Are you thinking about starting a real estate investment business? Whether investing in commercial or residential properties, flip-to-sale, or lease, the right investments could generate a sizable income. If you’re serious about starting a venture of this magnitude, you should know that it comes with many responsibilities and requires knowledge in a variety of fields to be successful. Ultimately, putting together a team of professionals is the most practical solution to get ahead.
Real Estate Investing Is NOT A DIY Venture
Most investors obtain their real estate license and outsource maintenance, repairs, and renovations to local contractors. However, the process from securing a property to finding suitable buyers or tenants is more involved. Take the legal aspect, for instance. From negotiating an offer on a property to navigating the closing or leasing process, having knowledge of real estate laws, drafting contractors, and even landlord/tenant relations, is essential.
That’s why investors are encouraged to use NYC legal recruiters to assist them in adding a legal expert to the team. Below is a closer look at why having a real estate investment lawyer on your team is ideal.
More Profits And Fewer Risks
The main objective is to purchase properties and sell or lease them to generate a sizable profit. A real estate attorney’s job is to assist you in getting the most bang for your buck with the fewest risks. They can help you develop an investment strategy, negotiate offers, and avoid high-risk investments.
Prepare And Review Documentation
There’s a lot of paperwork involved in buying, selling, and renting real estate. A real estate attorney will ensure that all documentation is accurate according to local and federal regulations. They can assist you in understanding legal jargon and ensure that any documentation you send or receive protects your interests.
Closing Assistance
Whether you’re purchasing an investment property or selling to an interested buyer, a real estate investment attorney provides invaluable assistance during the closing process. They will review contracts to ensure the transaction is legally binding and drafted according to your agreed terms. An attorney will provide counsel on home inspections, negotiating contingencies, completing title searches, and finally facilitating funds transfer.
Handle Lawsuits
While the hope is that you’ll find properties, make improvements, and secure a buyer or tenant without complication, that’s not always the case. There are a lot of legal liabilities involved in real estate investing. Someone could get injured, damage your property, or have a dispute with the closing agreement.
If that happens, they could file a lawsuit against you. Besides making recommendations to reduce legal risks, a real estate investment lawyer can represent you and your interests in the court of law.
Landlord/Tenant Relations
If you thought that renting properties was as simple as finding tenants and collecting payments every month, think again. As a landlord, you’re responsible for ensuring your tenants have a safe and decent place to live. You must comply with local building codes, understand tenant rights, and resolve disputes as they arise.
A real estate investment attorney can assist you throughout this process. They can help draft leases, ensure you comply with fair housing regulations, send and respond to notices, and navigate complaints before they become serious legal problems. Of course, if the complaint does end up in court, your attorney will go to bat to protect your assets. They can work to prove why a suit should be thrown out, or at the very least, work to negotiate an offer that won’t financially devastate your investment business.
When you watch people flip properties for cash on television, it seems like a simple process. However, there’s a lot behind the scenes of real estate investing that most people don’t see. As much of what happens before, during, and after a real estate transaction comes with significant risks and liabilities, it’s not a venture you want to start alone. Adding a real estate investment attorney to the team will ensure that you have the legal backing you need to succeed.
