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Manage Your Holdings for Maximum Income

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When you buy a piece of income real estate, you must go through what is called the contract and closing steps. These two steps called the passing in some states. Both these steps are easy for three reasons:

Manage Your Holdings

  1. Your work is little more than showing up and having your papers ready.
  2. Your attorney and accountant will know exactly what to do and will give you this information.
  3. The average contract signing will take only about one hour of your time. The average closing will take about 1.5 hours. So you will invest about 2.5 hours, during which your attorney will be present to tell you which papers to sign and to explain the various details of the contract signing or closing.

Manage Your Holdings for Maximum IncomeSince the contract and closing stages are so routine in the purchase of income real estate, I am skipping the details here. Also:

  • Your attorney will be at your side to explain every step in the process, should you ask. Your attorney can explain what’s going on much better than I can. So I am sticking to the business and cash flow aspects of your income real estate deals in this book.
  • Your attorney is an expert on the legal aspects of your transaction. And your book’s author is an expert on the business and cash flow aspects of your income real estate investments. After you buy your income property, you will probably receive some rent security deposits. These can range from $1,000 for a small property to as much as $50,000 or more for a large property. But you are not allowed to spend these security deposits; instead, you must keep them in a bank account where they are safe and secure for your tenants.

Plenty of Free Advice and Assistance Can Be Yours

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Income real estate is not a complicated business. You’ll find that many attorneys and accountants know the ins and outs of real estate. So you do not have to run around looking for people who know things about a business that is highly complicated.

Plenty of Free Advice and Assistance

How can we say this? Because:

Experienced real estate attorneys can easily draw up the papers you need to buy or sell real estate.

Documents such as leases, security agreements, and maintenance contracts are almost what attorneys call “boilerplate”. Nearly every document you’ll ever need can be found in the standard reference books containing often-used documents for real estate attorneys.

However, you must always have the Plenty of Free Advice and Assistance of a competent real estate attorney whenever you buy or sell any real estate. Likewise, you should also have the services of a competent Certified Public Accountant (CPA).

Your accountant will not have much of a problem with the average real estate deal. Why do I say this about accountants? Because the arithmetic aspects of real estate are well known to accountants. You can easily learn them yourself if you wish. Suggest that you get to know the “numbers” of real estate because doing so can mean big difference in your income. Later in this book you will get you started on the numbers you’ll need to know to borrow your way to real estate riches.