Most of us who purchase investment real estate are primarily focused on accumulating the funds required and seeking out the right property. Both of these activities are very time consuming and often overwhelming. The process of an acquisition is tedious, stressful and detailed. When we complete the transaction, we sometimes feel that we are finally finished, and there is nothing more to do. It’s true that the acquisition is probably the biggest hurdle in the process, but we feel that once this has been accomplished your real estate business has actually just begun.
Every property has maintenance issues that need attention. Identifying and systematically organizing a work plan to properly put the property in shape is extremely important. You must protect your hard earned investment. Sharpening up your management skills is another critical step. Your investment success depends on your ability to organize and follow through. A well maintained residence or income property benefits the owner much more than a property with deferred maintenance and haphazard management.
Having a general understanding of basic business law is necessary. Homeowners and investors alike have large sums of money tied up in a property and need to protect it. Stop and think about it, would you invest money in any other business proposal where your rights are not completely understood? If you are like most folks, your real estate is where the bulk of your assets lie.
It was no easy task to get to where you are with this lifetime investment - protect it. Like all businesses, good management is the key to success. Don’t make the mistake of thinking that your home or other real estate is not a business. Don’t deal with your business equity lightly. Make intelligent decisions.
One last issue is often forgotten. Be sure that you have all your legal paperwork regarding your assets in order, and that you have discussed your estate with a competent attorney who deals in such matters. Proper estate planning helps preserve the assets to be passed on to your loved ones.
Your real estate acquisition can not only benefit you, but your children and grandchildren.
All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by San Fransisco Examiner. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.