Trash In = $$$ Out - Investor Pain - Beaufort, SC
Well, Halloween is over but the candy isn't! A couple of weeks ago I had the distinct pleasure of sitting in on my two oldest son's orthodontist screening for braces. I am also excited to announce that both of them are winners of a program that will give them a new and improved "grill". What is great about all of this was that they started the process on October 30th the day before Halloween. They were pretty disappointed to say the least when they heard the candy and food options begin to dwindle. Halloween didn't seem to sound as if it would be much fun for them and their faces showed it. It was already appearing to be painful.
I took a closer look at this and how some real estate investors whether they were misguided, misinformed or uncaring have looks of pain right now. Don't get me wrong there are quite a few investors smiling too. Let's for just a minute compare a house to our teeth. As children we often overlook the importance of taking care of our teeth by watching what we put in our mouth and how we take care of the "toxic waste" that accumulates and destroys our tooth structure and foundation. Well, it's just like an investment property.
There are many reasons as to why property investors fail to carry quality rental properties. They have often been caught up in the excitement, sometimes overleveraged, poor landlords and I could go on. But where the costly mistake is made often occurs by who they allow in to their property. There is no doubt that you are always taking a chance but as an investor if you do not screen the clients properly and manage them and the property correctly or hire a true professional to do it for you it often ends in disaster. Now the cost of the property skyrockets and the pain begins.
Now for most of us we watch what we eat, we brush and floss as we are supposed to and visit out dentist routinely. Shouldn't we manage our investments the same way? By having a proper screening process which includes "reading the labels" (credit reports, background) of our property occupants and make sure we are putting in place the adequate check-ups hopefully the pain you feel when it is time to make those repairs and improvements won't be like buying braces every time!
So, Austin and Charles lay off the Doritos and the Snickers for a while and take some Tylenol for the pressure and pain and everything will turn out just fine. And as real estate investors, let's watch what we put in our house so it's easier to take care of our foundation and structures and hopefully going to the contractor or in other terms "dentist" doesn't cost as much as a new "grill" for the kids and isn't as scary as Halloween . You will still need the Tylenol though!
Beaufort, SC Foreclosure Real Estate for Sale
David Thompson, Foreclosure Specialist and his REO Masters Team offers expertise in identifying, evaluating and assisting clients in purchasing and liquidating foreclosure and short sale properties in the Beaufort and Bluffton, SC area. (843) 812-5214