Las Vegas, NV · Member since 2016 · 2 posts · 0 votes
Hi BP community,
I'm a lawyer in Las Vegas, Nevada, and I love practicing law. However, I have recently decided to try my hand at real estate investing. On the BP podcast, Josh and Brandon said that being a lawyer in the real estate realm gives you a leg up on the competition. Can anyone out there offer some suggestions as to how I can use my law degree to further my real estate portfolio? Anything would be helpful. Thanks in advance.
Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
10y
OK @Randolph Westbrook, here are a few ideas. First if you work around real estate or do closings you will have an idea of what properties are selling for. Find out what client is acquiring a lot of properties and ask for advice. Look for properties that have title issues that you can solve, or properties that need evictions that would sale cheap so the owner does not have to do court. You can look at the eviction dockets in the local courts. Network with attorneys doing probate work. Any of them know of a property or two that the heirs just want turned into cash fast? Be sure of several things. If you offer you need to be able close. Embarrassing another lawyer with a unable to perform after he introduces you will cause your reputation to go up in smoke. Do not buy from clients. You have inside knowledge. If you buy from a client there is a whole lot of ethics issues and written disclosures that must be done. Even if all are done right it is likely your boss may terminate you if and when he finds out. Talk to lawyers handling divorces. Do any of them have cases of houses with equity but they hate each other so much so much they just want it over? Know of any lawyers who do closings who just had a deal fall through and the seller is desperate or the deal was awesome? there are numerous leads, but doing one of those means you need to be able to close fast. If you take 6 months they might as well list it with a realtor. just a few thoughts, hope it helps.
Fort Worth, TX · Member since 2015 · 121 posts · 28 votes
10y
I think it kind of depends on what you specialize in. Real Estate obviously would help, taxes would definitely help you, and even if this side of RE doesn't interest you after you try it out maybe you know enough that you can advise others (and gain more clients while doing so) on what they should do in our market. I think the fact that you can read through extremely boring documents without falling asleep is definitely a plus! Also, you have more of a know how on how to correctly word specific documents.
Obviously I'm not your lawyer so seek local counsel, haha. jk.
Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
10y
OK @Randolph Westbrook, here are a few ideas. First if you work around real estate or do closings you will have an idea of what properties are selling for. Find out what client is acquiring a lot of properties and ask for advice. Look for properties that have title issues that you can solve, or properties that need evictions that would sale cheap so the owner does not have to do court. You can look at the eviction dockets in the local courts. Network with attorneys doing probate work. Any of them know of a property or two that the heirs just want turned into cash fast? Be sure of several things. If you offer you need to be able close. Embarrassing another lawyer with a unable to perform after he introduces you will cause your reputation to go up in smoke. Do not buy from clients. You have inside knowledge. If you buy from a client there is a whole lot of ethics issues and written disclosures that must be done. Even if all are done right it is likely your boss may terminate you if and when he finds out. Talk to lawyers handling divorces. Do any of them have cases of houses with equity but they hate each other so much so much they just want it over? Know of any lawyers who do closings who just had a deal fall through and the seller is desperate or the deal was awesome? there are numerous leads, but doing one of those means you need to be able to close fast. If you take 6 months they might as well list it with a realtor. just a few thoughts, hope it helps.
Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
10y
Oh by he way welcome to BP. Be sure to read through the Education section above. Being a lawyer does not mean you know about real estate investing. I have invested in real estate for over 20 years and been a lawyer for more years than that and I learned a lot by reading it. Good luck and shoot me a tell if I can be of any help. I am not online as much in the summer as I am often working o0n rentals. I cannot find skilled help. I think I am at about 30 local rentals and still maintain a full law practice. I am hoping to start toning things down some in the next 5 years.
Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes
10y
Hi Randolph. As stated before are you going to specialize in real estate? I will let you know that some of the most successful multifamily owners I've met are attorneys. They seem to attract the big money with inside knowledge of deals before they ever get out to the public. I imagine because they are working with their clients that are going through major life events. That being said I will show you all I know and in exchange you don't charge me $350 an hour, deal?