As a beginner in Wisconsin trying to do it right, when doing property analysis, what do you folks typically use (can be a range) as a rate for legal fees for a buy and hold property.
This is obviously going to be different with every purchase as the purchase price fluctuates, but is there a hard number to get me in the ballpark?
Also, besides closing costs, what other legal fees might I be charged that I might not be thinking of? Ie. lease agreements, ect.
Thanks everyone in advance :)
@Tyler Wenzel It cost me about $500 for an attorney each time I bought an REO duplex. Consult with an attorney ahead of time and they will be able to give you a range.
You will incur more legal fees of course if you buy a property with bad tenants and have to evict right away.
For leases there is a company in town where you can purchase all the legal forms needed, and its very inexpensive - its called WI Legal Blank. Probably not worth a trip to MKE Tyler, but I would think Janesville or I'm sure Madison have a similar store.
thanks @Dan C. for the reply. After a quick google search I didn't come up with anything as far as a legal document center in Janesville, but I'm not done searching quite yet. Also, your post inspired me to put together a spreadsheet of contacts for different things real estate related so I can pull it up whenever I need it. Thanks again.
you could contact your local title company to inquire what the line items generally are on a settlement sheet (HUD-1)
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