A local RE attorney told me today that you all are scam artist!

[Reginald S.]

I must admit, I was forewarned not to waste my time trying to bring an attorney who was not already REI friendly up to date with the process of wholesaling. However after spending up about ten minutes of a local RE attorney's precious time trying to explain the concept of wholesaling to him, he just straight out said to me that he was very familiar with websites like BP and that with his "30+ years of experience and hundreds of closings under his belt", he could tell me that "you guys (along with the (3) REI courses that I have taken) are only giving newbies like myself half of the story." I asked him if he thought wholesaling was a scam and he admittedly said no but "the process was way more complicated than what I was perceiving it to be." Finally he said that if I would be willing to bring him my seller's information, he would then be able to proof my contract for me. I asked him how did he expect me to extract and record potential clients information without them signing my contract (the one he was hesitating to proof for me). He then stated that he would proof it for $100.00 if I insisted that he proofed them before I brought him my seller's information. However I smell a rat! It sounds to me like this guy wants to try an sabotage my business! My question to you guys is why? Is this a common practice with attorneys that are not REI friendly? Do anyone know of a REI friendly attorney located within a 2hr radius of Manning, SC. As of this writing (as far as I know) Title companies do not close RE deals here, only attorneys. Thanks in advance Reggie.

[Jerry W.]

@Reginald S. , let me see if I am getting this right. You do not have a single legal document reviewed by a lawyer for a function that you intend to make a living on. You have no experience doing your new profession. You have maybe 40 hours of training on the subject of wholesaling, maybe. You obviously have no real experience or time on the job, but you are sure this guy who has an advanced college degree, has taken and passed the state bar exam, has closed hundreds of real estate deals, and has over 30 years of experience has no clue what he is talking about, but you are a bastion of knowledge that he is arrogant to underestimate?

Do you think there is even a glimmer of a chance he could be right and you could be wrong? It is possible that this attorney knows nothing about wholesaling, but he knows what makes a contract legal and what does not constitute a binding contract. He probably knows what a green river ordinance is both in fact and theory. He probably knows the law on reporting closing sales to the IRS, he probably knows if there is a 3 day period when even a land option purchase agreement can be voided. He probably knows that when you sign a no money down option that it is worthless. He knows what a contract of adhesion is and how to address it.

Even someone who you disagree with can teach you a lot. If you really want to be good at this business you need to keep your mind open, even to folks who you perceive as having a closed mind. When you first start playing baseball it is so easy, you swing the bat and throw the ball. A true professional will tell you there is so much more. How you workout and exercise, what you eat, your mental attitude, not the mention the thousands of small techniques to do each action better. You do not know enough in 2nd grade to even understand how complicated parts of baseball are, and you might even think a professional ball player wants to sabotage your becoming a baseball player by telling you how hard it is. The truth is he could care less he is just trying to tell you real facts so you are prepared. That real estate attorney probably makes well over $100K a year, and he has a lot of better things to do with his time than try to destroy the business of someone he just met. Maybe you could have asked him about what kind of things should you know that he thinks you are lacking. Ask him if he knows of a book that would help you learn more, or could he copy some of the state statutes he thinks you need to be aware of.

Don't let arrogance or insecurity make you bypass a chance to learn and grow. Maybe that attorney truly did not know anything, or maybe you just passed up a golden learning opportunity.