You may have heard stories on the Internet or through friends about that one person investing in real estate who instantly became a millionaire. We all have. Yet, as with any investment, understanding the landscape is extremely important to avoid throwing your savings away. Everything from having good credit to being able to handle the stresses of being a landlord are some of the factors you’ll need to understand to successfully make a profit. At Fryer & Hansen, we’ll make sure that you understand all of the risks and uses of what you’ll be doing.
Contact the McAllen lawyers at Fryer & Hansen today to help you navigate the complicated issue of real estate today!
What’s Your Credit Profile?
In order to make a successful head-dive into real estate investing, you’ll need to make sure that your credit is good. This can help you get an idea of what disputes or mistakes need to be taken care of beforehand. The three largest credit agencies – TransUnion, Experian and Equifax – can give you a good overview of where your credit stands. Once that’s done, it’s a good idea to consult with our real estate lawyers in McAllen to review your profile and help you decide if your credit will help finance a good real estate investment.
Once you know where you stand as far as your credit is concerned, you can start thinking about the type of investment you’ll want to explore. Definitely consider homes that aren’t new since many are easier to finance. The price will also depend on location. Don’t forget to contact us if you have any questions about the acquisition process.
Understanding the Numbers
Investing in real estate comes with different goals for many people. Some want to buy a property, repair it and sell it quickly for a profit. Others might get into the business of pre-construction purchasing where they buy a property in development before it’s finished and sell if before it’s done.
Maybe you’re thinking about buying a home and renting it out or having it as a vacation spot during the summer. Whatever approach you decide to take, we can help you make sense of all of the numbers that come with real estate. Everything that pertains to issues about down payments, financing, repairs, etc. should be strongly taken into consideration.
Have Your Paperwork in Order
Having the right documentation can help you avoid headaches down the road, especially when it comes to property transactions. Accurate documentation can be the difference between dealing with a dispute or overcoming one. Gather every financial document that can help make the process of purchasing easier. Everything from bank statements, retirement accounts, investment accounts, pay stubs, etc. should be collected. If you’re your own boss, gather your occupational records, business licenses and tax returns if possible.
We Can Help You Get There
As any real estate buyer or investor will tell you, buying your first property is a lot of work. You don’t have to do the entire process alone, though. That’s where Fryer & Hansen comes in to help you prepare your paperwork to possibly avoid any legal disputes before they arise.
We can help your contracts include the perfect contingencies while keeping everything worded properly. Having the right structure for your investment requires a clear understanding of asset management and protection. We can help you identify any potential problems associated with real estate contracts, so contact or visit us today for your consultation!