| No real estate course or effective seminar is a | | | | for referrals. Do not open up the Yellow Pages |
| substitute for a good attorney. Finding a good real | | | | and pick someone who just claims to be a real |
| estate attorney could be difficult, since most of | | | | estate expert. |
| the attorneys are not themselves investors or | | | | When interviewing a potential attorney, ask the |
| familiar with creative transactions. Most attorneys | | | | following questions: |
| would give you just advice to keep them from | | | | • Do you have a rental property? |
| getting sued, but not enough advice to show how | | | | • How many closings do you normally do |
| you could make more money out of a deal. | | | | per year? |
| A good real estate attorney is one who counsel | | | | • What sort of odd transactions have |
| you of the risks suggest alternative ways of | | | | you done recently? |
| doing real estate transaction and charges a | | | | • Have you done any evictions? Or |
| reasonable fee for doing so. A bad real estate | | | | other foreclosures? Zoning board appeals? Condo |
| attorney either says nothing, points out problems | | | | conversions? |
| without offering solutions or even systematically | | | | • Can you explain to me the following |
| kills the deals. This is why attorneys are often | | | | concepts: lease/option, wraparound mortgage, |
| referred to as "deal killers". | | | | installment land contract? |
| Ask few other investors in your area who they | | | | Get a feel for the experience and personality of |
| use as an attorney. Join a local real estate | | | | the attorney. A good attorney on your side is |
| investors association and also ask for referrals. | | | | value his weight in gold, particularly if he could |
| Ask local real estate agents and title companies | | | | ever do creative closings. |