“Houston Real Estate Investors Dream Team” reached #1 on Amazon.com’s Best Seller List in the Real Estate, Buying and Selling Homes and Real Estate Investments categories on Tuesday, June 16, 2015.
The book was compiled from interviews and the experiences of top real estate investing consultants in the Houston, Texas area on the specific and powerful topic of creating a real estate investment business. Each contributing author has spent years helping new and seasoned real estate investors, not just with practical advice on how to have a real estate investing business, but providing actual services so that investors can use their time and money in more practical ways.
Most real estate investors think they’re using standard contracts when they purchase or sell properties. In this chapter, Newsom, a real estate investment attorney in Houston, Texas, shows how most contracts are anything but standard. He has found that many investors just are not knowledgeable enough about the legal issues involved in contracts when purchasing or selling properties.
According to Newsom, “The legal side is the most neglected part of real estate investing and I think it’s the most important side. If you ignore the legal side of it, you can end up losing the house completely, or you can end up, even worse, in a lawsuit, which can drag on forever and cost you a ton of money.
I find that a lot of real estate investors, especially those just starting out, don’t take the legal side of it seriously. There’s not enough education out there about it because, as you said, it’s easier to educate people on what type of house to buy: three bedroom, two bath, brick, in a certain price range.”
Contracts are the biggest legal issue that real estate investors have to deal with. Newsom points out that the Texas Real Estate Commission standard contract becomes a non-standard form when people cross things out or write things in. It’s important that these changes are written in a clear manner so that all parties involved understand the changes and agree with them.
Newsom provides examples which illustrate the potentially harmful ramifications of not understanding changes which have been made to a contract. He also points out that most of these issues could have been avoided had he been consulted earlier in the process. People should understand that rather than calling an attorney at the end when there’s a problem, it’s better to have them on board early to avoid such problems.
Newsom feels strongly that investors need to learn about the legal side of real estate investing and therefore teaches courses, seminars and workshops to educate them. The knowledge shared in this chapter helps to further this spread of knowledge.
For more information about Steven S. Newsom, email: snewsom@sbcglobal.net
“Houston Real Estate Investors Dream Team” is available in the Amazon Bookstore at http://www.amazon.com/gp/product/B00Z959WQ4.
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