Do you have an exit plan?
I hear real estate investors use these words. When purchasing a property they are thinking about an exit or how to make a profit. It is best to plan this strategy prior to purchasing. If you start to plan after the purchase, you may find yourself in a fix.
Some investors plan to wholesale the property “as is” to another investor. Others plan to fix and flip to a retail buyer. Still others plan to buy and hold, preferring to rent the property and capture some appreciation over the long term.
But real estate is not the exit plan we are going to talk about. In the coming weeks, I will be talking about the exit plan you need to prepare for when you pass from this world.
The first step is to have an estate plan that includes a will, or maybe a trust, a power of attorney, medical power of attorney or other documents according to your situation. Without a plan, loved ones left after your passing can spend a lot of time, grief, and money trying to settle an estate.
We will be writing about actual situations that we have worked in over the past 35 years. Many times we are contacted when there are problems, and somebody is looking for cash. If you find you are in one of these situations, or you know someone, contact us. We can save you time, money, and stress. Be sure to tune in each week to see what is new in the news section of terryhowe.com.