Are you using your business experience to invest in real estate? If so, here are a few mistakes to avoid.
Don’t forget your fiduciary duty. If you’re showing investor clients a property you’re interested in yourself, you should make sure you’re open about your interest and avoid putting pressure on them to make a decision.
Be fair to sellers. Your knowledge about real estate transactions is a good reason to invest in real estate, but you have a duty to treat sellers honestly and fairly.
Don’t make assumptions. Just because you have a high level of knowledge about real estate doesn’t mean you won’t face issues. You can’t assume that the value of your property will increase or that you’ll always have perfect tenants who always pay their rent.
If you’re not investing in real estate, check out this Texas REALTOR® magazine article for help getting started.
This is pretty lame “information”
(Ref. Rick Eberts comment), maybe if “we all added a tip or two”, this could develop into something of value to us all. I’ll offer one thought. Over the past two years (of highly favorable Interest rates), I’ve witnessed my wife and our older son (both experienced Realtors), make investments in multi-family “fixer-upper property’s at a pace that at times makes me nervous”, since my name is on the mortgage in all cases. Together they’ve acquired about “35 doors”, and are in process of closing on a 24 unit property. My point. I’m seeing the “thrill of the hunt” and… Read more »
There’s a lot of stuff going on out there (interest rates are the least of my worries) and it is all difficult to foresee if the implications will be benign or disastrous. I am looking to wind down also… get into more cash, pay down/off some debt and sleep better!