Maria Mak – Burnaby Realtor_The essential Real Estate Investment Team
The Essential Real Estate Investment Team
We have all heard the phrase, “two heads are better than one.” When it comes to real estate investment, having the right team of professionals walk you through the myriad of steps involved is not only better than doing it alone – it is absolutely essential. Three key professionals who will enhance your real estate investment experience are your Realtor, Real Estate Lawyer and Real Estate Accountant.
Selecting a good realtor will provide an investor with smart, informed and objective guidance in the search for the ideal real estate investment. A knowledgeable realtor can help you strategize and answer important questions you might have. Beyond that, an experienced realtor may have valuable insight into reputations of builders, mortgage brokers and potential contacts with other important professionals to have on your investment team.
Real estate lawyers oversee the legal transfer of the property to ensure their client’s interests and rights are preserved. They review the purchase contract, conduct title searches and obtain registrations on title to spot potential red flags and complete other important aspects of due diligence required.
One of the primary concerns of any investor is to maximize profitability and minimize cost. A real estate accountant can help you maximize the potential in your real estate investment by offering advice and guidance to help you understand how your business decisions affect your income and tax obligations. Your accountant can guide you through the process of structuring your investment and operating your business in the most suitable manner.
The expertise of a real estate accountant will be key to setting up your investment in a tax efficient way so that your investment is able to generate the most income for you. Your accountant will help you keep track of important matters that are easily overlooked through bookkeeping that is tailored to your investment.
For some investors who need more specialized tax advice on overseas issues or sophisticated business holdings, a real estate accountant can help review tax cases, file complex tax returns, develop comprehensive tax plans to achieve business goals and help clients consider the pros and cons of various ways to hold properties, such as proprietorships, partnerships, corporations, or even family trusts.
The most important member of your team though, is you. As necessary as a realtor, lawyer and accountant are, in the end, they are only a support system. When choosing to invest in a property, you need to be asking the right questions. Start off by practicing due diligence and looking into the status and trends of the current market environment. For example, a region with positive job growth implies strong growth potential and low unemployment rates, making the location a good place to invest in. Another example would be risk assessment. Although risks cannot be eliminated, they certainly can be managed. Market fluctuations, vacant rental units, damage and disrepair are all part and parcel of property investment. Assessing risks through research before purchasing will help to mitigate foreseeable challenges.
Having a good realtor, lawyer and accountant on your side as part of your real estate investment team will ensure that you are making an informed investment that is in compliance with the law and ultimately, aimed at maximizing profitability. The caveat is that in order for your team to ensure success, you have to remember to do your part too.
Contact Maria Mak and her team for all your premium real estate services and creative financing at Sutton Centre Realty @604-839-6368 or visit her websites www.mariamak.com, You’ll be smiling too.
