BUILDING YOUR POWER TEAM – HIRING A REAL ESTATE ATTORNEY

Hiring a real estate attorney for your “power team” is one of the most important decisions to consider when first becoming involved in real estate investing. The right attorney will keep you on tract, help you avoid possible pitfalls and lessen your liability in your real estate investments. A knowledgeable attorney can also make sure that all of your paperwork is state-specific, meaning it was not some generic paperwork offered in an office supply store or off of the Internet and based on the laws of a state other than your own. Too often, new investors take course pr go to “boot camps” which offer up forms that do not meet your real needs.

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Through the services of a professional and specialized lawyer, you will not only be assured that everything is in good legal order, but it could even smooth along the process at the same time. Of course, this is of great convenience to any real estate investor, and is one of the core reasons behind the popularity that real estate lawyers enjoy. If you are either unsure of the legalities and process involved in real estate contracts and agreements, or if you wish to simply move things along faster, then hiring a lawyer could be the ideal step to take.

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After you select one, two or three real estate attorneys from a list you can get from www.martindale.com or www.law.com, which shows their qualifications. You should feel free to interview the attorneys to see which one is the best fit for your needs.

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1. Questions to Ask a Prospective Attorney?
My first question would be; what experience do you have in creative real estate investing such as subject to investing? 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. The Attorney should be open to and understand creative real estate investing. This is very important in making your final decision. The attorney must be very attentive to your needs; he lets you discuss your method of investing then responds in a forthright manner.

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2. How much of your practice is in real estate?
Depending on your market size it should be at least 30% to 50%. In smaller markets there would be less need for an attorney to devote all their practice to real estate. Five years of real estate law experience would be the minimum acceptable to me.

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3. Do you have other real estate investors as clients? If so, ask if you can contact them for references.

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4. What are your fees? The size of the law firm is not an important factor except larger firms usually charge more because of their overhead and are not as available to you as a smaller firm. The price the attorney charges are not as important as how well he works for you, with you and gets the job done. The old adage you get what you pay for applies here.

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5. Do you work with other real estate professionals? The attorney should be able to recommend and refer you to other professionals such as CPAs, mortgage Brokers, (for refinances), etc.