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An investor friendly agent, Kyle Madak, can add a significant amount of value to you and your business. Not only can he help you find deals, assist in negotiations, and manage transactions, but he can connect you with other well-respected, trustworthy professionals in the industry. The real estate industry is a people business, it matters who you know, and it matters who is on your team - build relationships and, most of all, take care of your team!
A lender will be able to help you obtain financing to acquire properties - essential to grow your portfolio. There is a wide variety of financing methods and loan products out there. It is important to discuss your investing strategy with a lender so they can provide you with the best fit for your situation. Lastly, having a strong lender on your team can be the difference between your offer being accepted or not.
Whether you are local or remote, it is important to have an inspector and/or contractor walk properties before you close. They can provide you with honest feedback and realistic estimated costs to reassure your initial assessment of the deal. After acquisition, having a trustworthy and reliable contractor is essential for completing repairs on time and within budget - so you stay profitable, and that's the goal!
As a real estate investor, you will come across a wide variety of deals that come in all forms and fashions. Most importantly, you want to be ensured that the transaction goes as it should and ownership is verified. An investor friendly title company can be priceless - saving you time, money, and from sleepless nights.
Legal matters are a part of doing business and you do not want to disregard this side of your business. If things turn bad and you have not prepared, you are at risk of a huge loss. A real estate focused attorney can assist with setting up your business or ownership structure, review contracts, and protect you in court.
Keeping as much money in your pocket and paying the least amount of taxes is critical for your business. An accountant familiar with real estate investing can help you strategize and operate your business in the most cost effective way. Conversations with an accountant should become a part of your decision making process.
Have you thought about purchasing a rental property, but don't know what is a good deal? Use this calculator to help analyze deals and estimate potential cash flow.
As a buyer, you should be prepared for how much cash out-of-pocket you need in order to close on a property. Buying a house is not cheap, and you should understand all of the costs associated with the process. This tool will help you set expectations and avoid unexpected costs from arising!
Whether you are buying or selling out of your LLC, you'll need to provide additional documentation to the title company to verify ownership. Use this checklist so you don't have to scramble later!
Likewise with buyers, as a seller, you should have an estimation of how much cash you will walk away with based on an anticipated sale price. Sellers should be aware of the fees and costs, which some vary based on how much the property sells for. Use this tool to understand the expenses associated with selling!
Looking for cash flow? A jump in taxes can wipe away all of the cash flow you expected. We don't want that. Use this property tax calculator to estimate the new tax bill after your purchase.
Note: property taxes uncap after a new purchase, so DO NOT expect the current taxes to be the same as yours.
The 1031 Exchange in real estate investing is a powerful tax tool used to delay realizing gains and the tax bill from a sale of real property. But, you must exchange like-for-like real property and follow the guidelines set.
Kyle Madak does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.