Stop Home Foreclosure

I saw something totally stupid at a closing the other day. A new investor turned into a jackass in the closing attorney’s office right in front of my eyes. Imagine big ears pop out of his head and a long tail shoot out. Really, he just turned into a living breathing jackass.

This investor did not let his attorney know in advance that he wanted to assign a contract on a deal he was closing on that day. Basically, the folks at the office thought he was going to buy the property and then sell it to his end buyer, or just double close the deal. The attorney had everything set up, and then he had to go back and change all the documents (for a title attorney that is double working). Well, if you know the details of that kind of transaction, you can understand why the attorney was pissed.

When the attorney said he was going to charge the guy for redoing the work, the guy went absolutely crazy. He was talking about all the money the attorney makes for such easy work, about being a customer (who is always right?) and bringing the attorney plenty of business, and so on. He was convinced that he should not have to pay for a tiny mistake like that

What a jackass! It was definitely his fault that the attorney had to double work. Anyway, the attorney let it slide… but can you imagine what the office talk about that investor was after he left? Talk about a reputation killer!

Listen, I certainly would be pissed if I had to double work on something, even if it only took me an hour. And when I’m wholesaling a deal and making 10k for an hours’ worth of work, I think I deserve the pay because I have the knowledge to put the deal together. Just like the attorneys should be highly paid for the education that they have to go through to become what they are.

Here are two points I want you to get out of this story.

1. Take care of your attorney. Make sure you let them know all the details – right up front and on every deal – so they don’t have to re-do the work for you. It saves time; it also shows respect for the attorney. Treat them right, and the attorney will become one of your best friends in the business and will save you a lot of money.

Besides, a lot of attorneys have money and they can be a great source of private funds or refer you to other people with money they know. You never know, your attorney may become a private money lender to you. So the first point is: DO NOT PISS OFF THE TITLE ATTORNEY – YOU NEED THEM!

2. Understand that if you are wholesaling real estate (once you learn how), you will be one of the highest paid people per hour around. I am talking more than doctors and lawyers. Yes, most of the attorneys I use make a lot of money, but on a per hour basis I blow them away. I mean, when you do your first deal for 5k and it only takes you an hour’s worth of your time, then you will know what I am talking about. If you are a seasoned investor, then you know the feeling and it is OH SO SWEET!

So being yourself highly paid, BE SURE TO RESPECT EVERYONE ELSE’S TIME! Overall point: Don’t be a jackass! Be bold, but NICE.