MAKE YOUR REAL ESTATE DREAMS COME TRUE BY CONNECTING WITH THE RIGHT PEOPLE
When you start to acquire real estate you will need to have contact with numerous people. Like most things in life dealing with the right people, which is the one's with the most knowledge and position, will lead too faster and better results! By being in contact with "key" people you will have an inside track to not only good possibilities in finding great deals but also information that will help you make decisions regarding the purchase of properties.
You will find here the places to meet the "key" people in the real estate game. Visit these places and get to know these people. Better yet let these people get to know you! Let them know what you are doing and an idea of how you are going about it. They will help you if they see a serious business attempt coming from you.
Rental Locator Services- These agencies place tenants with available rental units. All large cities have many of these agencies and most areas have at least one. They are a good source to find out the vacancy rates for a given area or the market as a whole. They also can help you determine the market rate to charge for rent. They can give you good information as to the quality of an area, which will help you decide on whether you want to invest in that area. A very helpful agency!
Property Management Companies- Excellent source to find market rates for rent and vacancies for a given area. Also one of the best sources to get an idea of maintenance and utility costs for an area.
County Court House-You will gain a lot of valuable leads and information when you get to know and be known by the right people in your courthouse. There are three main offices you want to deal with.
Tax Assessor's Office-You will find out about a property like if the taxes are current and how much they are annually. Who the owner is and how to make contact with them. You will also know the assessment value of the property and when it was last assessed. This will give you an idea of the property's current market value.
Record's Office-You will find out the current and past owner of a property. You also will find out how much the property originally sold for. Ask here who in this court house deals with foreclosures.
Foreclosure Department-This office will be an inside track to property that is going to be auctioned because of delinquent taxes and or mortgage liens. Great deals come from here!
Bankers-Getting to know your banker is a good way to find out about building trends, vacancy rates, new finance options and other information that will help you achieve your goals. Use one banker at each bank you deal with and make special trips just to talk with this banker on a regular basis. In time they will help you in a variety of ways to numerous to go into here!
Real Estate Agent/Broker-Your agent will be one of the best ways to find and acquire real estate but other agencies will also be helpful. You should become familiar with as many of these offices as you can. Make a point to contact different agencies weekly to see what they may have found that fits your needs.
Title Agencies-These are the agencies that will handle most of your closing details. Since cost is not that different between these kinds of agency, service and confidence are the factors that will determine which one you call your primary. Talk to these agencies and find out what they do and how it affects your investments.
Attorneys-In private deals you will sometimes use an attorney instead of the Title Company to draw up a contract. You will also need an attorney to help you create legal contracts in other areas of your real estate business. Try to find an attorney that is easily accessible and affordable. The rates attorney's charge does vary greatly usually based on experience. Try to find one that has real estate knowledge. These generally will find ways to make creative real estate deals work when another will not even try.
Ask around the real estate people you are meeting to find out who they use for an attorney. You will probably start to here of one attorney from many sources, which is probably the one for you too!
Investors-Some areas have real estate investor's clubs. If your area has a club make an attempt to make contact with it. If there is no club in your area try to find other real estate investors living in your area who will meet with you. You are looking for other people who will not only exchange ideas on creative real estate options but also talk about the everyday business of running your income properties. Subjects like good management, maintenance costs, vacancy trends, good sources for supplies and future out-looks. The more people you talk to regularly with the same ideas, plans and hopes, the faster you will reach your goals!
A good place to find people like this is other income property. Make contact with apartment owners, mortgage brokers and creative real estate agents. These generally are all income property owners.
Partners- Partners will be a valuable asset to your growth as a real estate investor. Not only will they be helpful in acquiring real estate through additional finances and credit but also they give moral support. Good partners will motivate each other and both will realize the gains made between your combined effort.
Partners can be involved at different levels. Some only provide the additional finance or credit needed to acquire a property. Others may be the managing forces you need to operate your income properties. There's also the general partner who has an equal share in both the finance and management levels.
To make a partnership work, everything must be documented on a legal contract so no question will ever come between the partnership. As long as you keep business on a business level your personal relationship will still work.
Pest Control Companies-Pest control is a very important part of property ownership. Having an affordable and reliable service is a necessity. Find a company that is bonded and has a good reputation and use them for all of your properties. Always have them inspect any property before you purchase it.