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Finding a good Real Estate Attorney
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.
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