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3 Things Real Estate Investors Need to Do Before 2018

Attorney, Kimberly Soto, provides aggressive legal representation in Orlando, Altamonte Springs, Orange County, Seminole County, and throughout Central Florida.

December 14, 2017 | Kimberly Soto, Esq.

 

Frequent fluctuations in the real estate market make it difficult to forecast when the market will favor buyers or sellers, but many economists foresee the real estate market remaining a Seller’s market. According to Svenja Gudell, the Chief Economist at Zillow, inventory of homes for sale will remain low well into 2018 as sale prices continue to rise.

Low inventory, along with an increase in prices and demand, will cost you more as an investor if you do not act fast and are more aggressive during the procurement process. There are still deals out there, particularly properties that are up for sale by owners undergoing a divorce or individuals who inherited their property through probate.

As a real estate investor, set yourself up to succeed by implementing the following three steps in your acquisition efforts (if you haven’t done so already):

1. Add a Real Estate Attorney to Your Team

While there is an “I” in the term “investors,” it doesn’t mean investors should take on the entire investment process alone. It’s possible for investors to locate, procure, and manage rental properties on their own; however, more often than not, the various contracts involved during the process may pose risks investors are unaware of or pose potential problems which are difficult to resolve alone during the process without legal counsel.

To make the investment process as smooth as possible, investors should consider including an experienced real estate attorney to their team for the following reasons:

• they’re familiar with the state’s real estate statutes, court interpretations of the common law, local and federal regulations;

• they offer protection and guidance throughout the real estate investment process;

• they’re able to review and identify issues contained in contracts, title, and loan underwriting; and,

• they’re able to draft additional documents that carry out a real estate investor’s plan.

2. Incorporate the 3R’s into your Operating Agreement: Roles, Rights, and Responsibilities

If you’re part of an investment group formed under a limited liability company (“LLC”), it is imperative that your operating agreement defines the roles, rights, and responsibilities of each member of the group. Taking this precautionary measure will ensure members do not breach their fiduciary duties toward one another and the LLC.

3. Have an Exit Strategy

Start the investment process with the end in mind. It’s important to know what exit strategies are available to you as an investor (and your partners, if any). It is also essential to implement thorough and comprehensive steps to remove yourself from a real estate deal if you’re unable to complete a real estate transaction because a partnership goes sour or a partner becomes medically incapacitated or dies.

If you are a Central Florida real estate investor, who needs help implementing any of the steps noted above or in need of legal advice, feel free to contact Kimberly Soto, Esq. at The Soto Law Office, P.A. for a free 15-minute consultation.

 

Articles by Lawyer, Kimberly M. Soto

Kimberly M. Soto, Esq.

Kimberly M. Soto is the Owner and Managing Attorney of The Soto Law Office, P.A.

Ms. Soto is a member of the Florida Bar Association and Orange County Bar Association, including their Young Lawyers Sections.

Ms. Soto was awarded her Juris Doctor Degree from The George Washington University Law School.

Ms. Soto was awarded her Bachelor of Arts Degree in International Relations from the honors program at Rollins College, and graduated Magna cum laude.

Ms. Soto is also a member of the Central Florida Association for Women Lawyers, the Florida Association for Women Lawyers, and the Citrus Club.

Read the Full Biography of Attorney, Kimberly M. Soto.

Kimberly M Soto - Attorney at Law

Attorney, Kimberly M. Soto

Serving Brevard, Lake, Orange, Osceola, Seminole, and Volusia Counties

Divorce and Family Law, Civil Litigation, Estate Planning, Business Contract, and Real Estate Law Attorney in the Orlando and Central Florida Area, including Orange County Florida, Orlando, Maitland, Apopka, Winter Park, Alafaya, Bay Lake, Belle Isle, Bithlo, Christmas, Doctor Phillips, Eatonville, Edgewood, Fairway Shores, Goldenrod, Gotha, Hunter's Creek, Lake Buena Vista, Lockhart, Meadow Woods, Oakland, Ocoee, Orlovista, Pine Castle, Pine Hills, Southchase, South Apopka, Taft, Tangerine, Union Park, Wedgefield, Williamsburg, Windermere, Winter Garden, Zellwood, Seminole County Florida, Sanford, Longwood, Altamonte Springs, Casselberry, Forest City, Geneva, Goldenrod, Heathrow, Lake Mary, Lake Monroe, Oviedo, Wekiva Springs, Winter Springs, Osceola County Florida, Kissimmee, St. Cloud, Campbell, Celebration, Champions Gate, Deer Park, Four Corners, Harmony, Intercession City, Kenansville, Narc oossee, Poinciana, Reunion, Yeehaw Junction, Brevard County, Volusia County, Lake County, and surrounding Central Florida Areas.

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