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.
Apparently, this investor did not let his attorney know in advance that he wanted to assign a contract on a deal he was closing. The folks at the office thought he was going to simply buy the property. Everything was set up for that, and then the attorney had to go back and change all the documents, which for a title attorney is double working. Well, if you know the details of that kind of transaction, you can understand why the attorney was not really happy.
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! The attorney had to double work and it was definitely an investor's fault. And the attorney let it slide... but can you imagine the office talk about that investor after he left? Talk about a reputation killer!
Well, if you are making 10k for an hours' worth of work wholesaling a deal, don't you think you deserve the pay you are getting? After all, you have the knowledge to put the deal together. Well, the attorneys are highly paid, and they should be for the education that they have to go through to become what they are. And I certainly would be pissed if I had to do something twice for the same pay, even if it only took me an hour.
Here are two points I want you to get out of the situation I witnessed that day.
1. Make sure you take care of your attorney: let them know the details of what you are trying to do right up front - and on every deal - so they don't have to do double work. It saves time, but it also shows respect for the attorney. If you treat them right, the attorney will become one of your best friends in the business.
Also remember that 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. I did borrow money from an attorney I used before. 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!
Well, as you are highly paid yourself, BE SURE TO RESPECT EVERYONE ELSE'S TIME! Overall point: Don't be a jackass! Be bold, but NICE.
Apparently, this investor did not let his attorney know in advance that he wanted to assign a contract on a deal he was closing. The folks at the office thought he was going to simply buy the property. Everything was set up for that, and then the attorney had to go back and change all the documents, which for a title attorney is double working. Well, if you know the details of that kind of transaction, you can understand why the attorney was not really happy.
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! The attorney had to double work and it was definitely an investor's fault. And the attorney let it slide... but can you imagine the office talk about that investor after he left? Talk about a reputation killer!
Well, if you are making 10k for an hours' worth of work wholesaling a deal, don't you think you deserve the pay you are getting? After all, you have the knowledge to put the deal together. Well, the attorneys are highly paid, and they should be for the education that they have to go through to become what they are. And I certainly would be pissed if I had to do something twice for the same pay, even if it only took me an hour.
Here are two points I want you to get out of the situation I witnessed that day.
1. Make sure you take care of your attorney: let them know the details of what you are trying to do right up front - and on every deal - so they don't have to do double work. It saves time, but it also shows respect for the attorney. If you treat them right, the attorney will become one of your best friends in the business.
Also remember that 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. I did borrow money from an attorney I used before. 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!
Well, as you are highly paid yourself, BE SURE TO RESPECT EVERYONE ELSE'S TIME! Overall point: Don't be a jackass! Be bold, but NICE.
About the Author:
The author, Jesse Davis is an expert wholesaler in the Jackson, Mississippi, Real Estate market. He has wholesaled over 80 properties this year alone, and he teaches a seminar on how to really be successful in today's market. Go here to learn how to find all the buyers you will ever need to build a massive monthly income in Real Estate today
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