Don't Forget to Pay Yourself

Real Estate Broker/Owner with Frank Rubi Real Estate, LLC La Broker 09995688826

Realtors should not forget to help themselves

 In a recent conversation with a Realtor, we spoke about retirement, and the conversation made me think back; I was sitting at a closing table some years ago, and I thought I should have bought this property myself. What a deal! In our quest to get deals for others, we often forget to include ourselves in investment property. We do have to retire someday. I don't know when, but it will happen for all of us. Our children will need their educations paid. I like to play golf and go on very nice vacations. How can we afford these luxuries? We need to purchase an investment property. If nothing else, for tax reasons.

Over the past thirty-five years, I have owned several properties. All have produced significant income and appreciation. The monthly revenue is a great cash flow, and the property management is manageable. So why help others become wealthy in real estate and not ourselves?

To work with real estate investors, you need to be able to explain the cost and profit. How do you understand cost if you have never bought or owned property before? How do you explain how to handle problem tenants? One of the case examples is that I do not and will never provide a refrigerator in any of my units. Why, you should be asked, in my region, the courts have held if the (landlord's) refrigerator malfunctions, all the contents are the landlord's responsibility and not the tenants. That being said, if the tenant has food in the refrigerator, the tenant would need reimbursement for their loss if there is an issue with the unit's refrigerator.

My whole point here is to pay yourself. We Realtors help many clients daily, but we should also remember to help ourselves.