Real Estate Attorney: Good vs Great

3 Replies

Hello BP,

What constitute a great real estate attorney? What exact answers are you looking for during an interview, and what specific questions should be asked? Or are all real estate attorneys created equal? (I know the answer to that one).

You want to make sure any Attorney you select to represent you is on your page. You want them to be able to see your dream and work for you. If they are asking you questions that are not making you think, then there is a problem. They should be asking you questions that make you think about potential issues that maybe you did not think of. 

Find a firm with a smaller number of Attorneys so you can grow with the Attorney. If you find someone you can grow with, and are on the same page, they will be more willing to send leads your way. Otherwise, your going to be just another form they fill out. 

You want a lawyer who has experience in the areas of law your matter 'triggers'. For instance, wraps, lease options, and seller financing are much trickier than they used to be since Dodd Frank / TSAFE. 

Also, you want a lawyer that communicates with you in an effective manner.  You need to understand him so you can follow the advice / make decisions based off the advice. And he needs to understand your goals and your situation to provide good advice.

You also want a RE lawyer who doesn't suggest only forming an LLC by filing a certificate of formation only. That's not good enough (it's the bare minimum) for an LLC.

If a RE lawyer recommends a bazillion LLCs, you might want to ask about simplifying your structure using a holding company and an operations company. Some people do need many LLCs, but if the recommendations is more than 3, you're likely in the very high net worth range. If the RE lawyer says he doesn't do series LLCs, you may want to get a second opinion.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you