OfflineI was talking to my sister today and she told me the attorney she works for deals in foreclosures! I knew she worked for an attorney, but I did not know they dealt strictly with forclosures. I actually would like to work with forclosure properties to try and help people save their credit by getting them out of the house doing wholesales and assignments. It would appear that she would be a excellent ally for me. Am I right? I have not told any of my family about what I am preparing to do in real estate to avoid any negative vibes, but by learning this, now may be a good time to mention it. What do you all think?
"But thou shalt remember the Lord thy God: for it is He that giveth thee power to get wealth" - Deuteronomy 8:18
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"You can't be king of the world if your're a slave to the grind!" - Skid Row, 1991
By all means talk to your sister about it. You can get first hand knowledge.
What ever you do since you sister told you she works for an foreclosure attorney.
Some facts that you should know about.
1. Are they in good standing with their state bar?
If they are not in good standing, I wouldn't even approach them at all.
Snakes lives in all forms.
2. How long have they been working as Real Estate Attorneys?
Many attorneys specializes in an area. Real Estate is small portion of the law.
So instead of practicing criminal Law this is one sector of civil law they get into.
3. If they are reputable and are in good standings, you might want to provide
that attorney with your business card and tell them what you offer to their clients. It may be a solution when their cases go south and they have no other
legal recourse but to sell their home. Just be very very careful what you do tell them and what your offering. As usual you want to be sure you understand
their situation as you would to any person that may be loosing their home. Dean
is really good at hitting home on this point.
4. Do the attorney work for fix fees rates or hourly rate?
Watch out for those foreclosure attorneys that work for fix fees. A lot of them may be really lazy and not do a lot for you. Normal attorneys can charge anywhere from $250 to $300 /hr. Even if you talk to them on the phone.
There are those that offer fix rates for loan modification with no chance of getting your money back too. Watch for them.
At best from what I read in Dean book, If we can reach those homeowners first that are in this position we more likely do better than the attorneys in most cases. It ends up being a win-win deal for all because the homeowner usually lost a lot by time foreclosure has hit the final phase of the foreclosure process. It is not a nice picture. Trust me... This helps the homeowner from
going full blown and end up loosing more than their shirt.
Summary:
1. Study the attorney's background first. Get references before dealing with them.
2. Like in Dean book, be sure to do the homework on the property yourself even if a attorney gives you all info.
3. Be careful what you wish for or ask, you just might get it. (warning....)
I love this site and so many wonderful and beautiful people on this site.
Phillip Bruce
Though I agree with Phillip's advice, I think talking to her wouldn't hurt. Find out all the details and how their business is structured and so on from her.
If you like what you hear, ask her to put you in contact with the attney himself and offer to partner up. Your sister will score some points at work because she brought you to him, he will be happy because he and you can work together and he can make some money off of this and you will be happy because you have a direct link to foreclosures...
Yuri
-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --
I was actually talking about having her to let me in on all the foreclosures as they get them in, not partnering up with the attorney just yet.
"But thou shalt remember the Lord thy God: for it is He that giveth thee power to get wealth" - Deuteronomy 8:18
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
"You can't be king of the world if your're a slave to the grind!" - Skid Row, 1991
Whatever it is you had in mind, having her on your team would be a great asset.
Good luck!!!
Yuri
-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --