One of the aspects of a business we haven’t touched upon due to both its exclusivity and its cost is the purchasing of real estate. This includes both residential and commercial properties. As you can imagine, both are very expensive ventures to invest into. Commercial properties even more so due to the applications behind them. When you investigate renting a residential property for example, unless we are discussing a mansion or a villa, you would be looking at renting into the thousands a month. When it comes to the average commercial property such as an office block, you’d be looking into the tens or hundreds of thousands a month.
So just in the start of this discussion, we are already excluding most if not all our readers. But for the few who can consider real estate investment, we really wanted to touch upon a specific subject. The importance of a real estate attorney in the purchasing and running of a real estate investment and rental is very understated.
A real estate attorney can do a significant amount to help run your rental property, more than even a general manager. This is because they are knowledgeable of a variety of laws and even accountancy laws within different cities, states and countries that even the most experienced general managers who have been working in the industry for 30 years are unaware of.
This post isn’t to insult general managers of commercial properties or letting agencies, but rather to highlight how helpful other services can be. An attorney will be able to help you settle any possible disputes that may arise, while also making sure that you are fully within the laws when running your rental. Ensuring that you do not break the law can save you just as much money as you would make within the year.