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Jessie A. Kilgore | June 4th, 2022
Ten Tips You Can Learn From Investors:
- Get familiar with your primary lenders and the key employees who’ll be processing your loans. It’s nice to consistently work with the same lenders for your new projects, you’ll build a great reputation and business relationship. These will be the people pushing for earlier closing dates, negotiating better loan terms, and gaining familiarity with how you run your business.
- Good contractors can be very hard to find. As a new real estate investor or flipper, it’ll be good to visit the site often to check on the progress of the work. Start to learn proper building codes and code enforcements in the city or county that your properties are in.
- It may be beneficial to learn how to do a few small handy jobs. Installation of door knobs, some lawn maintenance, and securing light fixtures may be things that you can accomplish yourself. Done right, this can save you some money in the end.
- Get business accounts at The Home Depot, Lowes or other hardware stores. Sometimes the customer service has better benefits and perks.
- Learn how to read Alta Settlement Statements, Closing Disclosures, and understand what documents are included in loan packages.
- Choose one good closing attorney to close all your real estate deals. The closing attorney or settlement office will determine who underwrites your owner title policies. The better team you have, the more smooth your contract to close will be.
- Buy property near your home to be easily accessible for tenants, their needs and repairs.
- Get a good property management company. Some tenants may try to play on your kind heart and bend the rules of late payments and fees. A property manager can be a good face for your business and be better for laying down the rules.
- Hire a good handyman to do last minute repairs at your rental properties and one who can keep track of when fixtures were last serviced. Semi-annual property checks and checklist are beneficial to maintaining properties.
- Cover all your properties with an excellent coverage insurance and shop around for the best plans periodically. Just because you’ve been loyal to one insurance company, doesn’t mean they’re offering the best bang for your buck.