Greebo
N9017H - C172M (1976)
- Joined
- Feb 11, 2005
- Messages
- 10,976
- Location
- Baltimore, MD
- Display Name
Display name:
Retired Evil Overlord
The missus and I are looking to diversify income streams.
We are considering diversifying into Real Estate - the idea being to very patiently seek out good value sales of single family homes, convert them to residential apartments (4 units or less), and then rent them out, and eventually do the same for smaller RSFs renting them out as a whole.
Now, please spare the cautionary tales. I know there are people who've lost their shirts in real estate, that tenants can be a nightmare, etc, etc. This isn't something we're rushing into, and we are doing a LOT of research before we even spend a dime.
So what we're looking for, up front, is a good lawyer who's knowledgeable in real estate, property/tenant, corporate formation, and of course, tax advice. We want to establish a long term relationship with an attorney to help prepare leases, and anything else that comes along, as well.
Internet searching has been somewhat fruitless.
Now, one person I know (who's not a lawyer) has said that what we're looking for is pretty basic law, so any lawyer should be able to help us. This person suggested finding a younger lawyer who's looking to build his/her client base because pretty much any lawyer can do the things we need them to do.
My wife, on the other hand, thinks we should find someone who's a real pro at this, and maybe even specializes in real estate law. Problem is, I can't FIND any who do...and my preferred real estate agent even asked her own lawyers and they don't want any more clients in that arena.
So - questions:
1) Do I need an expert, or is what we want so basic any half decent lawyer can do what we need? (Meaning should we be willing to find a younger attorney who's good, but still new enough to be cheaper?)
2) How do I go about finding an attorney with the practice area specialties I need? Internet searches have been somewhat fruitless, and the phone book is just a wall of text.
3) SHould we be so concerned, at the start, with forming an LLC? Maybe we could just start as individuals then go LLC down the road, as we acquire more units?
Hmm - for that matter - do we have any residential landlords here?
We are considering diversifying into Real Estate - the idea being to very patiently seek out good value sales of single family homes, convert them to residential apartments (4 units or less), and then rent them out, and eventually do the same for smaller RSFs renting them out as a whole.
Now, please spare the cautionary tales. I know there are people who've lost their shirts in real estate, that tenants can be a nightmare, etc, etc. This isn't something we're rushing into, and we are doing a LOT of research before we even spend a dime.
So what we're looking for, up front, is a good lawyer who's knowledgeable in real estate, property/tenant, corporate formation, and of course, tax advice. We want to establish a long term relationship with an attorney to help prepare leases, and anything else that comes along, as well.
Internet searching has been somewhat fruitless.
Now, one person I know (who's not a lawyer) has said that what we're looking for is pretty basic law, so any lawyer should be able to help us. This person suggested finding a younger lawyer who's looking to build his/her client base because pretty much any lawyer can do the things we need them to do.
My wife, on the other hand, thinks we should find someone who's a real pro at this, and maybe even specializes in real estate law. Problem is, I can't FIND any who do...and my preferred real estate agent even asked her own lawyers and they don't want any more clients in that arena.
So - questions:
1) Do I need an expert, or is what we want so basic any half decent lawyer can do what we need? (Meaning should we be willing to find a younger attorney who's good, but still new enough to be cheaper?)
2) How do I go about finding an attorney with the practice area specialties I need? Internet searches have been somewhat fruitless, and the phone book is just a wall of text.
3) SHould we be so concerned, at the start, with forming an LLC? Maybe we could just start as individuals then go LLC down the road, as we acquire more units?
Hmm - for that matter - do we have any residential landlords here?