I had several sit down chats with a potential Private Money Partner explaining the ends and outs of my real estate business from all angles. The candidate partner and I hit it off well because he was in the selling and buying car business. A great entrepreneurial mindset.
He invited his attorney in for advice regarding our potential business relationship. Within about 30 minutes everything good we established seemed to vanish like smoke. The attorney presented more ways for the candidate Money Partner to lose his “shirt” then I ever knew existed.
I’m shocked I didn’t close the doors on my real estate business and run out in the corporate world and get one of those “Slave JOBs”…which are plentiful these days under the Trump administration.
It happened so fast and unexpectedly, I couldn’t defend my business model or myself. All I know is that attorney cost me a great business relationship I could have had for years to com. He also cost his client a great business partner – ME! Don’t let me confuse you…the potential Money Partner was already successful when I met him and probably will continue to be successful.
Please understand that I’m sure that the potential Money Partner’s attorney does great things for him or he wouldn’t have sought his advice.
There are times you absolutely need an attorney and there are things you absolutely need an attorney for. It’s my opinion that attorneys are for giving legal advice…not for deciding whether or not a business relationship is going to be profitable. At least that’s how the attorneys I hire operate.
Attorneys can be Deal Killers because I also have had many house buying deals killed by attorneys because they strayed away from giving legal advice to their client to giving financial advice. In those instances I suggest to the sellers that their attorney should buy their house that they were having a challenge selling…and I take my ball and bat and go home.
********************************* If you are reading my blog for the first time, let me inform you that… My company buys single-family houses and I write this blog weekly which is primarily directed to educate 1 group of individuals:
Individuals who are losing their shirt as a result of the “roller coaster” volatility of the stock market and low paying rate of other traditional investments, i.e. people that are looking for an opportunity that’ll provide a secured place to put their money to get it working for them to earn better than average returns.
However, often times, homeowners that need to sell their house, stop by to take a peek because they are curious and wondering how and/or where we get the funding to purchase houses. And if they stick around long enough, they begin to understand why individuals partner with us to provide the funding which empowers us to be able to purchase real estate on a continual basis. Simple, it’s because we teach them a secured way to earn better rates of return than they are currently earning.
So everybody wins. It’s a WIN-WIN-WIN !!!
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Disclaimer: This site is intended for educational purposes only. I am not an accountant, attorney or licensed financial planner. While the information I’m writing here is based on many years of experience buying houses that doesn’t really constitute professional advice (since everyone’s experiences and situations are different).