Category Archives: Real Estate

A Few Things You Need To Consider Before Buying an Investment Property

For centuries, real estate has been an excellent way to invest money and grow wealth. Some of the wealthiest members of our societies made their fortunes by investing in real estate. If you are considering following their example and buying an investment property, there are several things you need to consider before signing the paperwork.

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Do You Have Enough Saved Up?

Evaluating your finances is the first thing to do when determining if you are ready to move into property investment. Buying an investment property is different than buying a primary residence. For one, you must have a 20% down payment because mortgage insurance is not available for investment properties. You should also make sure that you have enough money readily available to cover any problems you may encounter before you begin to get rent payments. If you don’t think you do, you should make a savings plan.

Who Will Be Managing the Property?

It’s also important to consider the day to day running of the property. If you are not sure about being a landlord, you should investigate rental management Tacoma WA. Rental managers can do the hard work of property management for a fee and are worth hiring if you feel like you won’t have the time to devote to being a landlord.

What’s the Right Location?

When researching where to buy an investment property, you should think about who your prospective tenant is and what they are looking for. Maybe you live in a university town and want to rent to students. You should look for properties that are close to campus and near shops and restaurants that appeal to students. Do you want to rent your property to a family? Then you should consider homes close to good schools.

If you feel like you have the right answers to these questions, you are probably ready to buy your first investment property. The next step is to contact a local realtor and start visiting properties. You are on your way to investing your money and getting great returns.

3 Considerations of a Real Estate Profession

While there is no doubt real estate opportunities are always ripe for the picking, just like many other careers, you will have big shoes to fill to be on top. There is still tons of money to be made in the housing market; you just have to be willing to get past the difficult parts of the job. Keep reading for a few examples of these hurdles.

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1. Market Cycles

Before you list yourself as a licensed Texas realtor the Woodlands Tx, you have to understand that real estate does not always bring consistent money. The good news is, if you master this business, you will easily be able to make up for your slow months with your busier months. This can be frustrating in the beginning and takes years to understand the everchanging realms of real estate.

2. Picky Clients

As you can imagine, there are always those clients that want to see 50 houses in a week, but still have no interest in a property. Not to mention, their budgets probably don’t match with what they are hoping to land. The truth is, real estate is a demanding but rewarding business because you are dealing with a good chunk of people’s hard-earned money and their livelihood.

3. Satisfaction of a Sale

With all of this being said, there is nothing like the satisfaction of handing a client exactly what they want and knowing you have made it possible for them to get into their dream home. Being the liaison between your customers and their forever home is challenging, but well worth the effort.

As a realtor, you are the jack of all trades. You are a matchmaker, therapist and handyman all in one. While this may seem like it is not worth the while, the smiles on your client’s faces may change your mind!   

What is Estate Planning and Why Do You Need It?

Estate planning is the process by which you anticipate your future needs and those of your family, as well as the documents you direct your attorney to draft for you that will provide for those needs. Estate planning is likewise the way you protect your assets during your lifetime and at and after your death so you can avoid probate and minimize the income, gift and inheritance taxes your estate will need to pay.

Your Estate

Your estate consists of everything you own at your death, including the following:

  • Checking and savings account balances
  • Stocks, bonds and other securities
  • Life insurance policy proceeds
  • Real estate
  • Personal property, such as vehicles, jewelry, antiques, etc.

Minimum Estate Plan

Whatever your age, marital status or amount of wealth, if you live anywhere in the Louisville area, you should contact an experienced estate planning attorney Louisville KY to draft at least a Last Will and Testament and a medical power of attorney for you. Why? Because if you die without a will, the intestacy laws of Kentucky will determine who inherits your assets.

As for a medical power of attorney, this document becomes crucial if you suffer a debilitating injury or illness that makes it impossible for you to communicate your wishes regarding the types of medical care you want and don’t want. Your medical power of attorney solves that problem because you not only list those things in it in as much detail as you wish, but you also designate someone as your attorney-in-fact to follow those directions, plus make any other medical decisions for you in the event you cannot make them yourself.

Additional Estate Planning Documents

Many people also include one or more of the following additional documents in their estate plan:

  • Revocable living trust(s)
  • Irrevocable trust
  • Special needs trust for a special needs child
  • Financial power of attorney

All in all, wise estate planning will give you the peace of mind of knowing that you have provided for yourself and your family no matter what happens in the future.