Thoughts from a successful Philadelphia real estate investor
4/3/2015 | Real Estate Blog
Investing in real estate can be a lucrative career option, and many people have found ways to do it successfully. Real estate investment, however, is not without risk. One bad deal can end everything. For this reason, one of the best ways to position yourself for success in real estate investment is to learn from others who have experience.
One Philadelphia native shared his stories of both failure and success at a local real estate workshop. Those considering real estate investment may be interested in learning what he had to say.
The man made his first investment — a property in Brewerytown — when he was 28 years old. After spending a total of $10,000 to purchase and rehab it, he sold the home for $75,000. His successful first try led to several other investments that year.
Eventually, however, a business deal went wrong. He was offered $500,000 by a group of investors for 29 homes in North Philadelphia. With little experience, he agreed and let them in on everything he had. Unfortunately, things didn’t work out. He lost all of his properties to the investment group before hiring an attorney to help him recover some of it.
Since then, he has been able to bounce back and find success again in real estate investments. Based on his experiences, he recommends that others who are considering making a career out of investing take time to conduct thorough research first. Then, he says, protect yourself by doing the right paperwork and establishing a limited liability company.
From a legal perspective, there is certainly some truth to the man’s advice. If you are considering investing, an experienced real estate attorney can help ensure you have completed the right paperwork and done everything you can to protect yourself.
Source: The Philadelphia Tribune, “Local real estate investor shares lessons learned,” Ayana Jones, March 31, 2015