Posted by JT-IN on September 09, 2003 at 21:12:53:
I applaude you meeting with an Atty prior to getting knee deep in a deal. I think that this is the move every wannebe RE investor should take.
Yes, $ 195.00 is a lot of money, but can you imagine how much it would cost, (at 195 or 250 per hour), to untangle a mess that you may make on your own, that could have been avoided with proper docs…? Go ahead and have your basic set of docs worked up, P&S Agreement, Disclosures, etc… and then wait on the more specialized docs for review. Don’t forget… that when you make some money, get back to having the rest of the docs updated.
This sounds like you have found the right Atty, based upon his advice thus far… Just being conversant on the Subj To issue puts him head and shoulders over most RE Attys. He sounds like a good one to work with… about the part about “doing anything as long as it is legal”. You gotta love that attitude in an Atty…
As the old saying goes… You think education is espensive, try ingnorance… Of course you have opted for tbe best approach up front, which will also add to yor confidence when approaching potential deals.
Good luck in the business…