If you are an investor that is looking to purchase a multifamily property, you’ll need the right team of advisors to help you along the way. Having a trusted group of specialists that understand your long-term vision is absolutely paramount in ensuring that your investment is a successful endeavour. Having the help of a mortgage specialist, lawyer, banker, realtor and property management company that specialize in multifamily properties is not only worthwhile but also totally necessary. We call this group of professionals: The Multifamily Real Estate Investor’s Power Team.
Multifamily Property Mortgage Specialist
Acquiring your investment property mortgage through a mortgage broker that specializes in multifamily will ensure that you obtain the optimal financing option for your multifamily property purchase. Multifamily property mortgages are available for the acquisition of newly built or older properties, and to refinance at competitive rates.
A dedicated mortgage specialist trained in multifamily can help you tailor a mortgage to your location and circumstances. They’ll find the right combination of terms, conditions and a competitive interest rate for you. They can often see an opportunity where you do not. No matter where your multifamily building is, they can help you build a customized mortgage that suits your needs.
Multifamily Property Lawyer
Regardless of whether you are a first-time or seasoned investor, having a lawyer represent you for your real estate purchase or sale can mean the difference between a wise investment and a devastating financial loss.
A lawyer that specializes in multifamily real estate knows exactly how to guide you through this complicated process and is well suited to help you in the purchase or sale of a commercial property, multi-family property or financing of any type of property.
Their focus will be on making your real estate purchase appear as simple and efficient as possible. They will attend to the legal technicalities of the transaction as you deal with the other aspects of the process.
Multifamily Property Banker
The commercial/multifamily mortgage lender plays a key and unique role in the commercial real estate finance market. Property owners and developers require access to capital to vibrant communities to leverage their investment, which is one of the main reasons why investors choose real estate to add their portfolio.
Lenders serve as the bridge between property owners who seek financing and sources of real estate capital; they help to determine the most suitable execution based on the borrower's needs and the characteristics of the property. They also expedite and simplify the finance transaction while bringing broad financial, real estate and market knowledge.
Equally important is the lenders' loan servicing expertise post-closing, as they work to ensure issues such as adequate insurance coverage, leasing, loan assumptions and the borrower's and lender's requests are addressed.
Multifamily Property Realtor
When an investor is considering buying or selling multifamily properties, it is essential that he or she find a multifamily real estate expert. A local agent with experience in the multifamily market in your city can help you buy or sell the perfect property.
If selling, a multifamily specialist can inform you as well as possible on all aspects of the market. They work with principals and agents, buyers and sellers to find the best opportunity. They can list the property features: bedrooms, baths, acreage and number of units to potential buyers.
When buying, a multifamily real estate adviser can help his or her clients analyze each opportunity by studying market data and comparing alternatives. Their access to historical statistics, demographics, on-going real estate developments and governmental policies can help you as an investor make the best decision.
Multifamily Property Management Company
Hiring a property manager is essential if you are looking to purchase a multifamily property, and it is also the best way to keep the day-to-day tasks of running your real estate investment under control. Although it is possible to manage things on your own, there are many good reasons to consider enlisting the help of a professional, especially if you do not possess the specific skills required to handle those responsibilities yourself.
Below you’ll find some of the important services that property management companies offer:
- Advertising Vacancies: A great management firm will be aggressive in their advertisements. You don't want your property staying vacant for too long.
- Screening Tenants: This is really important. Make sure that they are using background checks. A simple background check can greatly reduce loss.
- Collecting Rents: Any legitimate firm will have a process in place. Make sure that it sounds like a good one.
- Maintenance: You always want to make sure that they will keep up with regular maintenance and to find out their processes before hand.
- Emergencies: If they don't have a system in place for these types of emergencies, why would you pay them money in the first place?
- Accounting: It is always good to find out what kind of accounting services they offer. Remember that great accounting means less work for you.
- Fee Structure: Finding a property manager for an appropriate fee shouldn't be too difficult. Various firms may have different fee structures.
- Liability Insurance: This one is really important. You always want to be covered in this business.
Looking to hire a licensed property management company?
Braden Equities Inc. has been successfully managing multifamily properties in Edmonton since the 1970s. A lot has changed since then, but our commitment to the residents living in each building we operate has not. Contact us today.