Do you look good in orange?
How about an orange, one-piece jumpsuit?
I recently watched the entire series of “Orange is the New Black” on Netflix, and although it was an entertaining look at life inside prison, it also made me realize how much I really don’t want to end up there. Frankly, I like my freedom and personal space just a little too much and orange looks terrible on me.
I’m going to do whatever it takes to make sure I stay out of jail. You wouldn’t think it would be that hard to avoid, right? I mean… don’t punch a postman, don’t rob a gas station, and don’t start a riot. Check, check, check.
However, I’ve got some bad news for you…
For all the great things real estate investing can do for you, it can also send you straight to jail- do not pass go, do not collect $200. After all, in the words of Uncle Ben from Spiderman, “with great power comes great responsibility.”
However, have no fear! This post is going to throw open the doors on three of the most common ways real estate investors find themselves in prison and hopefully prepare you to avoid those simple mistakes so you can avoid the prison life.
1.) Killing Someone… By Accident
People die everyday.
I’m sorry to put it so bluntly, but it’s true.
In fact, if you really want to get specific about it, 169,000 people will die on planet earth today, which means by the time you finish reading this three minute article, 354 people will no longer be around (but don’t worry, in those same three minutes, we’ve added 762 to our numbers! Isn’t life grand!?)
The first key to staying out of prison as a landlord is to make sure you aren’t responsible for any of those deaths. Sure, I know …read more