Investing in real estate has long been one of the most popular methods that people choose to make money long term. Though the housing crisis of 2008 caused many people to hesitate about purchasing properties, careful consideration reveals that real estate investments are still a very good way to make money: it offers attractive and stable income returns, portfolio diversification, and a powerful hedge against inflation. Still, as is true with any other investment it is important that you take the time to arm yourself with information, taking the time to investigate a particular property’s benefits. In addition to doing your own due diligence, it is also essential that you have an experienced real estate attorney by your side. At Rothamel Law, we understand that real estate investments can be fraught with potential legal challenges. We are here to help, so call us for assistance in protecting your real estate investments.
There are a number of reasons and scenarios that make having an attorney an essential part of protecting your real estate investments. A real estate attorney will do far more than review your financial papers. If you are purchasing the property and plan to have a tenant occupy your building, that means that you are more than just an investor – you are now a landlord. Being a landlord comes with a whole new set of legal issues, including the need for a tenant lease that is written in your best interests. It also means that you are accepting a certain amount of liability. Landlord-tenant issues are common, no matter how carefully you vet those who apply to live in your property. Having an experienced attorney available to handle and advise you on these issues can save you a great deal of time, trouble and money, particularly if your property is located in another state.
In addition to issues with tenants, purchasing an investment property often means that maintenance or upgrade work will need to be done, either to make the property habitable or for resale. When working with professional contractors, it is important that agreements are put in writing and that these contracts be carefully reviewed. By taking the time to have a real estate attorney ensure that a contract documents all expectations and remedies, you can save yourself a great deal of trouble down the road and prevent yourself from having to diminish your investment’s potential by spending money on litigation.
Finally, if you are purchasing a property as an investment, you need to give careful consideration to the legal formation that you use during the transaction. Few people without legal training are aware that purchasing as an individual precludes you from the asset protections that are offered to certain business entities. Though this may seem needlessly complicated on the surface, in the event of a civil suit filed by a tenant it is very important to have these protections in place. At Rothamel Law, we are dedicated to making sure that our clients have the full benefit of our legal knowledge and experience in order to provide them with the protection that they need and to give them the best chance of having their investment yield the benefits that they are hoping for. Call us today — 856-795-3400.