Whether or not it is traditional in your area to use a real estate attorney when flipping houses you will definitely want to have one on call. You may not want to use one on every real estate investing deal you do, though you will find it pays off big time when you it really matters. Flipping houses can be incredibly profitable, however there will definitely be situations when you have money on the line that you will need the help of an attorney to protect. A good attorney can help you get your deposit back when you run out of time on a contract, help you negotiate huge liens on properties, help you avoid lawsuits from tenants and force sellers to hold up their end of the deal. This can easily add up to tens of thousands of dollars if not much, much more.
Get referrals and start interviewing attorneys for your mission of flipping houses now. It is much better to have one you know and are confident in on hand when you need one. Make sure your attorney specializes in real estate and is interested in working with you for flipping houses. Avoid the urge to cut costs and hire the cheapest attorney you can find. Find one that is good but is not out to stretch things out in order to build up billable hours. A well respected and feared attorney can often get you out of situations and discourage lawsuits just by mentioning there name or just a letter from them. SO do not necessarily think that because an attorney charges $300 plus per hour they are going to cost you an arm and a leg every time you call them.
When it comes to flipping houses think of having an attorney on retainer as a form of insurance, one that will definitely pay off…
