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Written by financial journalists and data scientists, get 60+ pages of newsworthy content, expert-driven advice, and data-backed research written in a clear way to help you navigate your tough investment decisions in an ever-changing financial climate! But it doesn’t have to be. That’s why it’s important to find the best person for the job. It is also worth noting that a commercial real estate attorney can help with any legal issues involving a commercial real estate deal. ... Home > Real Estate. By subscribing, you agree to receive blog updates and relevant offers by email. Using the least expensive attorney should not be one of them. An attorney can offer you legal protections, walk you through important documents, and ensure a smooth transaction anytime you buy, rent, or sell a property. Our new online real estate class, hosted by expert investor Than Merrill, can help you learn how to acquire the best properties and find success in real estate. However, there are times in business when money should not be the most important thing. As a real estate investor, you may find it useful to have a real estate attorney to help decipher mortgage agreements or leases. Real estate lawyers can even assist you when it comes to establishing your overall business structure. Leatha, What kinds of real estate investing legal work do you usually do? Get recommendations from either your real estate attorney or other investors who use a real estate-savvy CPA. If you get an off-in-the-distance stare as he contemplates what to tell you, be assured he does not have the first clue. Never make a move in real estate unless you have the backing of an attorney that knows the business. An attorney performing similar transactional services may be more open to a flat rate than one who will be performing largely hourly services or spending extensive time in court on your behalf. It’s well worth asking for. ]. If you signed up for BiggerPockets via Facebook, you can log in with just one click! Related: 5 Reasons Why You Need a Real Estate Attorney A CPA who is also a CFP and in charge of long-term financial planning … When Will I Start Seeing Returns? Whether you are investing out of state or simply renting out the property next door, finding a good attorney can help protect you and your business through all aspects of a real estate transaction. Before you sign … Find local real estate meetups and events in your area. Some Experience Working With Investors. You can never have enough contacts. Some attorneys bill by the hour. Log In Sign Up. If you’re looking to get into real estate investing, attempting to purchase a short sale or foreclosure, or having unexpected complications with a simple transaction, it may be time to hire a real estate attorney. Of course, this list is not exhaustive. If your attorney is constantly in court, you will only get them first thing in the morning or after hours. For your convenience, here are some of the most essential questions to ask your real estate attorney. You may even work with several different agents, each working a niche, such as an area or property type. Now, that being said there are several variables when it comes to real estate attorney fees that you will want to make note of. Finally, perhaps the most important reason to work with a real estate attorney is that they can help prevent your business structure from being open to certain liabilities. And, based on my experience managing distressed real estate funds, that’s the No. I have dealt with other attorneys with real estate deals and never have felt like I really had someone both knowledgeable and supportive. On the other hand, it is a great question to ask anyone you are considering working with, as it can reveal what you should expect from the working relationship. You are very welcome, glad you liked it! Topics include: relationship-building, self-awareness and skill-building questions to ask your mentor. Even if you don’t have a real estate attorney for other reasons yet, most would gladly offer this service for a simple hourly consulting fee. By having a mutual attorney, you can hit the ground running. Copyright © 2020 FortuneBuilders, Inc. All Rights Reserved. The Investor’s Guide To Finding Real Estate Cash Buyers. Here’s an a sample of a good review for a real estate investor: “Best Decision I’ve Ever Made!!! Deed disputes 3. Actively investing in real estate, FortuneBuilders is uniquely built to provide investors with the right education and systems for success. 5 Questions To Ask My Real Estate Attorney. By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions. The more credentials, the better. The two biggest resistances you have to overcome in business are time and money. A great attorney that doesn’t focus on real estate may not have the time or passion to help when you need it. In this same vein, you may want to ask what percentage of the actual work will be done by a paralegal to determine the kind of working relationship you will have moving forward. Of course, this list is not exhaustive. Real Estate Investing Lawyers Serving Athens, Atlanta And Northeast Georgia. Related: Tips & Tricks From an Attorney: Here’s How I’d Protect My Real Estate Assets. We just need a few details to get you set up and ready to go! I mostly practice transactional law. For example, be sure to determine whether or not you are paying a fixed rate or a time-based fee. There are many instances in the business when a deal is time-sensitive and needs immediate attention. Ready to start taking advantage of the current opportunities in the real estate market? Using a phrase of random words (like: paper Dog team blue) is secure and easy to remember. Their input is even more