I am looking for advice on how to go about hiring an attorney for real estate investing with a group. Specifically covering the general overview of partnerships. Some things to note are that we are investing as a 3 person group, we are hoping to get our first property(our offer has been accepted and is now in the due diligence portion), all 3 of us are on the loan and will be on the deed for our initial property, and we plan on pursing an attorney for future properties, exit strategies and whatever else we have to cover. Our property will be in Maine, we wanted to know if it mattered if the attorney was in Maine or where we currently reside in(San Diego). Next, we wanted to know what NEEDS to be covered while consulting an attorney for this partnership, is there a standard overview of this that everyone follows? Any advice or information is definitely appreciated and thank you!
Hey Daniel, I would highly recommend consulting with Nick Morrill at Jensen, Baird, Gardner, and Henry or Drew Anderson at Murray, Plumb, and Murray in Portland, Maine. They are great at operating agreements, partnership terms, and Maine real estate laws. I would recommend an attorney in Maine vs. California since real estate is handled very differently in Maine compared to California. The process and requirements are significantly different and having a local resource would be in your best interest. Happy to discuss further or make an intro if that would be helpful.
This property is in Maine, but what if you back out and end up with a property in another state? What happens when you buy your second property in a different state than your first property? What happens if your partnership goes so well you end up owning 5 different properties in 5 different states? 5 different attorneys on 5 separate retainers?
You reside in California. Even though you might buy out of state properties, you are conducting your business in California. You should team up with an attorney in California.