No, I am not talking about the bodyguards you see when celebrities go out in public. I am talking about real estate attorneys.
Attorneys are the "bodyguards" of your real estate investments. They make sure everything is in accordance to the law and protect you from lawsuits and most importantly protect you from making bad deals.
Now, what kind of things do real estate attorneys do for real estate investors?
Here is a quick list:
- Negotiate certain aspects of your investing activities
- Analyze all important documents
- Setup legal entities to protect your investments
- Guide you in the correct lawful way of doing business
- Finds irregularities, warning "spots"
- Helps you through due diligence
There is so many things that your attorney does that his value in real estate investing is a must.
The next questions to ask are: 1) What do you look for in an attorney? and 2) What do you watch out for?
Things to look for include:
- A strong network of contacts, a well connected person
- Available and prompt when answering your must know questions
- Professional and does not engage in unethical or illegal activities
- Open and brutally honest
- A team player
- Highly experience in real estate transactions (DO NOT HIRE A NEW COMER), you want someone with more knowledge and experience
What to watch out for:
- Past unsatisfied clients
- Malpractice suits
- Past bar complaints
- Unethical in ANY WAY
- Not experience in real estate transactions
- Not compatible to your personality--- yes, you should actually like your attorney as a person, or else it will cause friction
Go out and get your bodyguard, because every successful real estate investor has one.