Monday, March 30, 2009

Three Wise Men

Most people who are concerned with protecting their assets from a wide range of potential threats will make an appointment with a lawyer, sit down, get a game plan together, and implement it. There's nothing wrong with that, and if you've already gone through this process, you're way ahead of most of your peers.

However, there is a much better way to go about this process. You are essentially treating the lawyer like your expert, your wise man who will guide you through your process. But what if the lawyer that you've chosen is not right for you? He may be a bad lawyer, or, even worse, he may be a good lawyer who is used to dealing with a different kind of client than you. He may apply his great strategies to your situation, when in fact you are a different animal than the ones he's used to. And don't expect your prospective lawyer to tell you that. The lawyer wants to do one thing when you walk in the door -- inspire enough confidence in himself that you'll close the deal by hiring him.

And even if you do have a great lawyer who is properly acquainted with your situation, he may not explain the full range of options. And, to be blunt, he may overcharge you. The only way to protect yourself from all of these potential problems is by getting a diverse set of opinions. Before you sign papers hiring a lawyer, meet with three of them for an initial consultation. You may be completely shocked at how differently various lawyers will attack the same problem, even if they are all competent.

Once you have a few meetings under your belt, you will have acquired a much greater understanding of your options. That's the time to make your pick and, if you wish, negotiate a better price for yourself. Once a lawyer hears that you're essentially taking bids, his price will go down. Good luck!

Be sure to read up on Asset Protection since it is an extremely important part of your Real Estate Investing plan.

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