Rental Property Investor · Member since 2019 · 45 posts · 15 votes
I just began real estate a year ago and now have 4 units (3 properties as one is a duplex) and close on one I will use for a short term rental in April. The equity is mounting but I am afraid my liability is as well. I would like to find a good attorney in Florida who could help me plan and execute protecting my assets. Any ideas on how to find the best attorney? Any key questions you would suggest asking? Any deal breakers? Really would love to hear your thoughts. Thank you in advance.
A real estate attorney can help with many parts of your real estate business - setting up your real estate entities, advising on the best paths for your business operationally and in some cases tax wise, assist with document prep for closings, contracts, etc, and assisting in the event of a lawsuit. Many real estate attorneys have one or two niches the specialize in (ex: closing attorney vs evication attorney) so its important to identify what your needs are and ask the right questions of the attorney. A few questions I would recommend are: 1. How long have you been practicing law? 2.What are your specialties within real estate law? 3. Do you work with a team - who will be my point of contact? 4.How many clients have you helped that were similar to mine? 4. Do you have references? 5. What is your fee structure and billing process? 6. What is your communication style and timeline 7. Are there any areas in my business you anticipate you cant help with? 8. Do you have referral partners like CPAs you trust and consult with? 9. Are you an investor yourself? 10. What do you see as the most important piece of my business right now? Deal breakers would be things like they don't specialize in the type of deals you will be working with, the structures they have used have been challenged frequently and not held up (i.e. their track history is mixed), or they aren't properly licensed. I would recommend Royal Legal Solutions. They are a one stop shop in al 50 states with lots of experience with FL properties.