Today, you’re going to learn something SO important and powerful, so make sure you pay close attention…
One of the biggest challenges a lot of students or new investors face is how to build their dream teams. And one of the most CRUCIAL members of a real estate dream team is the right Real Estate Attorney or Title Company!
Let’s face it, if you don’t have the right legal representation on your side to help not only watch your back but also help you get your deals done properly, you’re screwed! But if you DO have the right one(s) on your side, you’re going to make a lot of money a LOT easier.
I thought this point was so important that I took the time to make a full TUTORIAL VIDEO for you!
Not only that, but I used a Mind Map to create it.
And you’re going to get it right now! Here you go…
Here’s a link to the Mind Map I used:
Watch this video! Take notes. Enjoy…and TAKE ACTION on what you learn here.
The RIGHT Real Estate Attorney (or Title Company) will MAKE your business.
The WRONG on will BREAK your business.
Ask me how I know this! 🙂
When It’s Time to Involve an Attorney:
It’s recommended that every deal should be closed with a real estate closing attorney – especially the ones that you’re staying in, because you’ll have an ongoing relationship with the seller…or the buyer.
So with all that in mind… why not use one?
When Specifically Do You Bring Them In?
When you’re Buying:
Lease Option: Right after you get the property under agreement, have them check the title.
When you’re ready to close the buyer.
Owner Financing or Option Deal: First, order the title to be checked immediately after getting the P&S Agreement (or the Option Agreement) signed.
ACTS: When you’ve found your buyer and are ready to do your simultaneous closing.
When You’re Selling:
Sandwich Lease or ACTS: Send your completed lease option agreement with the buyer & the signed agreement with the seller to them.
Option: Send the P&S Agreement from the buyer & Option agreement from the seller right after the buyer has given their deposit.
Pro TIP: Either Before or right as you’re closing your first deal, your attorney should look over your agreements & add any documents or make any minor alterations the feel are needed. Be patient, but insist on pushing through the deals in the way you want to do them. Remember that THEY work for YOU, but are there to help protect you AS you get your deals closed.
Summary: Simple Questions to Ask:
“Are you a real estate closing law firm?” (If yes, continue)
“I sometimes buy properties subject to the debt. Sometimes, I buy them with owner financing. And I usually lease purchase them to tenant buyers. I’ll need an attorney to close all these transactions. Will that be a problem for your firm?”
If it’s a problem, find someone else.
If it’s not a problem, keep it moving with them. 🙂
BONUS! I just found this great video created by Ron LeGrand. This will nicely supplement what I’ve taught you here:
Thanks for watching & reading.
I hope this helps!