I met with an re attorney yesterday. We met at a bar and then went down to the beerfest “a local gathering of local brewers that meet in the downtown area”.
I took along all of the contracts I use in acquiring properties and explained each process to him. As far as subject to’s, I thought I understood how to do them, but I was mistaken. From speaking with him on the phone several times, I told him of the basic process, and then by the time we met, he already had the process figured out, and he taught me how to do them.
He is a friend of my families, just took the realtors tests, and is very interested in re, more specifically, creative real estate.
I will be meeting with a RE attorney Tuesday about my plan to buy and sell properties and his ability to help me. I talked to him about L.O.'s and Subject to purchases. He understands Lease option and sublease optioning. He also admitted to never doing a Subject to transaction with land trust’s and everthing (I figured he wouldn’t) but he seemed willing to listen(that too I figured as well). He said he wouldn’t have a problem holding executed deeds in escrow for my L.O.'s and said he could hold my earnest money deposits when buying an occasional flips.
I wanted to know what questions to ask him to find out if he’s worth using. He doesn’t own any investment property, but says he likes to buy one rehab a year to fix up and sell. I just need some thoughts on what to ask to ensure I am using the correct attorney for my bussiness.
My plan is to buy Subject to or on a L.O. and sell them through lease options and on occasion, flip properites to other investors for rehabbing.