Should I talk to a lawyer before my first deal?
4 Replies
Chet Morgan
Flipper/Rehabber from Saint Paul, MN
posted 7 months ago
For my first property I will ideally find a duplex/triplex/quadplex to live in and rent out the other units.
Arlan Potter
Investor/Accountant/Builder from Meno, Oklahoma
replied 7 months ago
My lawyer makes sure I buy properties that have a clear title. Nothing else. I would never talk to him before I had a contract to buy. He, and the title company, make sure that the title is clear. Thats it.
Scott Wolf
Specialist from New York, NY
replied 7 months ago
Originally posted by @Chet Morgan :For my first property I will ideally find a duplex/triplex/quadplex to live in and rent out the other units.
Since this is your first property, you should definitely contact a few lawyers (or get a few recommendations) to find out what they charge, and how experienced they are in RE law. You don't want to end up getting a recommendation from friends/family for an attorney that turns out to be a trusts & estates attorney that has done 4 PSA's.
Good luck!
Steve Morris
Real Estate Broker from Portland, OR
replied 7 months ago
Not quite seeing why you need a lawyer. If it's title/escrow, they have title companies to manage that. On PSAs, a competent broker can do that.
If you want to do something more complicated or tax strategy, then I might contact an atty with specific RE/tax experience.
Jeff Vesel
Attorney from MPLS-ST PAUL, MN
replied 7 months ago
Minnesota is a title state, as opposed to an attorney state. Keep in mind it never hurts to have an attorney for a friend (and who knows the basics of what you are doing). A really good real estate agent who also does investing will refer you to a good title company.