Monthly Archives: August 2012
Restaurant is one kind of business which usually has tight competition. If you play in this business too, you should know that in order to stand up, you need to have uniqueness so there is a reason for someone to visit your restaurant otherwise you will be run out of your business sooner or later. The question is how to be unique? Actually there are several ways to do this but according to me creating romantic nuance at your restaurant is the best way. Why? Because people who visit a romantic restaurant are willing to pay any amount you charge them as long as they feel comfortable. Make sense?
9. Lawsuits If you own real property, there is a real probability that you might be sued, if not by one of your tenants or guests, then certainly by a cutthroat attorney who looks up your holdings in the public record to determine if they will take a case based on the assets you own. We personally know this to be true.
4. Utility Bills Oh, you think you have no utility bills because the tenant pays for all the utilities? Think again. Who is going to pay for the water? Who is going to pay for trash collection and recycling? What about the electricity for the security systems and outside lighting? Who is paying for the electricity for the pool filter and pool light? What about the utilities for the washers and dryers? The owner is paying for all of these expenses.
The disadvantages of long-term wealth building are many. They include waiting for your money, land lording, monthly mortgage payments, utility bills, property taxes, hazard insurance, maintenance costs, homeowner association dues, exposure to lawsuits, extensive record keeping, and complicated income tax problems.