Recommendations on SEC/Securities Attorney in NE Ohio?

Question

Hey guys has anybody dealt with or have any good recommendations for a Securities attorney in Cleveland/Akron/Canton? I'm looking specifically for someone who will deal with an investor raising funds for real estate and be able to help with the legalities of it.

Thanks

Dell Schlabach · Answer

In summary I was told, don't borrow from people who don't understand the risk, no amount of disclosure will protect me if I do.

Don't lose money.

Always pay my people back.

Keep my lenders happy.

Don't put more then one lender per property. Give them a mortgage, promissory note and Name them.as an additional insured.

Dell Schlabach · Answer

Only you know what your questions are, the answers are only as good as the questions you ask.

My questions should have been along the lines of what's the best way to structure a private real estate loan.

My local real estate attorney was more them capable of answering that as well as my primary private lender who had done literally hundreds of private loans.

Try describing your real question, including your real objective on biggerpockets, I suspect you will get much more practical advise then you will get from a securities attorney unless you are planning on pooling money or doing a syndication here's a good source of advise...

http://www.syndicationlawyers.com/about-us/jillian...

Josiah Barkman · Answer

Thanks Dell, I definitely need to get a list of my questions together to talk to someone. What are some key questions you found that are good to discuss with them?

Dell Schlabach · Answer

I have interviewed a couple, I was told by my local RE Attorney that I need to go with one of the big firms, Buckingham Doolittle and Burroughs, or Shottenstein Sox and Dunn out of Columbus to get the securities questions answered that I was asking, and I had a lot of them after attending a couple private money seminars.

I met with both firms top securities attorneys, interesting conversations and conclusions.

Today we don't use a securities attorney, although we have a couple million in private loans.

I just make sure we dont borrow from little old ladies who don't understand the risk, there is no amount of disclosure that will keep you out of trouble if you do that, even with the best written disclosure signed and acknowledged by your lender.

We do all our loans, one lender per property, only from people who have a reasonable understanding of risk. They get first mortgage, promissory note, get added as additional insured, pretty much what a bank would get if they funded and carried the first mortgage.

Sure simplifies things.