Why You Need a Mentor and Real Estate Attorney
As a wise real estate investor, you should surround yourself with a team of professionals who can help maximize the profitability of your business. Last month we looked at the benefits of having an accountant and a bookkeeper on your team. This month, we will look at key advisors: An experienced real estate investing mentor and a real estate attorney.
Getting Sound Advice: An Experienced Mentor
Your mentor should have a lot of experience so that you can learn from their mistakes in the hope of avoiding making your own. Another benefit to an experienced mentor is their extensive network. They should know builders, contractors, lenders, and other investors, just to name a few.
It is crucial to identify your relationship. Your mentor’s purpose isn’t to hold your hand. Instead, they are there to coach you. What will your role be in this? Some mentors get fulfillment by seeing their mentees learn, grow, and give back to others. This is important to talk about with your mentor.
Finding a Real Estate Investment Mentor
How will you find a mentor? There are many ways to do this, but the surest way to cover your bases is to announce your intentions across various social platforms and in your social and professional circles. Let everyone know that you are looking for a mentor.
Look in your local area, so it will be easy to get together with them. Check out local networking groups. Meetup is an online platform that helps facilitate networking events. LinkedIn also has a mentoring program.
Choosing a Mentor
Look for someone you admire, someone who shares similar values and goals. Read articles or blogs they have written about real estate investment. Is their writing easy to understand? Do you feel you can trust them? This is essential because you will have to be completely open with them and open to their advice. Be willing to follow their instruction and give it time to bear fruit. Whatever you do, don’t waste their time. Be clear about your goals and be willing to take your mentor’s advice to achieve them.
“All great leaders choose great advisors, people they really trust for their governance.”
Another Advisor: Your Commercial Real Estate Attorney
While most homebuyers rely on a realtor, in commercial real estate, things can get far more complicated, so having a real estate attorney on your team is essential. An experienced commercial real estate attorney can help you avoid financial pitfalls when buying or selling commercial buildings. They can also protect you when leasing retail space, starting construction and development projects, resolving zoning issues, and other problems that arise in commercial real estate transactions.
Other Services a Real Estate Attorney Offers
- Real Estate Development Law
- Deeds, covenants, easements, and other title issues
- Landlord-Tenant Disputes
- Breach of Contract
- Nuisance Laws
- Environmental Regulations and Land Use Issues
- Regulatory Requirements
- Construction Financing
- Homeowner and Condo Associations
- Incentive Agreements and Relief
- Eminent Domain
The Best Advice: Get a Cost Segregation Study
When investing in real estate, whether a commercial or residential rental property, have a cost segregation study done. It can reduce your tax burden significantly. Find out how much you can save!
Get a no-cost, no-obligation estimate today!