A team is usually needed to be successful in the real estate investing industry and this includes having an attorney who is familiar with wholesaling and is creative.
Justin Wilmot explains the importance of having an attorney to go to and how to find the right fit.
Mike: Welcome back to the FlipNerd.com REI classroom, where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Justin: Hey, guys. Justin Wilmot here, the 10-Hour Wholesaler, and I will be your classroom teacher today in the REI Classroom. Today, we’ll be talking about finding your ninja real estate attorney, a wholesaler’s best friend.
Mike: This REI Classroom real estate lesson is sponsored by UglyOpportunities.com.
Justin: All right. Justin Wilmot here and today, I wanted to talk to you about your number one best friend as a wholesaler and that is a wholesale-friendly, creative real estate attorney. This is somebody that should be paramount in your corner immediately, as soon as you want to get involved in real estate investing. What’s interesting is I find a lot of people tend to avoid getting this particular person on your team, which is crazy.
I believe a lot of people might think that it costs money to do so. In some cases, it does and if it does, it’s worth it. But in many cases, very savvy, creative investing, real estate investing, and wholesale-friendly attorneys . . . let me define wholesale-friendly. That means somebody that understands the space and they’ve been in real estate transactions of simultaneous double closings and assignments. So that is somebody that would typically be a sponsor or a vendor of a local real estate association. Just join the club, get the vendor’s list, and see who they are.
A second way to find this particular attorney would be to ask your competitors. When you’re introducing yourself to other wholesalers, if you’re new in the space, I only suggest people collaborate. Wholesalers are not necessarily competitors. You can also collaborate with them. You can also joint venture with them and do deals with them. So one thing you could do when you’re making that introduction is to say, “Look. I don’t have an attorney at the moment, especially that ninja attorney who’s really vetted, who really understands this space, and they’ve been doing it forever, and somebody that everybody else is already using. Who is that guy?” Just ask.
So in the state of Florida, for example, we have a handful of great ones, especially in central Florida. The one that we use, the owner of the company is an attorney, and that makes the process much easier. So now when you have questions about contracts or how to structure deals, or how to do marketing the right way, it’s simply a phone call or an email away, without a $400 or $500 price tag attached to it because we consistently do all of our deals through them. That’s the secret. Make sure you’re doing all of your deals through them and they will have absolutely no problem consulting with you.
Even if there is a small consultation fee in the beginning because maybe this is the first time you’re reaching out to them, I promise you it’s worth it. Do whatever it takes to figure it out and stick with your ninja, wholesale-friendly, title attorney at all times no matter what market you go into and you’ll be staying on track.
Mike: HomeVestors, the “We Buy Ugly Houses” folks, is a franchised system of hundreds of real estate investors that have purchased over 65,000 houses. If you’d like to learn more about the most powerful real estate investing system in existence, whether you’re a pro looking to take your business to the next level or whether you have no experience at all, but a burning passion to be successful in real estate investing, please visit FlipNerd.com/ugly to learn more.
Please note, the views and opinions as expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.
Are you a member yet of FlipNerd.com, the hottest real estate investing social community online? If not, you can join for free in less than 30 seconds and get access to hundreds of off-market deals, vendors in your market to help you in your business, and you can start networking with thousands of other investors just like you. Get your free account now at FlipNerd.com.
Please check out the FlipNerd family of real estate investing shows where you can access hundreds of expert interviews, quick tips and lessons from leaders across the real estate investing industry. They’re available at FlipNerd.com/shows or simply search for FlipNerd in the iTunes store.