How do you deal with legal stress? - Posted by Kristine-CA

Real Estate Investing
1

Posted by Bill on December 17, 2002 at 06:38:09:

Kristine,
Lawsuits are a part of a successful persons life.
here’s some recommendations:

  1. Get and follow Bill Bronchik’s info about Bulletproofing yourself. (I think it’s available here on this site.)
  2. Learn how to separate yourself legally from what you’re doing. (See #1.)
  3. Talk with your lawyer and insurance agent about protection.
  4. Always CYA (cover your assets). Look at Joe Kaiser’s article on World’s Best Document here on this site.
  5. Not to sound negative, but- expect to be sued and be prepared for it.
  6. Record your documents (options, agreements, etc.)
  7. Get a lawyer that is a real freaking MONSTER on your team. When the time comes, turn the MONSTER loose on the opposition.
  8. Make yourself judgement proof (see #1).
  9. When someone attempts to rip you off , see #7.
  10. Enjoy the rewards of your hard work. You are doing what othere will not and deserve what you earn.
    Good luck,
    Bill
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How do you deal with legal stress? - Posted by Kristine-CA

Posted by Kristine-CA on December 16, 2002 at 20:02:14:

Today I had my first inkling of what it might be like to go further in the business. I received a letter from an out-of-town lawyer, demanding payment for an appointment that I cancelled on the day of the appointment.

When I called to make an appointment, he wouldn’t agree to take the case as he said that quiet title actions aren’t that common in the county. He said I should have one of my local lawyers prepare it and if I needed someone to represent me in court there, he could do that. I asked him to at least look at it and he said he doesn’t do consultations free of charge. I said I would pay for the initial consulatation. My local attorney called me back the night before my appointment and said she could do the case pretty quickly as long as I filed the paperwork. So I called and cancelled first thing the next morning, informing the lawyer that my local lawyer is willing to take it.

I got the most ridiculous letter about how they spent a “significant amount of time” preparing for the case. Not to mention the “complete loss of two whole hours.” I don’t what he is talking about. He has no data whatsoever about the case. He didn’t even want the case and and wanted me to pay him to talk about it. I would never have agreed to pay for two hours of initial consultation @ $250.00 per hour. He is demanding $250.00 payment due within 10 days for his “professional services.”

The thing I am worried about isn’t this letter–it’s the real life probability of getting sued by someone in the future. Some unhappy buyer, some unhappy seller. Right now I have a negative net worth, so sue away. But that won’t always be the case. My successful investor friends in Santa Barbara have all been sued.

How do you all remain calm and productive in that kind of environment? Yuck.

Sincerely, Kristine

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with illegal stress-relief :wink: - Posted by Nate(DC)

Posted by Nate(DC) on December 17, 2002 at 12:51:33:

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