Investor · New York, NY · Member since 2008 · 169 posts · 73 votes
Hi all - does anyone have a recommendation for a real estate attorney that works with investors in North Carolina? Specifically in Wake Count. Even more specifically - Cary, Wake Forest & Raleigh areas?
As we are looking to grow, I want to ensure that we proceed legally and protected. I've read/heard that certain transactions are or have become more difficult to do in NC (sub2, for example). In addition, I've read/heard different and sometimes contradicting viewpoints and advice. As a result, I am looking to consult an experienced and investor-friendly attorney, whom we can talk to.
I'd rather pay for some hours of an attorney's time now, rather than get into anything remotely illegal (without knowledge, of course) later on & pay a much higher price.
Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes
11y
@Account Closed
Regarding "I've read/heard that certain transactions are or have become more difficult to do in NC (sub2, for example). In addition, I've read/heard different and sometimes contradicting viewpoints and advice. As a result, I am looking to consult an experienced and investor-friendly attorney, whom we can talk to." If you can elaborate on what you hear as contradictory, we could help more. I will say that you should do as much background research on your own before calling an attorney to keep your costs down.
NC has some relatively new statutes regarding Land Contracts, or Contracts for Deed where the seller keeps the mortgage (deed of trust in NC) and the sale is subject to this financing. This document is NC state law, plain and (relatively) simple. It's not a long read and you should know this chapter.
Lease Options (or Option to Purchase Contracts Executed With Lease Agreements if you browse NCGS) in NC are also regulated. Again, the law is pretty clear on what you can and can't do. Well, you can do whatever you like... but realize the consequence is reasonably strict if you violate and are caught.
Regarding the referral to Brock and Scott, note that the attorney firm Brock and Scott (B&S) operates as a trustee in the Carolinas and throughout the southeast US. I have bought property through B&S at trustee sales and consider them to be a top notch attorney firm from the small sample of transactions my company has conducted with them. If you are a trustee sale buyer, this referral from @Michael Jobe may be a good resource given their business. I also have what I consider an excellent resource in this space as well. PM me for the contact information of this attorney who also provides trustee services to trustee sale buyers (buyer side) and private lenders (lender side) in Wake county.
Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes
11y
@Account Closed
Regarding "I've read/heard that certain transactions are or have become more difficult to do in NC (sub2, for example). In addition, I've read/heard different and sometimes contradicting viewpoints and advice. As a result, I am looking to consult an experienced and investor-friendly attorney, whom we can talk to." If you can elaborate on what you hear as contradictory, we could help more. I will say that you should do as much background research on your own before calling an attorney to keep your costs down.
NC has some relatively new statutes regarding Land Contracts, or Contracts for Deed where the seller keeps the mortgage (deed of trust in NC) and the sale is subject to this financing. This document is NC state law, plain and (relatively) simple. It's not a long read and you should know this chapter.
Lease Options (or Option to Purchase Contracts Executed With Lease Agreements if you browse NCGS) in NC are also regulated. Again, the law is pretty clear on what you can and can't do. Well, you can do whatever you like... but realize the consequence is reasonably strict if you violate and are caught.
Regarding the referral to Brock and Scott, note that the attorney firm Brock and Scott (B&S) operates as a trustee in the Carolinas and throughout the southeast US. I have bought property through B&S at trustee sales and consider them to be a top notch attorney firm from the small sample of transactions my company has conducted with them. If you are a trustee sale buyer, this referral from @Michael Jobe may be a good resource given their business. I also have what I consider an excellent resource in this space as well. PM me for the contact information of this attorney who also provides trustee services to trustee sale buyers (buyer side) and private lenders (lender side) in Wake county.
Thank you so much - you are a wealth of knowledge re: NC - appreciate your sharing!
I'm going to read through the links & bookmark them so I can refer back repeatedly.
I am not a trustee sale buyer because I feel that is an advanced acquisition method for experts who know the market and sub-markets inside out, who can estimate what work needs to be done and the associated costs, who has a team ready for levels of rehab (if needed), etc.
That's a lot of ducks in a row and I feel I am more in the process of herding the ducks along in a generally correct direction instead. Until then, I look forward to continuously learning from everyone here!
Raleigh, NC · Member since 2014 · 125 posts · 37 votes
11y
Originally posted by @Account Closed:
Hi all - does anyone have a recommendation for a real estate attorney that works with investors in North Carolina? Specifically in Wake Count. Even more specifically - Cary, Wake Forest & Raleigh areas?
As we are looking to grow, I want to ensure that we proceed legally and protected. I've read/heard that certain transactions are or have become more difficult to do in NC (sub2, for example). In addition, I've read/heard different and sometimes contradicting viewpoints and advice. As a result, I am looking to consult an experienced and investor-friendly attorney, whom we can talk to.
I'd rather pay for some hours of an attorney's time now, rather than get into anything remotely illegal (without knowledge, of course) later on & pay a much higher price.
Thanks - BP nation!
Give Kathie Russell a call. She's in Raleigh and investor savvy and open to creative deal making ...