Barely a week goes by now without some news channel reporting on new, tougher immigration laws that are being enacted across the country. So will this affect the way you run your real estate investing business and ultimately your profits?
One state after another seems to be cracking down on illegal immigration. Spreading from Arizona’s controversial new laws, South Carolina, Alabama and Georgia have followed suit. So what do you need to know about it and watch out for as a real estate investing business?
These new tougher immigration laws are not just giving law enforcement more powers to stop and arrest individuals they believe are illegal immigrants or check them out once detained, they also reach to anyone who helps them. Now employers and those who shelter illegal immigrants can expect to be targeted and penalized heavily as well.
For real estate investing companies this definitely means that you need to be more careful about who you hire to work for you if you plan on your business lasting for the long term. So if you have hired cheap labor in the form of illegal immigrants in the past for landscaping or rehab work you may need to factor in higher costs so you don’t get caught short.
This may not be that big of a deal, however it is also important to realize that in some areas illegal immigrants have made up a large portion of the rental market. In the past it may not have mattered who you rented to. Though now you certainly don’t want to find yourself in trouble or worse yet having your property taken by the state for breaking the law. This is also something you want to keep in mind when looking at new neighborhoods for new acquisitions for your real estate investing business.
It doesn’t matter what side of the immigration argument you fall on, you need to protect your investments and ensure the longevity of your real estate investing business.