Hiring Land Professionals: How To Build Your Own Land Investing Master Mind
BATTLECALL GUEST EXPERT: Robert J. Abalos, Esq.,
InvestingInLand.com
I am often asked by new land investors about how to put together what
Napoleon Hill called in his influential book THINK AND GROW RICH a "Master Mind"
or a team of professional experts who will work with you to achieve your land
investing goals with ease and great success.
Some of the professionals on this list would include the
following:
* A real estate transaction attorney (for such matters as closings, writing
contracts of sale and mortgage notes, filing deeds, etc.).
* A real estate zoning and development lawyer (for subdivision issues, zoning
variances, and other land use matters).
* An accountant specializing in real estate accounting.
* A tax planner specializing in real estate tax law issues.
* A land engineer (for road or driveway construction, land clearing,
installation of drainage, etc.).
* A surveyor for measuring land.
* A title insurance company for examining title questions.
* A bank or loan officer for business borrowing needs.
* A well driller for water access.
* A land inspector for toxic waste and chemical contamination questions.
* A geologist for land composition issues.
* A real estate sales associate, broker, or realtor to sell land.
* A home builder with experience erecting homes.
* A real estate developer with experience building larger projects such as
residential subdivisions or commercial properties.
* And many others, depending on the size of your land projects and the number
of acres you have to sell.
This can seem like a daunting task for the new land investor but it really
shouldn't.
Building your Master Mind is quite simple and like most other rather
complicated tasks, you do it one step at a time.
First, you only need to hire those professionals you currently
need. You don't need to put together a team of experts to build
shopping centers when you are flipping single family land lots. A good lawyer,
accountant, and surveyor are necessary at the start. They can help you find all
the other professionals you might need later on down the road.
Second, finding professionals is quite easy. ASK PEOPLE YOU
TRUST! As part of your land investing information gathering you should be
contacting and networking with all sorts of real estate professionals like
bankers, mortgage brokers, developers, even large land owners. Ask them who they
use. Usually in any small area like a city or county the same three or four
names will keep popping up.
Third, meet the people others suggest to you. Ask all the
usual questions any guide on the subject or common sense would suggest. You
obviously need to know about their fees, experience, credentials, professional
memberships, references, and the like. How can you judge the real quality of any
professional? My experience suggests that the busier someone is, the more in
demand they are, meaning the more happy clients they have. If a prospective
professional seems to eager for your business, it probably means they aren't in
demand and really need your work. That doesn't mean these people aren't
professionals or up for your tasks, it just raises a red flag. If these people
are so good, why aren't they busy doing what they do best?
When hiring any type of professional, listen to how they explain how they
will make you money and service your needs. I know so many excellent real estate
lawyers, for example, who can cite chapter and verse on the law and are so
hypnotized by the legal process they forget their clients are hiring them to
make money and not get an education on legal history. I despise accountants and
lawyers who can give me 27 reasons why I CANNOT do something but not make a
single suggestion how I CAN do what I want or need to do. The same is true of
other land professionals who are paid by the hour. I know many who can give me
three hours of excuses why they do not have time to do a five minute job. ALWAYS
stress that you are hiring this professional (regardless of type) to MAKE YOU
MONEY and that they need to make suggestions how they are going to do that for
you either by cutting your costs, boosting your cash flow, speeding the turnover
of your inventory, or making you a more successful land investor in some other
way.
When I ask for the time of day from a professional, I do not want to hear a
lecture on how to build a clock. So many want to prove the depth of their
knowledge, the quality of their education, and their extensive personal
experience that they drone on and on with unnecessary and unneeded information.
They are too much in love with the history of their profession and the
intricacies of the process they employ than in my real world need for
them----MAKING ME MONEY. When I ask the time of day, I expect to learn two
facts. What time it is, and how knowing that fact can make me money.
Lastly, always be on the lookout for better help. Just because you have a
real estate lawyer doesn't mean you won't find a better one. When you hire
professionals to work for you, never forget that YOU ARE THE BOSS! These people
work for you, you pay them to make you money. Sometimes their expertise and
skill makes it seem that you need them much more than they need you. WRONG! They
are in business solely to service clients like you. If you find any of your
Master Mind personally offensive, rude, arrogant, unethical, or otherwise
distasteful get rid of them regardless of how much money they can make for you.
Like I said earlier, every town or county has more than one qualified
professional practicing whatever skill you need. This is especially true of
professionals who DO NOT RETURN PHONE CALLS. Lawyers are notorious offenders
here and as a client you should not accept such rude practices under any
circumstances. Make your displeasure known and threaten to take your business
elsewhere if the offensive practices continue.
As a real estate lawyer and professional myself, let me give you my take on
how I view my clients. They often come to me with a problem, something weighing
heavily on their minds, an issue or situation that is causing them anguish,
anxiety, financial distress, or sleepless nights. They want this problem to go
away! That is why they are in my office meeting with me with their checkbook in
hand.
They are not interested in how the courts and legislatures of their state
have considered their problem over the last 400 years and the various solutions
that have been tried and failed over the centuries.
They are not interested in a lecture on public policy and how other nations
or the laws in other states give them options they do not currently have.
They do not want to know how their problem can't be solved.
They want their problem solved NOW, within the guidelines set
by the law, common sense, and established ethics.
I view my role as an attorney as like a magician.
I put my client's problems in my magic box. I wave my magic wand, say some
appropriate Latin legal words akin to ABRACADABRA, and POOF.....their problem is
gone.
Of course, it really isn't that simple. I have to work hard to make my
client's problems go away. But they shouldn't have to know that. Nor should they
care. They are paying me to work hard, not to commiserate with them about how
hard I am working for them. I am concerned with RESULTS not the process. I
obviously cannot do anything illegal, unethical, or immoral when solving your
client's problem. Otherwise, I simply create another problem for them----and
myself! But beyond those guidelines, my goal is to quickly rid them of what is
causing them grief.
All the professionals you hire should have this same attitude. A focus on
getting you what you need----FAST! The more real estate and land professionals
you meet and deal with, the more experience you will gain hiring them and the
more names you will have in your Palm Pilot when you need something very
specific done to your land.
With a team of competent professionals on your side, there is no limit to
your profits!
Discuss this topic in the Warrior Discussion Forum...what do you think?
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