Do not play an attorney if you are not one

Tax Liens & Mortgage Notes
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Do not play an attorney if you are not one

Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes

One of the biggest mistakes I see people who invest in mortgage notes do is, play the role of an attorney. What do I mean by that?

I see this occur on both spectrums:

I see this very often during due diligence, where an investor will either perform a Google search thinking they know some statute or some law, then proceed with trying to fade the bid - even though the seller has had an attorney on the case for the past six months and can confirm there are no issues. Example of this is I had someone get a loan under agreement and sent me a link to a website about statute of limitations without any contest telling me a loan is not recoverable. Which of course was 100% not the case. When I asked if they had an attorney review they said no because of this link (shake my head).

The other spectrum is when the investor plays attorney and did not run it by an attorney and realizes they did not understand the legal process and are like “wait, I bought this thinking I could do X but I cannot because of Y”, - and a common response is “your attorney did not advise you of this in due diligence” and the response is we did not use an attorney.

I am curious if these people also google their health symptoms and just go off of that versus going to a doctor?

Stop being a cheap you know what and hire an attorney.

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Tom GimerBusiness Member
DMV · Member since 2017 · 3k+ posts · 3k+ votes
2y
Quote from @Michael S.:

 @Chris Seveney - I can tell you for absolute fact that yes, they do, more than you would expect.   

Can you blame anybody with a working brain? Those stupid dancing videos during COVID; purposefully downplaying HCQ, ivermectin. Incentives for giving the vax and attributing C19 to deaths — dying from vs. dying with. First, do no harm is officially out the window. 

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  • V.G JasonPro Member
    Investor · Member since 2022 · 3k+ posts · 3k+ votes
    2y

    No one worth their dime operates without legal assistance. Only rookies do, cause once they mature and learn their lesson they know not to. 

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  • Tom GimerBusiness Member
    DMV · Member since 2017 · 3k+ posts · 3k+ votes
    2y
    Quote from @Account Closed:
    Quote from @V.G Jason:

    No one worth their dime operates without legal assistance. Only rookies do, cause once they mature and learn their lesson they know not to. 

    There are going to be some pretty rich attorneys in the days to come with the "Subject To" "community" buying over leveraged properties and having no money. 

    This is scary to me: Two deals, no money, How does he plan on making the mortgage payments? What if a Due on Sale gets called. All sort of other  . . . . . . blather. I've said it so many times before. Yawn. ;-)

    Bigger Pockets Post (Subto Community Student??)

    "Will Hard Money Lenders work with buyers on subject-to deals? I ask
    because I have two subject-to deals on the vine, one I'm closing next week
    and the other shortly after. I don't have enough cash to do both. I was
    wondering if bringing in a HML would keep me from using all of my cash."

    Click to enlarge

    Hmm. Broke former homeowner + broke subto investor. Who is going to pay their attorneys?

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  • Michael S.
    Huntsville, AL · Member since 2018 · 577 posts · 864 votes
    2y

     @Chris Seveney - I can tell you for absolute fact that yes, they do, more than you would expect.   

    1Reply
  • Tom GimerBusiness Member
    DMV · Member since 2017 · 3k+ posts · 3k+ votes
    2y
    Quote from @Michael S.:

     @Chris Seveney - I can tell you for absolute fact that yes, they do, more than you would expect.   

    Can you blame anybody with a working brain? Those stupid dancing videos during COVID; purposefully downplaying HCQ, ivermectin. Incentives for giving the vax and attributing C19 to deaths — dying from vs. dying with. First, do no harm is officially out the window. 

    Gimer Law516 Reviews
    WebsiteView Page
    2Reply
  • Richard Elvin
    Investor · Cleveland, TN · Member since 2016 · 279 posts · 187 votes
    2y
    Quote from @Chris Seveney:
    ...

    Stop being a cheap you know what and hire an attorney.

    I would also say, stop coming to BP and asking legal advice. It has surprised me how many people will come to a forum to ask strangers on the internet legal questions, rather than pay for an hour with an attorney. Most of the time I just keep scrolling.
    I believe a good business attorney is just one of the costs of doing business. I also like having a relationship so that if/when there's a problem I'm already known to them and not just some joker off the street. (I'm pretty opinionated about using a local attorney vs online when creating a business entity. That online website that saved you a few dollars isn't going to stand beside you in court if you get sued) In business, like in life, relationships matter!
    2Reply
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