Some Experience Working With Investors. Get recommendations from either your real estate attorney or other investors who use a real estate-savvy CPA. A property’s ARV refers to its after repair value. 4 Questions Every New Investor Needs to Ask Their Attorney 1. Learning … It’s not out of line to ask an attorney for a brief … The best investors surround themselves with the best team. Keep reading to learn about the questions to ask real estate attorney professionals before working together. Zoning issues 5. But it doesn’t have to be. I hope you have found this list helpful as a starting point for a conversation with your new attorney. 5 Questions To Ask My Real Estate Attorney. In time, an attorney that works with investors can be a good source for deals directly as well. In fact, you might find your first meeting with a new real estate attorney goes rather smoothly if you come in with some questions prepared beforehand. How would you handle my case? It’s well worth asking for. What is the best real estate investment strategy for me? Of course, this list is not exhaustive. Questions to Ask a Prospective Attorney? During the selling and closing process of a home, a real estate closing attorney can help handle the title check and more for the property in question. 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. If it pertains to real estate, many buyers don't see it as a legal question. 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. Now that you have a better idea of the ins and outs of what a real estate attorney can provide, it’s important to determine how well they will fit in with your specific goals. You need an attorney that knows how investors work in real estate. Find local real estate meetups and events in your area. If you have an inclination to tell your attorney about a situation, it is always best to err on the side of saying too much over too little. If you need someone to help with property transfers or the creation of asset protection structures, I do those things all day. As a real estate investor himself, he understands real estate investments inside and out and he uses that knowledge to protect his clients’ best interests and maximize their investment dollars. Common real estate investment property disputesinclude: 1. 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? Breaches of contracts 2. Love this one! For some people, meeting a new attorney can be especially intimidating. Boundary disputes 6. When you are investing in the real estate market, having … By subscribing, you agree to receive blog updates and relevant offers by email. … We have 13932 Real Estate Law Questions & Answers - Ask Lawyers for Free - Justia Ask a Lawyer. You can expect them to drop what they are doing, but it isn’t unreasonable to get back to you in 24 hours. Between short sales and foreclosures, many investment deals can be time consuming and difficult to deal with. There are many qualified attorneys you can use, but you need to find the best real estate attorney. How did you find the right real estate attorney for your investment business? Using a phrase of random words (like: By signing up, you indicate that you agree to the, Tips & Tricks From an Attorney: Here’s How I’d Protect My Real Estate Assets, 5 Reasons Why You Need a Real Estate Attorney, The Road to Efficiency Is Paved in Automation, Real Estate Taxes 101: What You Need to Know Before Year-End (+ 2 Steps to Complete ASAP), How To Overcome Time & Money Limitations When Starting a Business, Owning Rentals in an S Corporation Might Be a Costly Mistake—Here’s Why. If your attorney has a tough time answering this question, they may have a tough time getting back to you. Think of it this way: you are paying money upfront to save yourself from future legal problems and consequently financial problems down the road. The attorney only steps in when they are needed or closer to closing. If I change my mind and don’t want to sell my house, do I still owe a commission … Create an account today to get BiggerPocket's best blog articles delivered to your inbox, This question can save you a lot of time and money with real estate lawyers. There is nothing wrong with a paralegal doing the heavy lifting; however, you may want to be introduced to them during the consultation process as well if that’s who you’ll be working with moving forward. Related: 5 Reasons Why You Need a Real Estate Attorney One of the most important members of your team is your attorney. Landlord-tenant litigators usually advertise themselves as such and wouldn’t be a great choice for, say, what I do. By getting to the bottom of what a given real estate attorney offers, or what makes them stand out, you can gain a sense of trust and understanding of what to expect moving forward. 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. So many questions on if/when to use an attorney. Most of us will find a way to help you if you schedule a consultation and clearly explain the problem you are having or anticipating. If they have a large investment portfolio, you should feel confident that they know the process and what to expect. 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. I have dealt with other attorneys with real estate deals and never have felt like I really had someone both knowledgeable and supportive. Real estate agent commissions; Of all these costs, the real estate commissions are the highest. A good attorney is essential, … 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. Who makes good real estate investing partners? Actively investing in real estate, FortuneBuilders is uniquely built to provide investors with the right education and systems for success. Solid real estate attorneys know how to answer this, and will make you feel comfortable from the beginning. 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. The agent will split the difference between themselves and the buyer’s agent. FortuneBuilders is a real estate investing education and business development company, providing coaching, resources and tools to start a real estate business. However, there are times in business when money should not be the most important thing. Most real estate lawyers charge an hourly fee for services, although some charge a flat rate. Maybe you have plenty of capital, an extensive real estate network, or great construction skills— but you still aren’t sure how to find opportunistic deals. And, based on my experience managing distressed real estate funds, that’s the No. There are many instances in the business when a deal is time-sensitive and needs immediate attention. The right real estate agent will bring more value to your real estate investing team than just locating listed properties and writing contracts. I was in a situation where I needed to get out of my house ASAP and Colby came through for Me!!! 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! When Will I Start Seeing Returns? For example, do they have a background in property management? 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. 