Tag: real estate tips

Disaster Preparedness Tips Real Estate Buyers Need to Know

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Real Estate investment might be one of the things that will take a massive chunk of your finance. Since this investment appreciates as the years go by, it is paramount to be disaster prepared at all times.

No doubt, disaster preparedness is a topic that many real estate tycoons dread. It goes beyond mere home inspection, but rather being real about likely uncertainly that might occur like a flood, fire outbreak, etc.

As a real estate owner, you probably do not want to lose your investment in an instant. That is why you’ll find this article helpful in preparing for disaster.

  1. Evaluate Potential Risks

The first step to being ready for any disaster is to evaluate your property and identify key potential risks. By determining what could occur in your property, you can better plan or strategize on fixing the loophole.

For instance, a property prone to flood might need a different plan or constant monitoring of the water levels. If, perhaps, your property is situated close to the fault lines, then coming up with an effective strategy to mitigate the situation becomes the next step.

  • Protect With Insurance

Before you close your housing deal, you need to make sure that your house has insurance coverage. Go through the insurance policies and determine what is insured and what is not. 

It is essential to protect your property through insurance, as that is the best way to prepare for disaster. However, there are choices to make when it comes to insurance. You must understand that no property is invulnerable to fire, flood, earthquakes, or other disasters.

But with insurance coverage, the impact of the disaster wouldn’t be profound compared to when you have no insurance. The type of insurance policy you go for depends on your risk assessment and what you believe to be a potential risk.

  • Have A Disaster Plan

When a disaster happens, it takes almost everyone unaware. Despite our current technological feat, the time of tragedy is often known, so having a disaster plan is the key to being prepared.

You can start by getting involved with some organization that aims at training people to prepare for disaster. Most of these organizations have the knowledge when it comes to strategic approaches.

Remember that being prepared for disaster wouldn’t only help save your property, but lives as well. That is why you need to take disaster preparedness seriously.

  • Have A Recovery Plan

Uncertainties are hard to prepare for, but being prepared ensures that you limit the damage caused. Part of disaster preparedness is to have a recovery plan. That way, you can bounce back on your feet without issues. 

Part of the recovery plan could be making contact with critical individuals or agencies. Irrespective of how equipped and ready you are, you’ll need a workforce.

Conclusion

Preparing for a disaster can help one to mitigate the damages. It can also be a great tool that allows one to recover quickly in the face of emergencies. Before closing that real estate deal, ensure your new home is insured, and a disaster plan if the inevitable hits.

Legal Real Estate Investing Tips To Know

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When it comes to the investment arena, it is paramount for every investor to be conversant with the legal procedures. That way, they don’t default in any laws that might lead to a lawsuit. It is essential to look at these standard procedures are a guide, not as obstacles. Before you dabble into an investment, you also need to understand how to protect yourself legally.

Hiring a lawyer is one step, as your lawyer will ensure you always thread the right route. During a contract, your lawyer will help both in interpretation and helping you make the right decision. Your lawyer can also perform a title search to avoid someone coming in the future to claim the property.

Without further ado, here are some legal real estate tips you should know

  1. Getting Insurance For Your Property

Insurance is an important aspect that every wise investor must not ignore. That is because it saves you in terms of the inevitable or uncertainties. Imagine getting a house, and after renovation, a catastrophe beyond your control occurs,

When your property damages due to a natural disaster or theft, insurance will help recoup and possibly fix every damage. There are lots of insurance policies that you can sign up for that offer such coverage.

  • Prepare A Contract That Protects Your Investment

Another legal tip every investor must never overlook is the preparation of a contract for their tenants. Most investors think the leasing agreement is all that is needed. However, there are numerous other ways to protect yourself and your property, and it entails getting an indemnity agreement with your tenants.

 What this agreement does it to exonerates you from all liabilities that might arise. If your tenant or someone else was harmed on your property, your tenant takes full responsibility without your involvement.

  • Hire A Personal Accountant

It can be pretty expensive to hire a personal accountant, but doing so will save you tons of headaches and money in the long run. An accountant who is exceptional in tax laws in your state will find diverse ways to maximize your profit.

In other words, an accountant can structure your business in such a way that deductibles are made from your taxable income. That way, you earn more in the long run. Numerous benefits come with having an accountant, and it will be in your best legal interest to not neglect such a professional.

  • Use Company Name As Investment Owner

It is a simple investment tip that will save you lots of hurdles in the long run. When you run an investment as a business, you as an individual cannot be sued but instead the company.  It is probably the first thing business tycoons learn in business schools; unfortunately, most investors make the mistake of carrying out investment in their name.

Conclusion

These investment tips will ensure you don’t find yourself in an ugly situation as an investor. They are not there to limit you as an investor but, instead, protect and serve you in the world of investment.

Real Estate Investment Books Of 2020

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There is no doubt that the real estate is a goldmine, and not many have exploited its potential. If you’re an aspiring real estate tycoon and you want to get your hands dirty, perhaps you should start with books. 

There are lots of ways to invest in real estates, like investing in real estate multifamily rentals. By investing in investment books, you will have a strong foundation to begin. So, here are books you should give a try.

  1. Rich Dad Poor Dad By Robert Kiyosaki

Robert Kiyosaki did justice by being a guardian to real estate enthusiasts. Through his unique perceptive and comparison between his rich and poor dad, he was able to draw the line between the rich and the poor.

