Whether you are just jumping into real estate investing or already have a few properties it is critical to build a power team that consists of professionals including lawyers and accountants that understand the business you are in. This is especially true if you are planning on investing in US real estate.
At first the idea of investing in the US property market can seem daunting. Are prices still going down? What is the best structure to set-up to purchase a property in? What kinds of properties are the best to purchase as an investment; condos? Single families? Multi-families? Tax Liens and Deeds? It is up to you, the investor, to decide what properties you will invest in and where to buy but your power team will help you in several key areas.
A good accountant will show you how to structure your real estate business to minimize taxes and maximize returns. They will also make sure you are staying compliant with all IRS and state requirements.
A good lawyer will show you how to limit your liabilities and protect your assets. Remember that the USA accounts for more than 90% of all lawsuits worldwide. Its a good idea to protect yourself as much as possible.
It takes a while to build a power team of competent professionals. Its not as easy as flipping through the yellow pages and looking for an accountant though you can start there, we recommend going to a local real estate investment club and getting to know some local investors in your target area. Ask them what accountants and lawyers they are using. Soon enough you will build a list of 2-5 professionals who you should then contact and sit down with. Make sure they can answer all your questions, are easy to get a hold of and are reliable. After meeting with a few different professionals choose the one who resonates most with you. You are well on your way to building your power team. Treat the members of your team well and the advice you will receive over the course of building your real estate investment portfolio will pay for itself many times over.
Happy property hunting!
The Tax Lien Training Team