Because it’s simple and straightforward, real estate investing is easy to understand.
And it involves a fair exchange between a property owner and someone who wants to use it. However, real estate investing is more complicated than meets the eye, and there are several types of investments that can fall within any of the following categories:
- Residential
- Commercial
- Industrial
There’s even real estate that trades on stock exchanges (called REIT’s). But if you’re buying real estate so you can rent to people who may want to use it, you need to get a residential real estate attorney.
What Needs to Be Considered Before Investing in Residential Real Estate
The purpose of investing in any kind of real estate is to take the money that you’ve invested and make it grow. You have to earn enough money to make a profit (called a “return”), which can cover the risk that you’re taking on from the investment. And this includes any taxes that you owe, as well as the costs that are associated with owning the property.
There are several types of real estate in which you can invest, and these include:
- Residential real estate
- Industrial real estate
- Commercial real estate
- Mixed-use real estate
- Retail real estate
- REIT’s
- Mortgage lending
- Sale/leaseback transactions
Every single one of them has their own set of advantages, as well as their drawbacks. And if you want to get as much of a return as possible, you need to understand them and how they relate to your investment goals.
There are several ways that you can make money off of real estate:
- Real Estate Appreciation – When a property increases in value because of a change in the market, which is a risky game to play.
- Cash Flow Income – When you buy a property (like an apartment building) and operate it for the purpose of generating a stream of cash, which is money that each tenant will pay to use the property.
- Real Estate Related Income – When you earn income that’s generated by “specialists” in the real estate industry, who make money off the buying and selling of a property through a commission. For example, a real estate management company may earn a percentage of the rent that’s earned from the property.
- Ancillary Real Estate Investment Income – When money is made off of vending machines, office buildings, and laundry facilities that are included in low-rent apartments, which can be huge sources of revenue.
Be sure to speak to a residential real estate attorney near me to get an understanding of the legalities that are associated with each type of investment.
A Quality Residential Real Estate Attorney in the Chicago Area
If you want to work with a quality residential real estate attorney in Chicago, IL, Chicago Real Estate Law Firm can help you with any aspect of real estate law. Whether you want us to look over a contract or plan to invest in some properties from which you want to earn an income, we can help you with any of the legalities that may come with these kinds of deals.
If you want a residential real estate attorney near me that can help you, get in touch with us today!
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