Is it possible to become rich by purchasing income property?
If you don’t buy it wisely, you could become poor. The value of income-producing real estate depends largely on the condition of the buildings, the reliability of the tenants, and the likelihood that the property will remain popular. A building inspection and appraisal will provide insights into the extent of deferred maintenance, the cost of maintenance and property taxes, as well as the appraiser’s prognosis and valuation of future income. The role of a real estate attorney in the purchase of income-producing real estate is in the preparation of the purchase offer and financing plan, obtaining a certificate of zoning compliance and occupancy, the review of plats and restrictive covenants, review of the rent roll and leases, and a review of court records that would give insight into the stability of tenants and their complaints about the building and landlord. A real estate attorney who is active in a community will generally be able to offer a wealth of qualitative information about
