I’m investing in 3 different states. Oklahoma City (OK), Philadelphia (PA) and Rochester (NY). Should I be using 1 attorney for all my transactions and advice or should I be working with 1 attorney per state? What are you guys doing?
And if I’m already asking about attorneys, does anyone here have an attorney in any of these 3 States that you would like to recommend? Name and Firm please.
Hi @Zev Dobuler - I have one attorney I use for my business and personal needs. They review estate planning, contracts, or basically anything else I need. But when I do real estate closings, I use an attorney that has passed the bar in that state.
Have one attorney, like you have one general CPA. But then use a closing agent and or attorney in that state and county where the deal is closing. You should have a general attorney that you use for your deals with your investment company that works with you and your CPA to oversee you're overall needs.
The saying goes "it's not what you know it's who you know" & all depending on your needs. In my personal view for every situation there is its own expert. Having multiple attorneys is probably the best choice. My personal example is this: ( a few years ago, we were financing a wonderful commercial property, deal fell through because an out of state bank representative guided us to apply for the wrong financing product that wasn't available in our state. Fast forward a few weeks, appraisal & deposits are lost, both sides are angry. My personal attorney told me it will be too expensive to go after a bank to make them liable, and to just take a few thousand dollar loss; and so did a few other attorneys. But searching around for about half a year found a guy to who it was worth the hassle. It took a $250 dollar letter, and some time and we reached a settlement.) Good luck.
@Zev Dobuler the distance between locations almost dictate multiple attorneys even within a national firm. You need attorneys licensed in each state. Pa and Ny could be one But most likely not Oklahoma
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