This book is rated as one of the best general reads on investment. There are lots of incredible lessons to learn, and the storytelling is crafted to put you hooked and focused. This book is best for beginners, dummies, or anyone looking to focus on an entirely new field.

  • The Millionaire Real Estate Investor By Gary Keller

Ever considered investing in the real estate industry like a millionaire? You probably have taught about it, but unfortunately, you might not have a million buck lying around. 

That can suck, but “The Millionaire Real Estate Investor” draws wisdom from more than 100 millionaire real estate tycoons. This book is literarily a handbook to wealth.

The common problem aspiring investors face are myths. They don’t know what is real and what isn’t. This book was able to address this issue, this stumbling block stopping many from achieving their millionaire status.

  • ABCs Of Real Estate Investing By Ken Mcelroy

If you’re a beginner with little or no knowledge of the real estate, then get a hold of this book. Just as the title portrays, it covers the basics of real estate investment and how to create wealth.

The book will also guide you on how to find and evaluate properties, negotiation, and some management tips that help. Since the author is already a guru in the field, he can guide you through his book.

  • The Book On Rental Property Investing By Brandon Turner

The author of this fantastic book, Brandon Turner, is a real estate entrepreneur with years of excellent experience. In his book, he explained how one could succeed with rental investment to generate cash flow. This book covers almost everything you need to know as a real estate investor.

  • Long-Distance Real Estate Investing By David Greene

When dabbling into real estate, you will come across myths such as you should look to invest only locally. That way, you can monitor your property. However, this book challenges that myth and uncovers how you can invest without distance posing a barrier.  

If you’re looking to widen your real estate knowledge, then, by all means, try and get this book.

Conclusion

That is all for the best real estate investment book of 2020. With the right knowledge of the real estate market, succeeding becomes inevitable.

Real Estate Myths Debunked

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Myths exist in all facets of life, often propelled by ignorance. In the real estate world, there is a truckload of them. Harboring these myths would negatively impact on your real estate deals, as you will always make the wrong move.

A myth is merely an invented idea, story, or concept. You read it on the internet doesn’t make them right, which is why you need to be conscious of the information you devour. In this article, you will learn some of these myths and why they are not valid.

  1. All Real Estate Agents Are The Same

It is a common myth some buyers believe in, which can lead them to make the wrong choice. All real estate agents are different, with their diverse skill set, experience, and traits. A real estate agent with a two years’ experience isn’t the same as an agent with over 20 years’ experience. There are also real estate agents who specialize in dealing with sellers, while some deal with buyers. Have you now know why this myth is ridiculous?

  • Real Estate Agents Make A Truckload Of Money

This myth has made many people delve into real estate, hoping to make insane money after their first deal. The fact is that it isn’t realistic. Although getting a real estate license is pretty easy, real estate agents don’t make a truckload of money. The top real estate agents do earn a decent income, but a lot of factors come into play. First of all, the commission a real estate agent makes from a house sale is not always 6%, as people commonly believe. The commission is negotiable, and the agents often incur lots of expenses in the process.

  • Open Houses Sell A House

Although it is interesting, believing that your house is open for sale every Sunday. To many, an open house is a great way to sell a home and make money. According to the National Association of Realtors, only 2% of households get sold as a result of open houses. So, there is a high chance that your home will not make it to such a competitive percentage. When a real estate persuades you to utilize open houses, it is often for their interest, since they usually tend to meet new clients through such avenue.

  • Real Estate Agents Can Do Anything To Make A Sale

Many are often of this notion, believing that it is the norm since the agent doesn’t go home paid without selling the house. That is not true, as there is a strict code of ethics that they must follow. However, some professionals would do anything, but it doesn’t apply to every real estate agent.

  • Preparing A House For Sale Isn’t Necessary

This myth is prevalent and often end up affecting the seller negatively. Developing a house would ensure it increases in value. When a seller fails to this do, they end up selling the home for a peanut.

Conclusion

There are tons of myths circulating the real estate world, and it is imperative you know and avoid them. Most often, these myths often come from supposed educated individuals. When you come across them, never hesitate to debunk them.

Easy 1-Day Home Upgrades For Selling Home

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There are many easy home improvement possibilities that may get overlooked when trying to upgrade your home. Here are some of the easiest ways you can give your home a new look in one day without needing a large budget or amount of effort.

Add a coat of paint to what you already have

Now this doesn’t mean that you have to paint your child’s entire bedroom again. Regardless of what you’re painting, adding a new coat of paint can give that item an entirely different life. Here are a few ideas that make a big difference:

 – create an accent wall in a room

 – repaint trim or crown molding

 – give your front door a bright new color

 – spray paint faucet fixtures instead of replacing the whole faucet or sink

Swap out cabinet handles, light switch and outlet covers

Getting new handles and wall plates can make huge yet subtle difference. Swapping out cabinet handles will have the biggest impact on the kitchen. Alternatively, you can switch out any handles or knobs on other dressers or cabinets you have around your home.

Add some plants

Besides making your home look pretty, plants provide more oxygen for your home, reduce stress and anxiety, and help clean the air around you.

Add or replace doormats and rugs

If you have hardwood or tile flooring in your home, you may want to consider adding a rug. In addition to protecting the flooring underneath, this will help decrease the noise in your space and warm up the rest of the room.

For more information or any questions regarding sales tips for real estate agents, contact Chang Legal today.