Why Experts Should Be Hired For Specific Problems.

Conflict With Your Investment Property?

Don’t Mess Around, Hire A Specialized Attorney

Whenever a conflict arises you want an expert on your side. When there’s a burst pipe in your basement in the middle of the winter, you don’t try to fix it yourself and you don’t just slap a request up on Craigslist. When things get real you need someone who has experience with that issue, end of story. As a serious real estate investor, what you need to remember is that every conflict is a big deal. What might seem like a minor misunderstanding or miscommunication is never truly minor when it has to do with the well-being of your six-figure investment. When a conflict arises, don’t go it alone. Seek legal aid to ensure the most gets done and the results are as favorable as can be. You are an investor, and hiring an attorney is a secondary investment to help protect your asset.

[ Learn More: 4 Types of Real Estate Investors: Which One Are You? ]

STICK TO YOUR PRINCIPLES:

Conflicts and unplanned issues are often stressful and annoying. You didn’t get involved in real estate to deal with screw ups and mishaps...but they’re a part of every facet of life and if taken lightly they can derail the profitability of your real estate portfolio. The secret to success is to make sure these obstacles don’t get in the way of your initial goals and the best way to do this is to honor your guiding principles. At Nexus Property Management® there are several guiding principles that inform all of our decision making. At the top of the list is a focus on the long term. Whether we’re talking about long term tenancy or justifying expenses in the present for the sake of the future, looking at the big picture is the key to making the right choice when hiccups arise. This is also the reason why you need to hire an attorney when any legal issues arise. Whenever there’s a point of friction, you want an experienced expert in your corner.

[ Learn More: Ray Dalio On The Importance of Guiding Principles ]

BENEFITS OF HIRING AN ATTORNEY: RECENT EXAMPLE #1

Greg Rice is both an employee (General Manager and Vice President of Franchise Sales) of Nexus Property Management® as well as a client. Recently, Greg purchased a 6 unit property in East Providence, Rhode Island that had both commercial and residential zoning. As this is not typical and it was brought to light because of this transaction, the city intervened and threw the book at Greg in terms of code violations and costly steps needed to remedy the situation. Even with almost 100 units owned and all the experience that comes with it, rather than trying to plead his case and explain the misunderstanding as he saw it, Greg hired a specialist. This is the correct next step for two significant reasons:

For one, it shows that the owner is taking this situation seriously. You’re not just trying to meet the city’s demands by throwing some duct tape on something, you’re dedicated to getting it right and you’re taking emotion out of this unfortunate surprise, because you’re thinking about the future and getting through this obstacle.

Secondly, the city prefers this. They have attorneys who deal with these issues and they’d much rather deal with another attorney than with an ignorant (in the most polite and literal sense of the word) property owner. You want this settled quickly and painlessly and so do they.

In the end, the specialized attorney, who deals with these types of issues regularly, was able to get a far better result than Greg could’ve negotiated on his own. His attorney helped him reach a middle ground that was acceptable for both sides. This is the common result when two sides with equal background, and knowhow, sit down. It might seem like a more costly option up front, but the lasting value is well worth it.

[ Learn More: RI BUSINESS SPOTLIGHT: Former U.S. District Attorney, Aaron Weisman ]

BENEFITS OF HIRING AN ATTORNEY: RECENT EXAMPLE #2

The second example occurred just after the closing on a 5 unit apartment in Woonsocket, Rhode Island. The Purchase and Sale Agreement said the building had a fire system installed. Just after the closing “seemed complete”, the owner found that the system was half finished at best. The reality of the situation was that the seller defaulted on that clause and now the closing attorney was in a pinch. Was the transaction completed and the seller paid already? What steps or recourse existed? Was the buyer now on the hook because the seller lied?

[ Learn More: What’s Your Recourse When The Purchase And Sale Agreement is Breached? ]

In the end, Greg hired a litigator to file a petition to ensure there was a hold on the proceeds...so the seller couldn’t just take his money and run. He hired a legal specialist for far less than it would’ve cost him had he been forced to install the fire system himself. It was an easy and wise investment. Even when the value isn’t as obvious as it was in this case, hiring an expert is the best way to protect your long term interests. The expert ended up settling with the seller of the property to reimburse Greg for the cost he will incur finishing the system properly. Expert hired...problem solved.

CONTACT OUR TEAM:

Hiring an attorney so you don’t have to go it alone is a great way to protect yourself and your assets. Similarly, hiring a reputable property management company is another way to invest smart money to ensure your real estate holdings are safe and profitable. Whether you’re interested in exploring that opportunity or just have questions about whether or not your point of friction would qualify as one where legal assistance is necessary, contact our team 24/7/365.

[ Learn More: Nexus = Largest Residential Property Manager In Southern New England ]

Mick Lefort is the Vice President of Operations for Nexus Property Management®. A National Property Management Franchise that manages all types of rental property from single family homes or condos to large apartment buildings and complexes.

Your Property, MANAGED®

The Real Estate Investing Authority®

Connecting You To Better Living®

You Could Own A Nexus Property Management® Office For Less Than You Think!