Starting out

5 Replies

If I am new to REI and want to purchase a property to flip, should I find an attorney for this process? if so should i find one before I do anything or when the property is ready to sell? what would be the most important role of an attorney in this case?

@David Pascual what questions do you have for an attorney? Why would you need one to sell? I would say finding an attorney is a waste of time if you don't know why you need one.

@Bryan O. sorry I probably should have been a little bit more clear, many people on the podcasts have talked about getting a closing attorney before you close a deal, but i guess my question is if it is necessary to have a closing attorney if you are already working with an agent, shouldnt my realtor be the one to make sure everything will go smoothly when closing?  

I think you are too vague. In some states a attorney is required and other agent.

What state are you from? What are you trying to do?

@Taye N. Im in Washington State, Im probably trying to be getting into buy and hold (BRRRR strategy)

Speak to a loan agent and get prequalified so you know how much house you can purchase.

Have your financial ready for downpayment and repair cost.

Go read the ultimate newbie investir guide on bp.

Got this off another site


WASHINGTON
Title companies, independent escrow companies, lenders, and attorneys may handle escrows. An attorney must prepare real estate documents, but there is a limited practice rule which lets licensed non-attorneys prepare most of the commonly used real estate documents. Conveyance is by warranty deed. Both deeds of trust with private power of sale and mortgages are used as security instruments. Mortgages require judicial foreclosure. Deeds of trust require that a notice of default be sent first and 30 days later, a notice of sale. The notice of sale must be recorded, posted, and mailed at least 90 days before the sale, and the sale cannot take place any earlier than 190 days after the actual default. Sellers generally pay the title insurance premiums and the revenue tax; buyers and sellers split everything else. Property taxes are payable April 30th and October 31st. Washington is a community-property state.

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