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Real
estate investing requires long term considerations as
its is neither easy to purchase nor easy to sell profitable
properties quickly. As a result the impact of mistakes can
be devastating on the personal finances of the investor. Since
most real estate is funded with loans, mistakes can leave
an investor responsible for significantly larger amounts of
money due than their entire investment. As a result even professional
real estate investors tend to specialize in properties and
markets they understand and almost all of them use attorneys,
realtors and tax advisors to help them evaluate the potential
investment. In addition to these experts, real estate investors
tend to develop a close working relationship with bankers
to ensure their contracts are funded with pre-commitments
when ever possible.
It is important to evaluate financial risks
associated with real estate
investing to avoid mistakes. Mistakes are magnified by
the borrowing that typically goes along with investments.
Here are some that people commonly
make:
Leaving part of the agreement off
the document
It’s of critical importance to have
everything related to the deal in writing. The services of
an attorney are required to make this happen. Due to the investment
size and durability of the investment it’s necessary
to include all warranties and representations possible.
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Not performing complete due diligence
on property history
Sellers are not required by law
to be forthcoming on the history of the property they are
selling. However they are not allowed to mis-represent or
leave out details when requested. A good realtor is important
to ensure that the property issues are evaluated before purchase.
Getting an inadequate title insurance
and not surveying the land
Land is a fundamental component of any real
estate transaction. Even when purchasing a condominium,
an investor can be exposed to risk relating to land. It
is necessary to ensure that the title and use of land is
appropriate and correctly recorded in the municipal records.
Waiting too long to accumulate the
equity investment that will be required
Real
estate investment deals are typically done on a timeline
established by the purchase contract. There is a closing
date by which funds must be deposited and if the purchase
contract is violated the investor is exposed to substantial
risk. It is therefore critical to make sure that all sources
of funds are available on the closing date. A good escrow
company can help ensure this.
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RealNet USA listings are properties
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ways of selling their home. |
Not using professionals to guide
the purchase
Real
estate investing is a complex investment strategy. It
is typically longer term than any other investment and has
broader ramifications on the investor than most other investment
vehicles. Therefore its important to use experts to guide
the process safely.
Not hiring professional management
for the property
Property management requires expertise and
time. When investors who have no experience try to become
property managers it exposes them to cash flow and property
damage risks.
Taking it all too lightly
Real estate is a long term investment. Depending
on market conditions investors should be prepared to hold
the property long enough to generate a return on investment.
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