Real estate brokers
Through the years we have been fortunate to live in several different homes. They have all been relatively in the same area of the state of Minnesota. Each time we have bought a house it was an upgrade the one we had before it. The first house we put on offer on we had to go to court to get our down payment back. The first house we owned had some structural damage and the second house had undisclosed water issues. We have learned a great deal about buying and selling homes through the years. We were very careful in buying our present home.
When we were looking to buy our first home a therapist that we were working with at the time asked us to go through his wife who had recently passed her real estate brokers license. We had some concerns about doing this because we knew she had started a new career because she lost her former job because of a drinking problem. We wanted to help out a friend so against our better judgment we contracted with her to be our real estate broker. She looked different listings for us in our price range. There was one small home on a lake that we liked. We were using a veteran’s administration loan because my husband had been in the military. We put money down on the home with the purchase agreement offer. The sellers took our offer on the contingency that the home would meet with veteran’s administration approval. She did not word this correctly in the agreement so when the VA would not approve the loan and we did not have financing the sellers did not want to give us our money back or release us from the contract. We ended up going through conciliation court in order to get the down payment back. We talked about interviewing other real estate brokers to have better representation, but we ended up staying with her and buying a small farm. The sellers did not disclose the fact that the back fill of the foundation had crumbled the north wall. This was not visible. This is something that should have been disclosed but none of us knew enough to ask for this. We ended up having to pay for the repair ourselves once we discovered it six months after the purchase.
We bought our second home without the help of any real estate brokers. The sellers had the home for sale by owner. We did the closing through the bank without having disclosures covered again. This time we ended up with a pre-existing water problem with no recourse to go after the owners. In the purchase of our existing home we went to experienced qualified real estate brokers and the deal went through with out an issue and we have had no surprises. It pays to use the services of professionals when making the largest purchase of your life.
Real estate investing is among the most interesting and lucrative business practices out there. Investing in real estate is exciting, and if you make the right choices you are almost guaranteed to make a profit. After all, the price of houses keeps going up and up, as does commercial real estate. Don't get me wrong – real estate investments are not a sure thing. There is no such thing as a sure investment, and anyone who tells you different is not giving you the whole story. Nonetheless, it is one of the surest things out there.
I first got involved in real estate investing accidentally. I was renting a warehouse with some friends when the landlord suddenly decided he wanted to sell it. It wasn't making enough from rent, and he had some bad debts that he wanted to settle. He gave us the option of buying it from him, and we decided that that was just the thing to do. It was hard to get together money for a down payment, but once we did, we never regretted it. Although the area was depressed at the time, there was an urban renewal program that was bringing more money into the city. Soon, our warehouse artists space was worth a fortune.
My friends wanted to stay there, but after a couple of years I get sick of living there. I decided to sell my share in the place and invest my money somewhere else. One of the first things that occurred to me, of course, was more real estate investing. After all, I had been so successful with that project that I thought I might as well continue in a similar vein. I invested in new construction downtown, buying a small share in a large commercial space. It cost me a lot of money, but I was getting checks from them every month. I knew that, within a year, it would pay off. Sure enough, it did.
One of the things that people don't realize about real estate investing is that you don't necessarily have to buy a whole property to invest money in real estate. Often, you can buy a small share in a property and get a portion of the returns. As a matter of fact, this is often the best way of investing. You are less responsible for the property than if you were a landlord, and it doesn't take a lot of money to buy in. You can also diversify your portfolio, buying a piece of a lot of different properties in different areas.
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