| In order to be a successful commercial real estate | | | | get a real estate attorney. Do not just look in the |
| investor you need a good team. If you follow | | | | yellow pages and select one because that will be the |
| basketball at all you will see all the great teams in this | | | | easiest and quickest way to get yourself in trouble. |
| era comprised of great teammates. Some examples | | | | This is an area that you do not want to be cheap |
| are the 95-96' Bulls in which they won a NBA record | | | | about either! You need a real estate attorney that not |
| 72 regular season games. The reason that team won | | | | only will write and review your contracts but also to |
| so many games is the collective team effort each | | | | serve as the enforcer for your deal and to make sure |
| individual played. Yes, of course having Michael Jordan | | | | that your interests is protected and maximized. |
| the world's greatest player definitely helped but even | | | | Another area that this attorney will focus on is the |
| with just a Michael Jordan the Bulls would not have | | | | correct use of entities and partnerships. Do not ever |
| been able to pull off such a successful season. This is | | | | start or enter into a LLC, Corporation or partnership |
| the same for any business venture including real | | | | without proper counsel from your attorney. It is always |
| estate investing. | | | | better to be safe than sorry. |
| Your dream team will comprise of other professionals | | | | Here are some questions to ask when interviewing an |
| that are experts in their trades such as the following: | | | | attorney. Also use the form attached for your |
| · Real Estate Agent & Brokers | | | | attorney interviews |
| · Property Managers | | | | 1. Ask other successful apartment and multifamily |
| · Lenders | | | | investors who they used. Go to a local real estate |
| · Attorney | | | | investing associations (REIA) meeting and get referrals |
| · CPA | | | | and recommendations from group members. Ask |
| Real Estate Agents and Brokers - When choosing an | | | | about 10 people. |
| Agent or broker you want to know that he/she is | | | | 2. When you get a list of attorneys, set an |
| well-experienced in apartment investments as | | | | appointment with each and interview them. Use your |
| opposed to shopping centers or shopping centers. He | | | | Attorney interview sheet. |
| or she must understand financial numbers, why they | | | | 3. Do they own real estate? You are looking to work |
| make good investment and is not selling you deals | | | | with an attorney that actually owned and experienced |
| based on 'proforma' numbers. An agent or broker that | | | | investment property. This is a huge difference |
| actually owns investment property is a must. | | | | compared to working with an attorney that doesn't |
| Property Managers - Having an experience property | | | | understand what you are doing. |
| manager can save you thousands and make you | | | | 4. Get a list of three clients for references that they |
| millions over time. It is not recommended to purchase | | | | have worked with that they feel would use their |
| an apartment building without an adequate property | | | | services again. Every attorney is not for everyone, |
| manager | | | | remember you are building your dream team so it is |
| Lenders - The lending environment is pretty challenging | | | | very important that you select individuals that will play |
| these days, with all of the bank fallout and tighter | | | | well on your team. |
| underwriting requirements. I recommend having a few | | | | CPA - When selecting your CPA, it is the same |
| lenders but also a "go-to" lender. Hopefully, this lender | | | | process as if you were selecting an attorney. Look for |
| has earned your trust over many deals and has | | | | CPAs that have real estate tax planning and exit |
| proven be reliable and can perform. Having a few | | | | planning experience. You do not want to just select |
| lenders will also give you the ability to get deals done | | | | any CPA that doesn't understand your goals and your |
| when some lenders just cannot. These are lenders | | | | business. Selecting the right CPA can save your |
| that have strengths and connections that your favorite | | | | thousands and make your hundreds of thousands now |
| lender does not have. | | | | and into the future. |
| Attorney - When selecting an attorney remember to | | | | |