Attorney Advise…Priceless! - Posted by Kristy-AZ
Posted by Kristy-AZ on October 06, 2003 at 11:47:47:
I posted a few days ago about our lousy L/O agreement.
We invest mainly in rehabs and resell, however we got stuck with a property we couldn’t sell outright so we decided to L/O it. We had various forms from books etc., but we choose to use some forms from another Investor who has been doing L/O for awhile. He told us he has never had a problem getting people out with those forms.
We found a L/O buyer and low and behold he became late on his payments. We contacted our attorney who sent us the 5 day notice, and I asked him to take a look at our forms. His response was not what I wanted to hear.
The tenant made up the back payments, but became late again! I took a long hard look at our paperwork, then I looked at the forms our Attorney suggested we use in the future, then I looked at Bronchicks forms. Guess what! Our Attorneys forms and Bronchicks forms were almost word for word identical.
Needless to say, I will not rely on “experienced” investors anymore and I plan on investing in some of Bronchicks materials. Of course I will have our attorney review forms BEFORE we have them signed.
We got in a hurry and made a few mistakes with L/O, since this is not an area that we specialize in. However, we now have the Proper forms that will make our Attorney’s job MUCH easier when it comes time to evict. And when you help to make your Attorney’s job is easier, it also helps to reduce the amount you have to pay your attorney. So you win all the way around. Make your Attorney’s job easier and it will make life less stressful!