I was all fired up and read countless hours and watched countless videos from one of my favorite R.E gurus Ron Legrand. and called to have an attorney here in Amarillo, TX review my contracts to make sure if i needed any additions or clauses to my Lease Option contract in order to make it legal here in TX… I dont have much money and attorney said minimal would be $1,500 retainer fee to look at my contracts. I am now looking for second job just to afford that fee. Please help! Any suggestions from knowledgeable investors would be most welcome and extremely useful. Any other avenues or anything? :roll:
Attorneys are just like any other service, you have to shop around to find someone with whom you can work well. My experience with two different attorneys early on that allegedly specialize in creative real estate was not encouraging.
I like to tinker with the clauses and provisions in almost every doc in almost every transaction (personality flaw). Twice I paid someone to review the contracts for legality issues, but I didn’t mention the numerous changes I had made. Both times the bill was around $250 total and both times the various docs passed review with no suggested changes.
I never came close to studying law and although I’ve seen enough docs to be able to occasionally throw in a “herewith”, “albeit”, “et al”, etc., I would think a veteran attorney like these would have easily spotted my modifications. Didn’t happen.
So, my suggestion would be to just keep looking. Find a way to provide benefits to the attorney through your business such as referrals or occasional legal work. Like anyone else, find a way to get them on your side.
hope it helps…
are pretty basic contracts… and pretty standard…
As you do more and more deals you will learn the clauses you need…
And don’t…
The important tghin isnt so much the contracts in the beginning… but, going to the courthouses where you’ll do an eviction and get a flavor for the judge…
Some judges for instance here in Dallas… will say simply…
Did you make the payments?
Do You have a legal reason for not doing so?
If they answser “NO” then you win the case… That simple…
Others, I have seen get real technical… and don’t care if they’ve made the payments…
I have never been involved in a deal where my contract was scrutinized by the judge…
Evictions courts are basic… and follow basic rules…
So, My advice save your money… Keep it in your pocket, till it’s time to use it for something like paying the tenant to leave… which I just did recently… and never thought I would… But, time is money…
Don’t use it as and excuse for not doing deals… which is what it seems to me… Make some deals happen… put some money in your pocket… the rest will take care of itself…
David Alexander