valuable if the attorney is also an investor like you. When it comes to hiring contractors, an attorney can assist you in the creation of an agreement to protect you and your property throughout the process. You can withdraw your consent at any time. A good attorney is essential, regardless if you are just starting, or are already established in the business. Meeting a new person can be intimidating. Full-time agents are more likely … If you need someone to help with property transfers or the creation of asset protection structures, I do those things all day. Questions to Ask a Prospective Attorney? It is important to note, that in contrast to finding a traditional attorney, the number of years a given real estate attorney has practiced law is less important when compared to their specialty. Contrary to some strange popular belief, most of us are actually nice people who will be happy to refer you to a competent colleague if we cannot help you ourselves. You don't always need one. As you identify whether or not they have worked with real estate investors in the past, you may also want to inquire what percentage of their practice involves working with real estate. I am o erwhelmed at where to go from here. Many real estate investors purchase property—both residential and commercial—with the intent of leasing it out. As a real estate investor, you will eventually need an entity for both operational and asset protection purposes. Think of it this way: you are paying money upfront to save yourself from future legal problems and consequently financial problems down the road. If a potential attorney is answering your questions at a basic level they may be easy to work with but, as any real estate investor knows it’s crucial to surround yourself with individuals who will go above and beyond. Rebecca Lake Jun 25, 2018. They can eat up around 6% of the sale price. Real estate partnerships have been used for centuries, and they … Scott Royal Smith is an asset protection attorney and long-time real estate investor. Here are some of the main considerations you should keep in mind to plan ahead, reduce your taxes, and minimize your risk of audit. Why am I investing? In most cases, the attorney fees will be within 10 percent of everyone else in the business. Homeowners typically lean on attorneys during the home buying or selling process; however, real estate investors may employ a real estate attorney considerably more frequently. Determine whether or not they are well versed in the specifics of your business. A property’s ARV refers to its after repair value. What pitfalls should be avoided? Filing taxes can be a complex process, especially with real estate investments in the mix. It’s an exciting time to be a real estate investor. The right real estate agent will bring more value to your real estate investing team than just locating listed properties and writing contracts. Real estate agent commissions; Of all these costs, the real estate commissions are the highest. Additionally, specify which services will be included in your given contract. Which entity is best for me? To find out if your attorney is a good fit, here are some questions you should ask: Working with a great trial lawyer won’t do you much good in the real estate business. Come out and ask what types of business a lawyer does. Here are some of the reasons why every investor needs an attorney on their team: A real estate attorney often has a strong handle on the local area. Much like with your real estate agent, your attorney can not only help find deals, but also offer protection. Thank you, Scott, for writing an informative article. Many real estate investors consider hiring a real estate attorney a necessary cost, and rightfully so. We tend to find some form of limited liability company (LLC)—or even a network of a traditional LLC for operations and a series LLC for holding assets—is an effective solution for most investors. So many questions on if/when to use an attorney. Real Estate Lawyer Interview Questions. Register to attend a FREE real estate class, upcoming in your area. We have 13932 Real Estate Law Questions & Answers - Ask Lawyers for Free - Justia Ask a Lawyer. In comparison, homeowners and real estate investors often rely on real estate attorneys for a variety of reasons. Some real estate investors make six-figure income on an annual basis. The lawyer will tell you up front. Do you work full-time or part-time as an agent? For your convenience, here are some of the most essential questions to ask your real estate attorney. 5 Questions to Ask When Hiring a Real Estate Attorney. The ones that get upset and act offended should be taken off your list of potential suitors. Let’s talk about how to do it. Defective titles 4. Ideally, you want your lawyer to set up a company structure that you know how to use and will protect your real estate investment assets while helping you manage them. You can also use this time to negotiate the possibility of a flat rate, if such a maneuver makes sense for your needs. It is important to find out if real estate is something that they focus on. It is far more important that they know real estate, work with investors, and are there when you need them. This may seem incredibly obvious, but failure to ask this question or have a conversation along these lines has lead to many an unpleasant surprise, usually in the form of an invoice followed by the recipient’s spontaneous emission of some colorful language. Thank you for the feedback! This could be changing the contract to offer protection or working with lenders to push the deal forward. The best investors surround themselves with the best team. Expertise: Business Management, Personal Finance. 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