Do You Have These Tools? Here are 3 things you MUST HAVE in your Real Estate Investor Toolkit.

Hey, if you're a real estate investor, whether you're a wholesaler, a buy and hold, or a fix and flipper, here are three things that you need in your toolkit to set you up for success.

I'm Rebecca Larson, attorney at Your Home Legal, and I'm here to help you put those tools in your toolbox. 

The first thing you need in your toolbox is the right documents.

This is your contract, your assignment agreement, your JV agreements, your loan documents. These are all things that you need in order to be successful and I'm not talking about that garbage you got on the internet or from your buddy in Utah; I'm talking state-specific. These are documents that you need in whatever jurisdiction you're buying property in. Relying on things that you find on the internet, or something that you got from a friend, is not enough to make sure that your investments are being protected.

The second thing that you need in your real estate investor toolbox is the right corporate documents.

You may be going at this individually, meaning you're not titling any property in an LLC or corporation. You may have one LLC holding everything. Make sure that the way that you're holding the property is appropriate for your business. And that requires talking to the right people.

The third thing that you need in your real estate investor toolkit isn't a thing.

It's a who; you need to have a qualified team at your disposal anytime that you're buying and selling real estate. And that includes the following: a tax advisor, they make sure that you're paying the right taxes; an insurance agent, they make sure that each property is insured so that your liability is reduced; a real estate attorney, they make sure that your contracts are rock-solid; and something that's often forgot an estate planning attorney. It's not just buying this property that matters. It's making sure that your family is protected in case something happens.

I just shared what you need in your real estate investor toolbox, and you might be thinking, “Damn, that is a lot.” That's not something that you really need to worry about. 

Your Home Legal is here to help you take care of it all. We can get you in touch with the right professionals if it's not something that our firm offers, and we make sure that it's the right person for the right project. If you'd like to learn more, check out the button below.