More and more I become concerned that fellow investors do not realize or recognize differences in the state laws regarding real estate from one state to another.
This is not your fault, more the nugu’s who sweep you off your feet, run you 60% of the way and drop you off a cliff!
I would like to know just how much you know?
There’s no excuse for failing to know the laws and rules that regulate your business.
It also helps to know how the court system actually works, but people don’t get that information without actually spending time in a courtroom.
A little reading in the forums here will tell you laws are different from state to state. People are always on here asking questions and advising others about laws in different states.
on side note – Law and licensing of most profession are created by lawyers. They have put in the language that no one should be practicing law or even come close to practicing law.
If you are Real Estate Broker here in Texas … you can’t say that title is clear… you have to say you have to get it checked with laywer… you can give your opinions but can’t say something is good in transaction.
DFW
Its amazing how the National Guru’s dodge this conversation! We found out after several yrs of training under a guru that most of what we thought was “the gospel” in his training was under extreme scrutiny by NC Attorney. General and against many NC real estate law commission’s rulings. SO we had to make some MAJOR adjustments to our business model, QUICK! In fact what we learned was under the business model we were being taught, the NC Attorney General had targeted as “Scams” WOW! We encourage everyone to learn your state and local real estate laws IMMEDIATELY! It could cost you your business!
I think where a lot of people run afoul of the law is, 1) when they publicly attempt to raise private equity without knowing SEC requirement for 504(D) exemption from registration of securities offerings, and 2) when they stop telling the truth, the whole truth, and nothing but the truth to their clients and customers.
I guess I knew it vaguely before I started but I didn’t know the specifics until I started with this forum, and reading books. I think the guru traps seem pretty easy to avoid if you just put in some minimal research.