How To Stop Deal-Killing Attorneys
Q: Hi Gerald, I found a great deal on a property that I want to buy. I’m satisfied that I did enough due diligence: I checked sold price comparables and the property is fully rented in an area where I know I can find other tenants. The problem is that my attorney is trying to convince me not to buy it. What do you think I should do? Kevin, Salt Lake City, Utah
A: Good real estate attorneys play a critical role on your real estate team. There are some very good real estate attorneys and there are many real estate attorneys that are awful. I use attorneys to review contracts, but never to make business decisions—that’s my job as an investor. An attorney is just an advisor–same is true for a doctor-you’re responsible for what you put in your own body. Never accept business or financial advice from attorneys—this is not their area of expertise. The key to effectively managing an attorney is to make them stay in their narrow lane. An attorney’s job is to interpret the law—that’s it. Your real estate attorney is your legal advisor not your business partner. Tell your attorney to stay in his lane and focus on the law. Thanks for your question, Kevin.
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