Get The Protection You Need When Buying Income Property

So I was watching my son get ready for football practice yesterday. (Before I get started too far, how cool is it that Frank Seurer, the ex-Kansas Jayhawk and ex-Kansas City Chief quarterback, is his head coach? And that the kids get to play a scrimmage in Arrowhead Stadium the day of the Kansas City Chiefs v Miami Dolphins pre-season game?)

Anyway, back on topic, here is a short list of items that the boy had to suit up in to protect himself while playing the game of football;

  • Helmet
  • Chin Strap
  • Shoulder Pads
  • Thigh Pads
  • Tailbone Pad
  • Hip Pads
  • “Privates” Pad

I mean, the boy is going out to have fun but has to protect himself against the very real dangers of getting hurt.

Just like a real estate investor…especially a first time investor. Here is my short list of protection you should put on before buying any income property;

  • Excess funds account of 2-4 months
  • Knowledgeable investment real estate agent
  • Knowledgeable property manager
  • Knowledgeable tax planner
  • Knowledgeable real estate attorney
  • Knowledgeable investment mortgage professional

Because you don’t want to get hurt, perhaps seriously, with your real estate investments. Proper real estate investing takes professional skills, time tested theories and patience. It’s not magic. Just like the Green Bay Packers of the Lombardi era could tell you what play there were going to run and still succeed you need to be able to run a very predictable play to get the right income property for you and your circumstances.

It’s not rocket science, this real estate investing thing. But maybe it’s a little like football.

4 Comments

Filed under Personal Real Estate Opinions, Real Estate Investing

4 responses to “Get The Protection You Need When Buying Income Property

  1. Derek Burress

    As a baseball coach, I am laughing my rear off at how you said “privates pad”.

    That is a first in my book!

  2. Chris Lengquist

    His term. Not mine. But pretty darned funny!

  3. Shaun Carter

    Great list of the type of people needed to get an investment real estate operation off the ground. It really bothers me how on these TV shows on Bravo, people who have no clue what they’re doing are flipping homes and making tons of money. So much for the “reality” of reality television.

  4. Chris Lengquist

    Anyone, and I mean just about anyone, could buy a low priced house and fix and sell when appreciation was 15% a year. Anyone.

    Now that we’ve regained our senses and the market has come back to reality it takes work and expertise.

    Thanks for commenting.

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