I’ve seen this saying pop up on Linked In all the time and it’s true. I see so many private lenders and note buyers try to prepare their own paperwork, avoid pulling title reports, and generally trying to cut costs that I see them get themselves into trouble when things go awry in a transaction.
Long ago, I decided to do something really stupid. I bought into a restaurant. For the first time in my career I stepped outside of my box and bought into something that I knew nothing about. I was “the money guy” and my partners with the restaurant experience ran the place. I thought I could do everything on my own and did not hire an attorney to handle the contract work. Needless to say, my partners fleeced me. I lost an obscene amount of money and put so much stress on my family that I almost loss my marriage.
Someone I know once said “Pay your taxes and your lawyers”. You probably want to add others to this list. You certainly should join the Institute to be around other pros that know their business or even join our Executive of Private Client programs. Just don’t try to do it alone. Its a recipe for disaster.