Real Estate: The Importance Of Knowledge And Physical Assets

923 words - 4 pages

Real Estate: The Importanceof Knowledge and Physical AssetsEric DickApril 28, 2004Miss Susan HallMGT 330Real Estate: The Importance of Knowledge and Physical AssetsIt's 3:30pm and the concrete for the driveway has just been poured - boy did it sure take a lot of work for us to put build those forms, tie all of that rebar together, and pour that concrete. Hopefully it was all worth it. As I admire the freshly poured cement I can see in the distance workers finishing the installation of the doors for the newly built storage units. All we have left to do is build a fence and install some type of gate for tenants to enter into the building then we will be finished. You know I hate to think about how much money we spent on constructing this building. Last time I checked we were a bit over $200,000 and that doesn't include the cost for purchasing the property. It will probably take another $60,000 for us to finish this whole project up - that estimate includes the fence, of course, along with purchasing signs and banners advertising our business (to be placed on side of the building), and a healthy marketing campaign.Being in the real estate industry physical assets are your most treasured possessions as that is what pays for your salary. We purchased the previously mentioned property because the value was relatively low for the area and we own another large lot two lots down. It's prime area to buy because there is much development near yet not too many people even realize that this street exists. Tulsa, the name of the street in which we own two lots, runs behind 34th Street. 34th Street's property value is high due to it receiving large amounts of traffic. Our long term goal is to purchase the two lots between our current properties at a relatively low price then purchase the piece of property on 34th street; in which, we estimate will raise our property value substantially.Currently there has been a boom in the whole real estate industry, a boom that has overlooked Tulsa Street as its property values have been steadily declining as everything in its immediate area has been going up.Since physical assets are your most important resources, while dealing in the real estate industry, you must have the knowledge to know when its time to buy and when its time to sell. If we intend on purchasing the previously mentioned properties somehow we have to come up with a way to buy them. One method of ours is to sell property that has a high value but does not produce large amounts of profit. In the last 10 years, one piece of property of ours on 1225 Rutland, according to Harris County (http://www.tax...9), has increased in...

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