What does it mean to "get an attorney"

Question

Hi all ... I've seen a lot of posts saying that it's essential to have an attorney on speed dial; or that you need to have an attorney lined up BEFORE the deal get's started; etc etc. While I agree with this, I havent seen any posts about how someone does this without a current need. Is the recommendation to find an attorney and keep them on retainer? Or simply to conduct some interviews and keep the contact in your back pocket for later?

I have a single family home and an condo as investment properties today (both long-term rentals), and while I'd like to grow my portfolio in the future, I'm by no means a professional investor, nor do I want to be one.

I'd like to have an attorney I can reach out to if/when the time arises, but (knock on wood) I havent needed one yet. I'd be very appreciative if anyone has advice they can share.

Thank you!

Mike Dymski · Answer

I must have screwed this one up because I have been investing for fifteen years without one.

Mike Cumbie · Answer

Hi @Miles B.

I am a little different as we are an attorney state, so in the course of my regular business you get to know them. The building I work in has 2 separate attorney offices in it. The attorney I use for LLC's and to close on properties is someone I met through a mentor and many of my clients use on their properties. So I have never had a "retainer". Although I do communicate daily with them on issues for my clients. When needed I have gotten free consultations. When needed I have received affordable representation.

I don't think I would "Interview one" myself, but we are in different positions

Mike Dymski · Answer

Yes, we see the attorney on closing days for about 10 minutes and finding a residential attorney is very easy (just ask the agent).  It's not necessary to have an one on speed dial for other matters or an area of concern/focus for new investors.

Mike Cumbie · Answer

@Mike Dymski

"I must have screwed this one up because I have been investing for fifteen years without one."

I thought South Carolina was an attorney closing state like we are? Of course I'll trust your on the ground experience.

JD Martin · Answer

In general, for most people this is going to mean meet with and establish a connection with an attorney that you can use as/if needed. Meaning understanding what kind of law they practice, how much they charge, whether or not you need to keep them on a retainer so that you are technically a client, etc. Depends on the area but where I live you can keep an attorney on retainer for about a grand, which depending on your area and attorney fees might buy you 2-10 hours of legal assistance.

I keep really good insurance levels and don't bother keeping anyone on retainer. Most anything I would get involved in I would be utilizing insurance counsel anyway.

Miles B. · Answer

Thanks for the input @Mike Cumbie and @JD Martin. That's how I had been thinking about it, but t's still nice to hear it from others (especially those with some serious real estate experience). Very much appreciated.

John Warren · Answer

@Miles B. Mike is correct that this is very confusing because no one ever mentions that some states focus on attorneys for RE closings, while others do not. Here in the Chicago market we use attorneys for closings, so I have become friends with the attorney who helps most of my clients. Not only is he on speed dial, but we are good friends outside of work and know each other's families. I doubt this level of familiarity would be there if I was in a state with a title rep doing closings. You can still meet local attorneys who focus on land lord tenant law though at your local RE meetups. I also use an attorney for evictions that is local, and I met him through a local meetup. He doesn't charge a retainer or anything, and he is always happy to chat for 5 minutes about a potential issue. Obviously, I provide value by having him take care of my evictions and also estate planning.

Mike Cumbie · Answer

@Mike Dymski

Ours go through title issues, easements, contracts etc. So it makes sense. Luckily for me the ones we use most commonly are getting 50-60 clients a year each through our agents. It's kind of a "speed dial" due to necessity for client issues. Just happens to work out when personal questions come up.

If I didn't have the connections I wouldn't go searching one out (Much less expecting them to take my call). Seems like the blueprint is to add "An Agent/Attorney/Electrician/Plumber/Handyman/HML/mortgage rep" who will all drop everything and answer your call. If you send 8-10-20-30 deals a year their way they call back within 24 hours (Which is acceptable to me). If you have no relationship..... you are in line.

But I agree, there isn't a "role" that I would expect an instant response from without a previous relationship that has provided results.

What does it mean to "get an attorney"

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