Investment properties. People living in big cities especially LA or NY typically have either invested in property or at least thought about it at some point. Home prices have recently been bouncing back and it’s easy to forget about the renovation costs that go into fixing a property. Many first time buyers underestimate the hidden factors such as time, money and unexpected finances. Real estate investments are more complicated than investing in bonds or stocks.
Over the last few decades, technology has made it fairly easy to search for a real estate investment. These days there are many different ways to go about an investment property. For some it is far less intimidating to invest as a member of a group, yet others prefer to reap all the consequences and rewards.
The simplest form of investment is traditionally when a person buys a property and rents it out to a tenant. The owner, of course, is responsible for taxes, the mortgage, and other maintenance fees. On the surface, this seems like a great business venture. However, being a landlord can also be a huge nightmare. At our firm, many of our client are landlords who are unhappy with their tenants and need to break their lease, or have tenants evicted.
Our attorneys at The Rad Firm can tell you first hand how their clients feel when they have to file a lawsuit against their tenants; it’s usually their last resort to get their property back. Of course, no one wants his or her investment property to end in a lawsuit but it does happen more often than not if you aren’t careful with your research before investing in real estate. Our attorneys advise that you make an investment decision attentively and are more than happy to offer legal advise when considering a property. We believe it’s important to inspect every issue such as rental control properties, landlord-tenant relations, and management fees. The little things do add up.
Overall, a real estate investment can be a huge asset but can also turn into a catastrophe if adequate research is not done before investing in property.
