What does the REI need from an attorney?

Question

Hey y'all, hope everyone is doing well this weekend!

As you can see I am a real estate attorney practicing out of Nashville, TN.  I am also a new real estate investor. So new that I just agreed to buy a town home.  I'm pretty psyched!

I wanted to get an idea what REIs needed in terms of legal advice.  To be specific, I'm only talking residential properties.  While some of this is state specific (i.e. in TN, you don't have to have an attorney to close, in NY, I've never seen a closing w/o one), but I wanted to understand what is important and what everyone's concerns are when going into a deal.  (i.e. Tax Liens, foreclosures, LL/T issues).

I guess you can say I'm doing some market research to tailor my own services to this niche.  Thanks everyone.

J

Chris Stromdahl · Answer

Jatin,

I am about to post a new topic to the forum but wanted to quickly contribute to your conversation.

Business development:

I want to work with an attorney that will help me create my legal entity per state laws and to draw up the necessary documents that are tailored to my business and the real estate transactions I am involved in.

Investing:

As a new investor I am looking for someone who can help me navigate the legal aspects of real estate transactions. That means having a solid understanding of the work flow, documents needed, alternative steps to take if need be. Ultimately all of this will lead to a closed deal.

Jatin Shah · Answer

Johnna, Thank you so much! That was very helpful.

Johnna Lodge · Answer

Subgroup leaders of REIA's are looking for good speakers. Contact your local reia's and speak to the subgroup leaders and ask them what they want more information on from an attorney. There could be a lot of great subjects you could discuss or teach:

subject to contracts..not all attorneys understand or do subject to's

how to save money on your closing: common mistakes on a hud that can cost you Hundreds of Dollars

What is a good Option Contract: Buyer and Seller Option Contracts. go over the option contracts and give them a copy of the contracts specific to your state

How to Buy Foreclosures at the Court House Steps Safely (ie speaking in ref to liens)

Just ask the REIA President's and subgroup leaders. They want valuable participants teaching their members.