Making money is nice, but having your money make more money is even better. It’s why people invest in the stock market, and it’s why people invest in real estate. But, as a real estate litigation lawyer like our friends at Eric Siegel Law can explain, investing in real estate isn’t the money machine many people think it is.
It’s true that real estate can be profitable, especially if you invest in commercial real estate and rent your properties out to reliable tenants. But before you dive into the deep end of real estate investing, it’s important to think of some major challenges that come with real estate management – and it’s important to have a lawyer you can trust.
- Your property floods. Who pays?
There’s no such thing as a perfectly safe investment. There’s always going to be hurdles, and owning real estate is no different. Aside from regular maintenance and ensuring your buildings are up to code, you’ll need to deal with the unexpected. In the event of a flood, you’ll have to sort out who owes damages, and battle with insurance. Fortunately, the right lawyer can help guide you through the next steps.
- Your tenant’s business was a little less-than-legal.
Nobody wants to find a meth lab when they check up on their property, but it can definitely happen. And if it does, you need to make sure you’re kept completely clear of the legal fallout. You’ll have to evict your tenant before he or she drags you down with them, and an experienced real estate litigation lawyer can help.
- You signed the paperwork but the seller’s backing out.
After months of searching and weeks of negotiating, you’re finally ready to pull the trigger on a property you can count on – but now the seller has decided to back out after you’ve already paid a down-payment and signed the required paperwork. A deal’s a deal, and the last thing you want is to be left empty handed after all your hard work. Time to lawyer up.
- You bought a property, but now it’s nothing but trouble.
It can be difficult to remember all the ins and outs of a property, but a seller has a responsibility to keep you informed about your purchase. If the property seller willingly withheld important information that could have warned you away from investing in the property in the first place, you can contact a real estate litigation lawyer to help you get out of your unprofitable investment, or some form of compensation to cover the costs of whatever maintenance needs were neglected.
Don’t Dive in Without a Lawyer.
A qualified real estate lawyer can make the difference between a money-pit and a lucrative investment. When you decide to invest in real estate, you want your money to work for you – and you certainly don’t want to spend every other day dealing with another problem on your costly (and frustrating) property.
Get in touch with an experienced real estate litigation lawyer to make sure you aren’t making a faulty investment – and get the compensation and justice you deserve if you’ve been duped into a raw deal.