The Price Is Right
When you buy something in a store, the price marked on the product has been set to include the costs of manufacturing, packaging, shipping, stocking, advertising, health benefits for the employees, shoplifting and a dozen other possible costs. And there is one more thing it includes: profit. The same thing goes for buying property. Founder/Managing Partner Lamar Hunt Jr. knows this: “It’s easy to kid yourself that you will make a profit when you leave off certain potential expenses. You can cheat the numbers and make yourself feel better but when tax time comes and you see your financials, the cold hard reality will hit you in the face and the pocketbook. To make a profit in the real estate business, you must include all of your expenses along with a factor for unexpected costs you will almost certainly have when buying any property.” Lamar recommends looking at the expenses of all your prior properties and seeing if you are catching all the potential expenses that might occur. “Remember, the seller’s price may not be your price. Buy it at your price or take a pass.” For more real estate buying tips, see http://lorettoproperties.com/. You can also call 913-236-2902 if you have a house to sell.