Rental Property Investing for Beginners by Maheen Ashraf

Author:Maheen Ashraf
Language: deu
Format: epub
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Publisher: Mayowa Adelekun
Published: 2020-09-14T00:00:00+00:00

Chapter 6

Let’s Get Practical

“By failing to prepare, you are preparing to fail.” ― Benjamin Franklin

Why Do Most Real Estate Investors Fail?

Till this chapter, I have shown you so many reasons to trust your savings with the real estate and how it can make you the millionaire everyone dreams to be. But I know that you must be wondering, "If Real Estate is as good as what Maheen makes it look like, why do so many investors fail?" And that is one question I wanted to ask you.

Well, there can be two reasons behind an investor's failure,

1) He started too late and gave up too early.

2) He thought it was as simple as it seems in a Monopoly game and didn't look before leaping.

I think the first reason is quite understandable to explain my point, and you saw it coming. But talking about point number two, I have one answer that I have focused on throughout the book: ALWAYS DO YOUR HOMEWORK.

Any investment in any niche calls for a complete understanding of the process. We have already learned the theoretical part of our investment, all the WHAT, WHEN, WHY, and HOWs of owning a rental property. Now it's about time we learn the real-life facts of the rental property and how much they will cost you if you decide to get one.

The Expenses:

Back in Chapter-5, I took you to the movie set of the Rental Property Picture; you met our cast, consisting of the main actor or the seller, the protagonist, a.k.a the buyer, and the all the supporting roles and enjoyed the movie, but did it ever cross your mind how much the cast cost?

Let's take a look,

1) The Attorney- The Attorney is a professional lawyer and charges big. There can be many ways he/ she could charge you, be it hourly, a flat rate, or a contingent.

Hourly- The per hour charges of a lawyer can cost you anywhere near $100-$400 and might hit a $1000 depending on your lawyer's experience and professionalism.

Fixed/Flat rate- The Attorney issues this payment method for specific services only. Let's say it's the estate planning you need an attorney for, so he/she might charge you anywhere near $1000. This takes place under a contract, and any service you might ask for from the Attorney outside the contract is chargeable.

Contingent- Unlike the other two methods, in this case, you pay the Attorney only when you successfully win the case. This type of payment comes into action when you are involved with some legal dispute with your property and are likely to receive compensation when you win the case. If you win, the Attorney gets some percentage (mostly 20%) of what you win.

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