific tax situation.
- Mortgage loan originator- If you are creating real estate notes, you will want to work closely with a registered mortgage loan originator in the state where you are creating a note. While there are instances where that might not be necessary, they can help you create a note that is worth more and keep you from being featured on the evening news for doing shady real estate deals.
- Insurance professional- Whether you are buying a note or buying a home, you want your asset protected in case of fire, theft, hurricaine, or the like. Make sure you have a good insurance professional on your side.
- Servicing agent- You will want to have your real estate note serviced by a company licensed to do business in the state where the property is located. This will not only make your note more valuable, but it also will insure that it is being done according to law.
These are a few parties that you will want on your team. There will be others depending on your circumstance and what are your goals. Best wishes in your real estate pursuits.- RLW