Stay On Top Of Things!

[Tom McGiveron]

a fellow investor i know bought a sfh and plans to rent it section 8.

the attorney who handled the closing never followed up on several issues with the property - such as C/o's for two decks and a utility room.

the attorney also released escrow money back to the seller when they were not supposed to according to an addendum that my friend had them put into the closing stating that the money would be held in escrow for 90 days after closing to be used for unforeseen problems.

the attorney then tried to read my friend the original contract (without the addendum) - sneeeeaaaakkkyyyy...

the moral of the story -

first, my friend who invested in this property - probably should have paid more attention to the C/o situation himself.

NEVER RELY ON ANYONE SOLELY. ALWAYS, ALWAYS, ALWAYS FOLLOW UP!

to me, the first thing i look for is C/o's for every damn piece of structure built on the property.

luckily, he's got the money to overcome the struggles of making the property pass inspections for the section 8 program. but it's a bunch of hassles, loop holes, AND TIME AND MONEY SPENT that he didn't foresee because he didn't

STAY ON TOP OF THINGS.

i think sometimes, it's the simple stuff right in front of our face that we overlook so easily.

i mean - duh - it's the attorney's job to protect his client's best interests right??? so you'd think...maybe "sometimes", especially if they've got no vested interest in your business per se - when they're backed up and busy - you're business will be "overlooked"...