5 Real Estate Investing Tips You Need To Know | Real Estate Investing 101

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Here are 5 real estate investing tips that you won't read about in books. Enjoy :)

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5 Real Estate Investing Tips You Need To Know | Real Estate Investing 101

What’s up everybody, my name is Jaspreet Singh & welcome to the Minority Mindset. Buying a real estate investment property can be intimidating, and if you mess up it can be very expensive. So after being involved in millions of dollars worth of Real Estate investments and transactions, here are my top 5 Real Estate tips that I learned, the hard way

After buying my first commercial property, we got a letter in the mail saying that a bank has foreclosed on a portion of our property. And keep in mind that we didn’t have a loan on the property.

Apparently the seller who sold us the property didn’t tell us that he had an unpaid loan. The title company was supposed to figure this out before we bought it but they missed it. So because no one knew about the loan and the seller wasn’t paying it, the bank foreclosed on our property. Luckily, we had title insurance

This is why it is important to increase the amount insured on your title policy if you are working with distressed real estate. Your title policy only covers up to the purchase price of the property. So if I bought a property for $100,000 the title policy will only pay me up to $100,000 if a title claim is brought.

But now what if I put in half a million dollars worth of work in addition to the $100,000 cost? If someone comes with a title claim for $300,000, the title company will only cover the first $100,000. So you would want to increase the title policy so you are protected.

Fourth, you only want to work with licensed and bonded contractors. I do a lot of work with distressed real estate, so I work with a lot of contractors and one thing I can tell you is being cheap is very expensive. Pay a little more up front to have a licensed and bonded contractor because if they screw up they will have the money to fix it.

Without going into all the details in this video, I have had to undue and redo the work of an unlicensed contractor on three different occasions. I will not do it again, it costs way too much to take apart what they have done and re do it. If you are trying to cut costs, this is not the place to do it.

Fifth, hire a real estate attorney. Not just any attorney but a real estate attorney. They will help you set up a company for your properties so you aren’t personally liable if you are sued, they will help you review your contracts so you don’t get screwed over, and they will help you will tax structuring so you can pay the least amount in taxes as possible.

Based in Detroit. #Punjab

Jaspreet Singh

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DISCLAIMER CONT'D: I'm just a random guy on YouTube - do your own research! Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but is he is not providing you with legal advice in these videos. This video, the topics discussed, and ideas presented are Jaspreet's opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.