| Copyright 2005-2007 All Rights Reserved Charles E. Marunde & FreeRealEstateLaw.com |
| Buying Right in Sequim & Port Angeles |
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This section is short and sweet, although if you don't get buying the right
properties down to a science, everything else will unravel eventually.
The best way to explain buying the right properties is take the corollary, "Don't
buy the wrong properties." There are many potentially good property
investments, and any of them could end up making you a great investment, but if
you buy one bad property, it could be the domino that takes a number of your
properties down, unless you are also practicing Asset Protection and wise tax
planning.
There is so much to finding and buying the right property. We could write an
entire book on the subject and still not cover everything. Here we want to get
the key points, and then you will have the opportunity to ask questions and visit
the Forum for landlords and network with others:
properties down to a science, everything else will unravel eventually.
The best way to explain buying the right properties is take the corollary, "Don't
buy the wrong properties." There are many potentially good property
investments, and any of them could end up making you a great investment, but if
you buy one bad property, it could be the domino that takes a number of your
properties down, unless you are also practicing Asset Protection and wise tax
planning.
There is so much to finding and buying the right property. We could write an
entire book on the subject and still not cover everything. Here we want to get
the key points, and then you will have the opportunity to ask questions and visit
the Forum for landlords and network with others:
- Location (from State down to County down to City or rural area) cannot
be a bad choice. There are areas where your house will depreciate even
in a bigger appreciating market. Even if you are in a generally decent
appreciating market, beware of the pattern of residential, commercial, and
industrial growth, because you could end up in area that turns out to be a
not-so-good rental property. - The Condition of a Rental Unit cannot be such that it will not
appreciate. That can be the result of a house that is just too old or
cannot be sufficiently rehabilitated. - Don't Overpay for a property. This seems obvious, but many
experienced investors still end up paying too much, for example at a
Trustee's Sale where the competition has become ridiculous. You can
also overpay by buying a property with terms that are not favorable.
| These 3 tips are the tip of the iceberg, but they are absolutely critical. This is a mine field for the beginning investor and . . . for the experienced investor. Screw up any one of these 3, and you will lose money, increase your stress level, and make yourself miserable. You must master these 3 elements! |