Closing on my first multifamily and have decided to pay for a local attorney to assist with the LLC. I know cheaper options are available. However, for reasons I am not going to go into I have decided to pay the premium for a professional.
With that said, they are not cheap. I want to get the most out of my time with him. I was hopping someone would give me some good questions to ask regarding local Washington State law, as well to ensure he is the right attorney for me on future endeavors.
Thanks in advance,
I would ask if he works with, or is an investor himself. This is always a question I ask before ever agreeing to meet with someone and utilize their time. Additionally, you should be asking what kind of asset protection structure you should be setting up. It may be that for your given situation, an LLC is not the best structure...have you already asked this question and how did you determine that an LLC was your best option?
I would also ask about future deals and how those should be structured.
The attorney should be asking you a lot of questions about your current financial picture. If they don't, it may be a sign that they're trying to get away with the "one size fits all" approach which doesn't work with regard to legal entities.
Best of luck, and remember that a good attorney is worth their weight in gold.
@Brian Buckingham I agree with everything that Michael mentioned here - asking if he is an investor himself is a wonderful question because then you know they have the knowledge from both sides of the table. I actually wrote an article here on BP that may give more insight as to additional things to think about when hiring an attorney. I hope this helps along with the other information shared https://www.biggerpockets.com/blog/questions-new-investor-attorney/
If you have any specific questions feel free to leave a reply or DM. Always happy to help.
- how many RE investors have you worked with?
- how many were sued and what were the outcomes?
- are you a RE Investor?
- are you working with a preferred CPA?
- how many asset protection structures did you setup?
- how many did you litigated for defense?
- how many successful?
- Ever litigated for plaintiffs (against an asset protection structure)?
- how you ensure my proposed structure is accurate, flexible and relevant, so that aren’t any things that will come down the road and increase my taxation, or possibly hurt overall ability to further engage in business planning?
Thanks for all the advice Gents. Some good information/questions here that I never considered. Looking forward to getting the journey started!
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