Any real estate course or seminar
is not a substitute for a good attorney. Finding a high-quality real estate
attorney might be quite difficult, since most attorneys are not themselves investors
or very familiar with new creative transactions. Most attorneys would give you
just necessary advice to keep them from getting sued up, but do not give enough
advice for you to make more money out of any real estate deal.
A good real estate attorney is one
who actually advises you of the risks suggested by alternative ways of doing
a transaction and also to charges a reasonable fee for doing so. A bad real
estate attorney will either says nothing or points out problems without giving
solutions or will systematically kills deals. That is why attorneys are normally
referred to as "deal killers".
Ask other investors in your local area
who are using an attorney. You may also join a home real estate investors association
and then ask for few referrals. Ask your local real estate agents and title
companies for further referrals. Do not open up the Yellow Pages and pick up
someone who simply CLAIMS to be a real estate attorney expert.
When interviewing a real estate potential
attorney, ask the following questions:
* Does he own rental property?
* How many closings he does per year?
* What kind of unusual transactions have he done of late?
* Has he done any evictions? Foreclosures? Zoning board appeals? Or any Condo
conversions?
* Can he explain to you the following concepts: lease/option, wraparound mortgage,
installment land contract?
Get a feel for the good experience
and personality of the attorney. A good attorney on your side is worth his weight
in gold, particularly if he is capable to do creative closings.
Perfect Information and sound knowledge
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