Diana Hill
Online Trading Academy
Let us continue our exploration of real estate team members. Two weeks ago we looked at the value of having these real estate professionals on your team: Coach, Real Estate Agent/Broker and an Insurance Agent on your team. Last week we looked at the importance of including these professionals on your real estate team: Accountant, Title Agent, Home Inspector and Contractor.
TEAM MEMBERS
Coach
Agent/Broker
Insurance Agent
Accountant
Title Agent Rep.
Home Inspector
Contractor
Handyman
Appraiser
Mortgage Banker
Banker
Property Manager
Real Estate Attorney
Closing Person/Escrow Officer
This week we will cover handyman and appraiser.
Handyman: A handyman is different from a contractor. A handyman generally does smaller projects such as repairs and maintenance. Even if you are a Mr. Fix-it, it’s always good to get an outside third party evaluation. For example, say you are buying a property as a long-term rental property. It could be useful to have a handyman come in and provide an estimate for the cost of rehabbing the units and for an idea of the cost when units are turned over. They can also be very helpful with things like clearing pipes, leaky faucets and clogged toilets as well as things that need to be done on a regular and routine basis. Even if you are handy, there will be times you can’t get to your property and you’ll need somebody who is familiar with that property to handle the issue.
There are also many ways a handyman can help with Fix and Flip properties. Fix and Flips are more project related. If you are not good at directing and keeping people accountable, a handyman can be a cost effective solution.
Appraiser: A state certified real estate appraiser is another important part of the real estate process if you are going to use a loan to purchase the property or you want an independent third party opinion on the property value. An appraiser can give value if there is no loan also. Cash buyers find that there is value for paying for an appraisal.
The results of the appraisal will depend on the value of local real estate, property location, property condition and its particular amenities. Because of the changes made by the Dodd-Frank act, appraisers must be completely independent from the buyer, seller, and lender. There are two reasons you would have an appraiser as a team member. One, if you wanted an independent third party opinion. Two, if you are flipping the property, the buyer (and their lender) may require an appraisal showing the increase in value you added to the property. You can find an appraiser or validate their credentials by visiting www.narea-assoc.org.
There is a great deal of information to know about appraisals and their importance. If you would like to learn more, I suggest you look at these articles:
Getting an Appraisal? Know the Facts of the Home Valuation Code
Understanding what an appraisal is and how to prepare for it
Real Estate investing at any level is a people business. You need the right people.
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Editors’ Picks
EUR/USD trims gains, back below 1.1800
EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.
GBP/USD off highs, recedes to the sub-1.3500 area
Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.
USD/JPY sticks to gains above 155.00, over one-week top ahead of US data
The USD/JPY pair gains positive traction for the third straight day and climbs to over a one-week top, around the 155.35-155.40 region. Data released early today showed that Japan’s key inflation gauge eased to the slowest pace in two years, tempering expectations for an immediate policy tightening by the Bank of Japan.
Editors’ Picks
EUR/USD: US Dollar comeback in the makes? Premium
The US Dollar (USD) stands victorious at the end of another week, with the EUR/USD pair trading near a four-week low of 1.1742, while the USD retains its strength despite some discouraging American data released at the end of the week.
Gold: Escalating geopolitical tensions help limit losses Premium
Gold (XAU/USD) struggled to make a decisive move in either direction this week as it quickly recovered above $5,000 after posting losses on Monday and Tuesday.
GBP/USD: Pound Sterling braces for more pain, as 200-day SMA tested Premium
The Pound Sterling (GBP) crashed to its lowest level in a month against the US Dollar (USD), as critical support levels were breached in a data-packed week.
Bitcoin: No recovery in sight
Bitcoin (BTC) price continues to trade within a range-bound zone, hovering around $67,000 at the time of writing on Friday, and falling slightly so far this week, with no signs of recovery.
US Dollar: Tariffed. Now What? Premium
The US Dollar (USD) reversed its previous week’s decline, managing to stage a meaningful rebound and retesting the area just above the 98.00 barrier when tracked by the US Dollar Index (DXY).
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