Tropical storm Imelda gets Southeast Texas...again
With areas in Texas again recovering from massive flooding thanks to another "record flood event" (Tropical Storm Imelda), it may have you second guessing that latest urge to invest in a piece of real property. Who can blame you? After all, the media emphasizes the destruction and tragic loss that occurs when this happens. And don't get me wrong, it is tragic, and I feel really bad for those folks.
Does that mean that we should never invest in real estate? After all, no one, and I mean not one single human being, can influence the weather at all. Maybe the prudent thing to do is put all of our money in a bank? Maybe a credit union? A mattress seems to make sense too! I am by no means an investment expert, and I certainly would not be doing you a favor by suggesting that stuffing a mattress with cash is your best bet for investing!
These natural disasters happen, and there is no way of getting around them. All we can really do is minimize the risk we are willing to take. A natural disaster comes in all sorts of shapes and sizes. Sometimes it is a large rain event that floods a geographic region. It could also be a tornado or high wind event. Remember when the locusts came and decimated crops years ago? I think you get my point....
So, how does a person minimize their risk when investing in real estate? Well, you can start be enlisting an expert that can provide you guidance and insight into the real estate segment to are most interested in. Yes, I am talking about using a Realtor! A bonafide TREC (Texas Real Estate Commission) licensed sales agent or broker. A Realtor that specializes in a certain area is a great place to start looking. And by area, I am talking about geographic and market segment. I'm not going to get into how to pick one at this point. I will stress that the agent you choose is one that you should trust. You may be spending a fair amount of time with this person, so trust will be important.
It is a great time to invest in real estate, whether its for your first home, your second home, a rental property or a development tract. Interest rates are still very low, and there is plenty of money available to borrow (at the time of this BLOG anyway) . So what are you waiting for? Lets go invest!