7 Secrets Your Counselor Won't Tell You - To paraphrase the old saying, if you act as your own attorney, you cheat your clients, and the same is true for real estate investors.
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This article will show you how to "not be fooled" when dealing with these advisors.
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1. How to choose the right advisor When choosing an advisor, make sure that he is qualified to deal with investment matters. Look for professionals with education and experience in real estate in general, and rental properties in particular. Start your search for real estate professionals by looking for referrals from individual professionals
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2. Beware of "know-it-alls" Beware of advisors who are happy to give advice on all topics. Some people explain everything without qualification or knowledge. Always make sure you have someone working for you who has the experience to get the job done.
3. Get the most out of your advisors The best way to get the most out of your meetings with your advisors is to record them. Play it back and you'll be surprised how much you haven't heard. Notify your advisor that the meeting is being recorded and get approval before starting. If you don't agree, get another advisor.
4. Fee management
Records also help manage billing costs. Hourly billing consultants must provide a breakdown (or part thereof) of hours based on the problem identified. Note the time recorded each time you use the consultant's services. Then when you get your bill, compare the times. If the bill doesn't match your numbers, ask to see supporting documents such as copies of phone bills or staff timesheets.
5. Avoid unnecessary claims Remember that you are working with a professional. Don't be afraid to ask, "Why do I have to search everything?" You are correct in thinking that they need a strong background in their area of expertise. The more research you do, the more hours you will work. takes care!
Beware of consultants who charge a flat fee for work. I spoke with a lawyer who paid $200 an hour. However, if you hire the same attorney to set up live credit, the attorney will offer a flat fee of $5,000, with the help of a secretary and word processor, knowing that actual billable hours won't come close to that number. .
Insist on obtaining a written cost estimate before carrying out any work. An experienced consultant should be able to do this. If you can't consult, find out why. Unless you ask a consultant to do something outside their area of expertise, there is no reason why you can't provide a quote. If you're asking for something outside the counselor's area of expertise, don't do it. Get another consultant.
6. Protect yourself All counselor reports must be in writing. Recommendations, estimates, interpretations and opinions should be written down to avoid misunderstandings. Your decision depends on the opinion of the consultant. Don't fall into the "I said this instead of that" or "I meant this instead" syndrome. The degree of potential liability is very high. Get it all in writing and protect yourself.
Have them take minutes of the meeting with the consultant or take notes. Make sure everyone involved has a copy. The notes should reflect what happened in the meeting (and should include the phone conversation), a plan of action, and who is responsible for what. Always protect yourself from the mistakes of others. It is useful to be written.
7. Maintaining Control The most important rule to remember when working with consultants is to maintain total control. Consultants support the decision-making process. It is up to you to make decisions and maintain control. Don't let anyone take over. When you lose power, you lose money.
About the author: Eugene E. Vollucci is a leading expert in property taxation and rental income investing and has authored four books in these areas. He is the director of the California Real Estate Research Center, a real estate research organization. For more information about the Real Estate Studies Center, please visit our website at http://www.calstatecompanies.com.