Getting into real estate investing, especially nightly rentals, can be tricky, but it doesn’t have to be! By partnering with the right people you will be able to trust the expertise of professionals. We call these professionals a power team. Since there are many different angles and aspects to be aware of when owning nightly vacation rentals it is important to have a team of individuals available to assist you in your investments. One of those individuals is an attorney. An attorney will bring their legal perspective into the mix.
Tracey sat down with Cody Fenton, an attorney with Fenton and Grimwood Attorney at Law, to discuss why an attorney is such a key member of your nightly rental power team. Cody has a strong background in real estate law and business formation. In the video below, Cody dives into how an attorney can benefit you with your investments and how his firm in particular can work with you throughout the process.
An attorney can add value to your nightly rental investment in numerous ways.
1. They will advise and assist you on your investment from a legal standpoint. This is especially critical for new investors as they begin learning the business and oftentimes have a lot of questions.
2. As you begin your adventure in nightly vacation rentals they will work to ensure you are protected from potential lawsuits from the get-go.
3. Investments are planned for the long term. An attorney will help you be forward-thinking in what you want out of your investment and will advise you accordingly.
4. Taxes are definitely something that needs to be considered when purchasing a nightly rental, however, your attorney will also assist you with estate planning needs, the potential transfer of ownership, etc.
The Lightfoot & Youngblood team loves partnering with people like Cody. To learn more about Cody and his firm watch the video below. We encourage you to reach out to him or his firm if you are needing guidance with your nightly rental investments.
You can reach him at https://www.fentongrimwood.com/ or by phone at 417-335-3550.
If you are interested in learning more about how to build a power team or investment opportunities in Branson, MO check out our other blogs here!