1 reason smaller investors don’t invest and the final reason all real estate deals fail. Regardless, these questions should give you a starting point for building that new attorney-client relationship. The … As a real estate investor, you will eventually need an entity for both operational and asset protection purposes. Log In Sign Up. You can withdraw your consent at any time. But there’s a BIG catch. When it comes to boundary disputes or survey issues in a given real estate transaction, a real estate attorney will be able to work with your realtor to ensure the process goes smoothly. Holding assets in an S corporation has many benefits, including protection and minimized self-employment taxes. I agree to receive BiggerPocket's newsletters, promotional emails, and event announcements. Thanks for sharing! The following is a list of questions that would-be investors should ask regarding properties they are considering: Is the property near a commercial site, or will long-term construction be occurring in the near future? By Lee A. Drizin Updated: April 29, 2018 Categories: Financial Issues, Legal Issues, Property Division I’m an example of one of those lawyers. Remember, you want to make sure you feel comfortable speaking to whoever will be acting as your point of contact so don’t hesitate to ask who else will be involved. Weekly. Regardless, these questions should give you a starting point for building that new attorney-client relationship. Going to meetups is a good way to ascertain what other investors are saying about various CPAs. Like a license, every listing agent — and … Ask questions until you are comfortable with the answers. This may likely include a follow-up article with more useful questions to ask your attorney if there is any interest. Fraud 7. What Does ARV Mean? Many real estate investors consider hiring a real estate attorney a necessary cost, and rightfully so. Find out how real estate investing can put you on the path toward financial independence. If you can’t get in touch with your attorney or they won’t return your call, you will have a problem. The more credentials, the better. You can never have enough contacts. Landlord-tenant litigators usually advertise themselves as such and wouldn’t be a great choice for, say, what I do. Rebecca Lake Jun 25, 2018. The two biggest resistances you have to overcome in business are time and money. Well-written! When you purchase property for investment purposes, you may encounter a variety of issues that can lead to legal disputes. One thing some people outside of the legal field don’t understand is that not all lawyers are litigators. What kinds of real estate investing legal work do you usually do? Related: Tips & Tricks From an Attorney: Here’s How I’d Protect My Real Estate Assets. This tests the candidate’s ability to work under pressure and assesses how knowledgeable the candidate is. A great attorney that doesn’t focus on real estate may not have the time or passion to help when you need it. By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions. With all the different forms of technology available, getting in touch with someone is as easy as ever. Along with what not to ask a mentor. Meeting a new person can be intimidating. No investor has the time or patience … 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. Click here to register for our 1-Day Real Estate Webinar and get started learning how to invest in today’s real estate market! After all, they play one of the most important roles when it comes to a successful investment. The right real estate attorney will guide you through several processes, making their fees well worth it in the long run. When considering real estate attorney fees, you should simply weigh the potential cost of losing your investment properties over a legal issue versus the costs of hiring a trained professional to help ensure that does not happen. There are plenty of ways to save money in a real estate transaction. ... Home > Real Estate. Might seem like a basic question, but you really need to be … One of the reasons you want a dedicated real estate attorney is for the mini emergencies that pop up. No matter what side of a transaction you are on, whether it be buyer or seller, a real estate attorney can assist you in several ways. Thanks for sharing this! Real Estate Investing Partnerships 101. The Investor’s Guide To Finding Real Estate Cash Buyers. So, for the next section, you will learn what really impacts a real estate investor’s money-making process. In this post, we unpack the pros and cons of real estate partnerships and provide tips on finding the real estate investors to partner with. Don’t be afraid to ask the hard questions. 1. If you have an inclination to tell your attorney about a situation, it is always best to err on the side of saying too much over too little. And still others operate on retainer or contingency—though the latter is rare in the real estate world (at least from the landlord’s perspective). Leatha, Before you sign … 2. By having a true real estate friendly attorney, they will be able to help with issues on your contract, title, and even loan underwriting. Tenant issues 9. You would need a different kind of real estate attorney if you wanted to, say, sue your landlord. This can help you identify an attorney with both experience and a strong understanding of the things you need. I mostly practice transactional law. While a variety of arrangements are just fine, the lawyer should at least be able to explain what he or she is billing for. Expertise: Business Management, Personal Finance. 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. Is paying 6% to sell a home required? For your convenience, here are some of the most essential questions to ask your real estate attorney. … Many real estate investors purchase property—both residential and commercial—with the intent of leasing it out. Subscribe today and get the Oct/Nov issue delivered to your door! Summary: In part three of our Finding the Right Real Estate Investor Mentor series, we’ll provide a comprehensive list of the best questions to ask a real estate mentor. Mortgage issues In addition to these real estate legal problems, yo… Traditionally, sellers will pay 6% to their real estate agent. In the meantime, if you have any feedback or suggestions to add to the list, fire away in the comments section. An upfront conversation about billing possibilities and what you can expect to pay saves both parties potential grief. I get so many litigation calls; I don’t litigate either but let’s chat about real estate investing any day of the week ; ) Good info; make sure to check online reviews and try to find out whether or not they will charge you a consultation fee (IMHO, they should NOT). Ready to start taking advantage of the current opportunities in the real estate market? ... You Need to Ask Good … Quickly analyze a property address or ZIP Code to compare your rent in your neighborhood. You are very welcome, glad you liked it! One of the most important members of your team is your attorney. Thank you. Top Stories Companies & Markets Stocks Real Estate Banking & Finance Energy & Commodities Technology Consumer Transport Government & Economy Wealth & Investing Leadership & Management Opinion Life & Culture Taking Heart Focus Magazines. They have a large investment portfolio, you can also use this time negotiate! Note of which services your business the list, fire away in the long.. 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