Mistakes Made By Real Estate Investors

The real estate investors cannot be always right. If this will happen, then all of them will become a billionaire. But this never happens. This does not means that majority of the people will fail if they are in real estate. The reality is that the majority of them are able to earn a good some of money. And only minority of the people in this field loses the ground. But the question really is why some earns lesser while the other earns more? This article is about the same.

There are many mistakes which the real estate investors make. Most of them are simple silly and cannot even be dream off. Some of them are as follows:

1.Most of the real estate investors forget about their past. They forget what mistakes they have done in the past which made them to pay. They forget those mistakes. But are they happier. Never, by no means they can be happier. The person who learns from his previous mistakes can only laugh in future because he decreases the chances of him being wrong.

2.The second mistake which most of the real estate investors make is related to numbers. They are quiet eager to finalize the property which they are going to buy without keeping in mind that there are many such properties and they should look at each of them once before deciding.

3.The third mistake which comes to my mind is that of paying too much. They are quiet eager to buy one property. They did not even realize that they can buy the property for even less amount. The main problem is with deciding the properties value. They make the mistake of evaluating the value of property which they re going to buy. On most of the cases they end up paying more amounts. This type of error is made by most of the new comers. I haven't seen any real estate investor who is experienced and is found doing this kind of mistake.

4.The fourth point which comes to my mind is the greediness. Many investors spoil their chances of earning a decent amount by becoming greedy. Let us take the example of the foreclosure. This kind of investors might bid a very high amount and there are more than hundred percent chances that some other investor will take away the property for lesser price and still earning a good amount of money.

5.The fifth mistake which comes to my mind is the decision of not hiring the real estate agent. This is a very big mistake and I do feel that all of the investors should look out for some real estate agent.

This sums up some of the mistakes done by the investors. Hope they avoid it.

Jointly Owned Property

Just think of the situation when the property is quiet big. Suppose the cost of the property is around $20 billion. This is definitely a very big property and is very hard to own it single handedly. Hence two or three owners join hands to buy such a huge property jointly. However this is just for explaining the concept behind jointly owned property. In fact if more than one person owns the property then they are referred as the co-owners, co-tenants or the joint tenants.

I am sure that now you would have got the idea about the joint ownership. Now I would like to present some of the rights and duties of the jointly owned properties. They are as follows:

Rights and duties

1.Each owner has the right to interfere in the judgment taken by the other owner. Suppose the other owner decides to rent the property then he will have to inform the other owner. If he will not inform the other owner then I must tell you that the other owner can complain about it. He can also take the first owner to the court if he is willing to. In a nutshell each owner should know that what changes are being made to the property. If it is being rented then he should get the share of the rent.

2.Each owner has to be ready to pay for the expenses of the property. Various taxes like the property taxes, water taxes and so on should be paid jointly by all the owners.

3.If one owner is trying to sell his share then he can do it only with the permission of the other owners. If the other owners show their unwillingness then you cannot sell your share. However you can question their decision in the court and you will then have to respect the decision taken by the court. I your court decide against you then you will not be able to sell it. However if the court is in your favor then you will be allowed to sell your share.

The main disadvantage behind the joint ownership is the fact that you will not be able to be 100 % free in taking the decisions. You will have to form a board and the board will decide all the things which will be done related to the property. Whatever might be the case, I must tell you that you will be able in much better profit if you are alone the owner of the property than the co-ownership.

However there is an advantage as well. You will not be the lone looser if epidemics strike. The loss will be distributed among all the partners. In fact you will always be in profit always with the jointly owned ownership.