Wednesday, August 11, 2004

Finding a Good RE Attorney

First generate a list of potentials from referals (best method), or go to yellow pages and look in the Real Estate sub-heading if your phone book categorizes attorneys. I found about 6 that looked promising and then made sure they also were not advertising in any of the following sections as well: personal injury, family law/divorce, bankruptcy. You want to avoid a big comapny with lawyers who do everything, and a jack-of-all trades type attorney -- because frankly they will spend their time on cases that lend themselves to the 'big bucks', like personal injury; the real estate stuff will be their short-term cash flow deals (i.e. a side hobby).

My attorney is essentially 100% in real estate; although I would imagine that anything around 3/4 or more is good. Also, I insist that they own investment property or do a lot of other REI deals such as rehab and sell.

Once you get your list, you should interview each one. Here are the questions I ask:

  • What percentage of your business is based on real estate?
  • Do you own investment property yourself?
  • How often do you represent landlords in landlord-tenant law disputes?
  • What is your familiarity with Lease/Option contracts?
  • What is your familiarity with purchase money mortgage/notes?
  • Do you know how to title properties into Land Trusts?
Good Luck!

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