Share on twitter
Share on facebook
Share on linkedin
Share on tumblr

People have different goals and principles when it comes to investments. But here are vital tips that every investor needs to know to ensure success.

  • Compare property rates.
    The best way to assess the value of a property is to find out the sale value of other properties in the vicinity. This is also how you determine the rental fee. Rental fees should be reasonable. Otherwise, potential tenants will think about purchasing a property instead.
  • Keep tax laws in mind
    Bear in mind that tax laws could change over the years. When investing, make sure that they won’t be affected even if tax laws will change.
  • Focus on a market you’re familiar with
    Determine a market you’re good at – be it condominiums, apartments, starter homes, low-cost houses, fixer-uppers or foreclosures and start with that product.
  • Know the costs involved
    You should be knowledgeable about the costs and expenses like financial statements, operating expenses, loan payments, taxes, cash flow, vacancy costs. You must have a clear understanding of these things before you commit to an investment.
  • Find out where the tenants came from
    If the rent went up just recently, the tenants are probably thinking about moving. If they have a short-term contract with, there is a chance that they are living there to get buyers. Don’t forget to get their security deposit.
  • Study the taxes involved
    Taxes play a very important role in investments. Oftentimes, they spell the difference between a positive and negative cash flow. You might want to seek help from a tax advisor. You should find out how you can use the tax situation to your advantage.
  • Learn about insurance coverage
    If the seller’s coverage is lower than the current replacement value, you might incur higher insurance cost. 
  • Verify the cost of utilities
    Ask local utility companies of the current charges especially if utilities are included in the rental fee.
  • Find a good accountant
    One of the things that make a succesful real estate investment is taxation. Find an account who is good with tax codes and reliable.
  • Inspect the property
    Carefully inspect the property before buying it. You might need to hire experts to assess the property.

Corey Bishop - Extension 701

Corey Bishop started his Real Estate career as a Sale Associate in 1995. Currently Corey is a licensed Broker in MA and Salesperson in VT. He carries many professional designations including the ABR,ATWDC,CRS,C2EX,GRI,SEC,SFR,RSPS.

Corey owns Bishop West Real Estate Inc with his business Partner Peter West which services Massachusetts, New York & Vermont. He’s also the co-owner of Bishop West Real Estate LLC with Mr. West which services the State of Florida with Offices in Venice & North Port

A current member of the Society of Exchange Counselors; the nation’s premier creative real estate marketing organization, Corey also served on the Board of Governors and is involved with many other committees for the Society.

Corey holds an Unrestricted Construction Supervisor and a Home Improvement Contractor license in the state of MA. As one of the owners of Modular Building Systems Inc he has been instrumental in the construction of new modular homes, residential fix & flips, multi-family renovations, commercial and Industrial building updates and renovations.

Currently his business revolves around Managing Bishop West Real Estate Inc & LLC, selling and investing in Residential, Land, Commercial & Investment real estate on a national level for clients, or on his own behalf. He also owns and manages a large apartment and Commercial/Industrial real estate portfolio.

Corey also is the managing partner of The Bishop West School of Real Estate, a Real Estate School that provides education on a local, regional & national level.

Professional Affiliations Include:

– NAR – National Association of Realtors

– SEC – Society of Exchange Counselors

– BCBOR – Berkshire County Board of Realtors

Professional Designations & Certifications Held:

– ABR – Accredited Buyers Representative

– AHWD – At Home with Diversity

– CRS – Certified Residential Specialist

– C2EX – Committed to Excellence

– GRI – Graduate of Real Estate Institute

– SFR – Short Sales and Foreclosure Resource

– SEC – Society of Exchange Counselors

– RSPS – Resort & Second Home Property Specialist

Other Notable items:

– President of Modular Building Systems Inc.

– Vice President of Bishop West Real Estate Inc. (MA, NY, VT)

– Managing Partner of Bishop West Real Estate LLC. (Florida)

– President of Bishop West School of Real Estate. A Licensed MA Real Estate School

– Managing partner of Interstate Investment Group LLC & Trifecta Properties LLC

– 2022 Berkshire County MLS Board of Directors

Community Involvement:

– Current President of the Adams Lassie Softball League & The Greylock Thunder Travel Softball League

– Current member of The Hoosac Valley Hurricanes Basketball & Baseball Booster Clubs

– Former Vice Chairman of the Town of Adams Conservation Commission

– Current Elected Town of Adams Meeting Member

– Past North Adams Rotary President

Email: [email protected]

 

Skip to content