RE Ten Commandments

Here's a summary of all the lessons I've learned from my clients' problems. Follow these and you'll be fine.

1. Thou shall not register as a person engaged in real estate business

2. Thou shall not lease residential properties to commercial tenants

3. Thou shall not put residential properties in a corporation

4. Thou shall not put commercial properties in an individual’s name

5. Thou shall not sell more than 6 properties in a year

6. Thou shall visit dormant, un-gated properties periodically and protect it with a fence

7. Thou shall have insurance coverage enough to pay for one’s estate taxes

8. Thou shall settle annual real property tax and avail of the discount

9. Thou shall only work with a licensed broker

10. Thou shall not buy a pre-selling property and be absolutely sure that you’ll be able to sell it before turnover