Buy Smart and Build Wealth

By Don Clifford, REALTOR®
Realty Executives, TRI COUNTY

There may never be a better time to build wealth through real estate. Prices are down, interest rates remain affordable and there's a large inventory of terrific property to choose from.

Income producing property, such as multi family or commercial, is one of the best ways to build wealth; providing you buy it the right way.

When knowledgeable investors analyze a property, they uncover all of the expenses involved and all of the revenue streams possible. Once this has been determined, they formulate their offer based on these factors, NOT the asking price. This is the right way to buy.

In the process, smart investors will look beyond the obvious expenses (mortgage, taxes, insurance, utilities, water, sewer, maintenance, etc.) to those that invariably make the difference between positive cash flow and a property that becomes a financial nightmare. Items such as property management, legal fees, accounting fees, vacancies, leasing fees, commissions, advertising, landscaping, snow removal, trash removal and pest control are all accounted for up front. There may be others as well, depending on the type of property and location so thorough investigation is a must.

Remember, your profit is made when you buy, not when you sell. Analyze carefully upfront and you stand a great chance of acquiring an asset that will help build wealth for years to come.

Do you have further real estate questions? Contact Don at 508-803-5028.