7 Things You Can and Should Control in Real Estate

7 Things You Can and Should Control in Real Estate

1. The condition of your property. Real estate is an active investment-this gives you much more control over property than you’d have over other assets like stocks. You can make alterations to your property—paint it, clean it, add an addition, a new kitchen, bathroom, garage etc. If you buy a stock that poorly performs, you can’t fire the CFO!
2. The price you pay for property. Buyers always decide the price-the person with the money always ultimately decides the price.
3. The professionals you choose to work with (realtors, property managers, inspectors, contractors, attorneys, title companies, insurance brokers etc.) Only work with the best most trustworthy and reputable people you can find.
4. The price you pay to contractors and other professionals you work with (realtors, property managers, inspectors, contractors, attorneys, title companies, insurance brokers etc.). Remember, the person with the money always decides the price.
5. Guidelines you set. Setting rules and regulations for yourself and everyone you do business with eliminates risk.
6. Who you rent your property to (rule#1 for landlords: screen your tenants!)
7. The terms and contents of any contract that you CHOOSE to sign