Is an interstate legal team OK? Or is local essential?

New York, New York
First-Time Home Buyer
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Is an interstate legal team OK? Or is local essential?

Franc B.
Member since 2022 · 17 posts · 7 votes

Hi BP,

Maybe a silly question. Looking to buy my first investment rental in the next 60 days. I am investing interstate because of my budget. I would like to understand how others formulate a “team” when starting out interstate? Living in NYC everything is infinitely more expensive. If I’m focused primarily in one area interstate (affordable), would it be advisable to have my legal team local to that area? Or are there material advantages to having a local partner in NY?

Where are people from and are your legal teams local? 


Thank you!

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John Teachout
Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
4y

Real estate law is local so you should have someone that is familiar with the area you're investing in. If you're investing in another state, find someone that's familiar with that state's laws which in most cases will be someone that has their practice there.

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  • John Teachout
    Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
    4y

    Real estate law is local so you should have someone that is familiar with the area you're investing in. If you're investing in another state, find someone that's familiar with that state's laws which in most cases will be someone that has their practice there.

    2Reply
  • Ecaterina Katerina Morosan
    Real Estate Agent · Miami, FL · Member since 2022 · 238 posts · 102 votes
    4y

    Always go with locals - attorneys, lenders, agents. Since you're not local, you need people who can give you insights and know how to go about things that can pop up during the purchase process.

    1Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    4y
    Quote from @Franc B.:

    Hi BP,

    Maybe a silly question. Looking to buy my first investment rental in the next 60 days. I am investing interstate because of my budget. I would like to understand how others formulate a “team” when starting out interstate? Living in NYC everything is infinitely more expensive. If I’m focused primarily in one area interstate (affordable), would it be advisable to have my legal team local to that area? Or are there material advantages to having a local partner in NY?

    Where are people from and are your legal teams local? 


    Thank you!


    Depends on what you are using the attorney for. If you are using it for standard business contracts etc. then an attorney from anywhere could work, if its specific to an area then of course you want an attorney in that area. For example my "general counsel" is in MD, I am in VA, and he assists me on PM contracts and other contracts no matter where they are. If there are disputes he can do some initial work and then we hand it off to local attorney.

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  • Mohammed Rahman
    Real Estate Broker · New York, NY · Member since 2020 · 2k+ posts · 1k+ votes
    4y

    Hey @Franc B. - If it's your first property, I strongly recommend local. Local attorneys will have a better grasp on the process and any specific laws that apply to your county. 

    They can also help you craft a lease when you're ready to rent out your property. Good luck! 

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