In today’s high-paced, technology driven world, the costs of living are much higher than they have ever been in years past – especially for those living within the 5 boroughs of New York City. And with such continuously rising living costs, more and more individuals are seeking to additional revenue streams and sources of income in order to support themselves and their families. While taking on tasks like babysitting, or bartending on the weekends have always been popular options, the wisest of New Yorkers are creating a unique and diverse portfolio of investments – and for those with the spare cash to work with, or the comforts of a family inheritance, real estate, while costly, can provide some of the highest return rates of any investments around today. However, if done improperly, and without the experience, or the assistance of someone knowledgeable, like Queens real estate attorney Ryan Walsh, Esq. on your side, real estate investing can put you and your loved ones in a massive financial hole. Having been in practice for a number of years, Mr. Walsh and his team at Ryan Walsh & Associates, have helped countless individuals and families navigate the complexities of the NYC real estate market; whether it be to purchase their first home, or guide them through any number of other real estate transactions, including:
- Property Rentals & Lease Agreements
- Landlord-Tenant Disputes & Mediations
- Residential Real Estate Purchases & Sales
- Commercial Real Estate Purchases & Sales
- Mortgages, Specialty Loans (FHA, HUD, etc.), & Refinances
And much more. His versatility and willingness to put his clients first, is a main reason his clients consider him to be the top Queens real estate attorney. While general real estate closings, rentals, leases, etc. are considered to be quite complex, and require a high level of skill as well as attention to detail – Mr. Walsh is meticulous in his efforts and does everything he can to ensure his clients get the fairest and most financially advantageous deal as possible, depending on the specifics of their situation. And despite, the constant fluctuations, and higher than average costs associated with the market in Queens real estate attorney Ryan Walsh, and his team, are able to extend these skills to the investment side as well. Providing their clients with the help and guidance to find worthwhile deals, and using federal and local laws, loans, and incentives to maximize profits. This is by far one of the most important facets of real estate investments in the NYC area – considering the high property values, a successful investor is able to utilize special loans and federally instituted incentives to their advantage, limiting risks and the amount of time spent on each individual project. To better help you to along your path to real estate investing, here are some helpful tips from top Queens real estate attorney Ryan Walsh.
One of the most important things to consider when investing in real estate is whether you want to take on one or more partners. The upside to taking on partners is that you decrease your financial risks and liabilities – splitting the costs, so as to allow you to take on a more expensive property that may have a higher rate of return. Also, you can take some of the burden off your shoulders and split tasks up between partners. Some downsides are however, that you must split the profits up, rather than keeping them all to yourself. In addition, partners can often have a different vision for the property and how you would like to move forward.
Numbers are Key – Stick to a Plan & Budget
One mistake a first-time investor will often make is “falling in love” with a property, that might be outside their budget. Once you have a plan for a budget, and you crunch the numbers in order to set an ideal range for your return, stick to it! Spending too much money initially can completely torpedo your rate of return, and leave you stuck with a property you simply can’t unload.
Ask for Help and Learn from Others
As we previously stated, while it is important to do your research and learn as much as you can, you aren’t an expert in real estate – so ask for the help and guidance of someone who is. Contacting someone like Queens real estate attorney Ryan Walsh, can be the difference between profit and crippling debt. Don’t be afraid to pay for help and guidance, it will save you time and money in the long run. Also, take advantage of books and online resources to learn different investment strategies that have worked in the past. No idea is original, take an idea, and improve upon on it, if need be.
Take Advantage of the Government
There are hundreds, if not thousands, of grants, loans, and special federally-instituted government incentives out there. Do your research and try to take advantage of as many as you can. The government wants to rebuild and improve on all the property in the US, so if you are planning to purchase a distressed or damaged property (or any property), with the intentions of improving its value and reselling it, the government is 100% on your side. The government offers a number of different loans, and special plans to help those looking to invest back into the country.
Take Action – Be a Closer!
Fear is one of the biggest issues in the investment market. If you find a property that “checks off all the boxes”, don’t be afraid to pull the trigger. Of course, be smart, about it, but don’t be afraid to pull the trigger once you’ve done your research. And with any investment there is a bit of risk involved, the key is to minimize that risk with intelligent, well-thought-out research. If you don’t close on a great opportunity, someone else will, and reap the rewards that were meant for you!
Keep Detailed Records & Contracts
With any deal, EVERYTHING should be in writing. Make sure all your contacts, agreements, everything, is thoroughly written and reviewed by a top-flight real estate lawyer. Also, keep detailed personal records for yourself. Whether its your phone, laptop, tablet or even just a tiny notepad – write everything down for yourself to remember; prices, figures, terms, phone numbers, addresses, dates, everything you think should be written down, write down.
Real estate investing can be extremely lucrative when done right, no matter where you are, even in NYC, one of the most expensive cities in the world. The trick is to research and educate yourself as much as possible, and absolutely don’t be afraid to ask someone like Queens real estate attorney Ryan Walsh, Esq. For more information, or to schedule an investment consult, contact Ryan Walsh & Associate’s today.