Hey! Newbie here…
In the Masterclass, there are disclaimers for all of the downloadable material that advises utilizing real estate lawyers to look over the templates prior to mailing/using. Do you find and pay a lawyer a consulting fee with every question, which in my mind can be very pricey, or has anyone used a service like: https://www.justanswer.com/? Just trying to figure out the best/most cost effective way to handle the legal stuff while I’m learning. Thanks!
Hey @vschnur! Great question. All of those disclaimers have to be in there whenever we talk about anything that could be construed as ‘legal advice’ (basically, anything involving a contract or dealing with legal or tax matters anywhere). If we don’t explicitly say it’s not legal advice, people could assume it is, and then we’d have a lot of liability on our hands.
As for paying an attorney for help… when I do this, it’s usually on the first time I’m working in a new state, and I’ve never done a deal there. In these cases, it’s helpful to pay for things like seller financed closing documents, and sometimes even to be sure you have the correct deed templates (there are websites like Rocket Lawyer that can help with this too).
Also, I wouldn’t suggest paying for a single question (because you can usually get one or two questions answered for free in a 15-minute discovery call with most attorneys).
When I hire an attorney, it’s usually when I need them to do an entire job, like drafting ALL the documents for a seller financed closing, using all the correct verbiage for that state.
In some cases, they might even handle the entire closing for me, depending on the customs of that state. This kind of job might cost me $1K the first time… but once they’ve done the job right the first time, and I understand the process and have all the correct document templates, it’s a lot easier for me to do it myself in the future if I need to.
Also, keep in mind; the only time you’d want to do anything yourself (assuming you know what you’re doing) is if the profit margin isn’t there to cover the costs of hiring out this work (this tends to happen a lot when you’re pursuing ultra-cheap deals).
This is why a lot of people will graduate up to higher value deals, because when you’re working with bigger deals, there is plenty of money available to pay for these extra costs, and it can take a big workload off your plate.