Should I talk to a lawyer before my first deal?

4 Replies

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.

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!

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.

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.