Subject to and L/O documents question

[houseman341]

Hello,

I have a set of documents for Subject to and L/O deals that I would like to start doing soon.  The documents are from out of state and I have been trying to find an attorney to review them, needles to say without much luck so far. I've talked to several attorneys and my feeling is that they do not really understand these deals nor do they want to mess with them. Couple of them advised to use TREC promulgated forms only.  
I was wandering if any of you guys who do Subj.to and L/O could offer some ideas.
Should I try to have an attorney (if I find one) create these documents from "scratch" or have him/her alter the ones I have (Bronchick, Randy and Charlie France) or do you have any other suggestions?
Any input is greatly appreciated!


Mark

[$Cash$]

houseman341,

Glad to meet you.

If you e-mail Bill Bronchick and ask him, I believe he knows an attorney in your area who knows how to spell creative real estate investing.  It is my understanding this attorney has the contracts you need.

I was sorry to see Bill leave this site, but I just got a newsletter today that explains "without"  really saying why he left.  It had nothing to do with Tim and this great site, I think they call it Political.

Anyway that is another story, but I would still recommend emailing him.

John $Cash$ Locke

[houseman341]

Hello $Cash$,

I just want to say thanks for your response and advice.
I'll give it a shot!

Mark

[latundan]

Hello Houseman, i just want to ask you what you think of charlie and randy's course, im thinking of buying a course and im considering their course.  i know it cost a lot but do you think its worth it.  it seems like you are ready.  
if you think of selling it after using it, let me know, maybe we can have a deal.  thank you.

[Admin]

Mark,
Another idea might be to ask around at your local club to get a recommendation for a knowledgeable attorney.  I've also used Bronchick's forms and typically modify the heck out of them.

On two different occasions I had attorneys review my modifications and they always came back "approved as is".  It made me nervous and I came to the conclusion that the points on which I was unclear, the attorneys didn't have the required knowledge.

Latundan, the France course is quality content, but I think Bronchick's is a better value for a full-blown how-to.  One of the regular posters on this board, William Tingle, is coming out with a course very soon and I'm sure it will be a quality course at a reasonable price.  John Locke, another frequent poster, has a Sub2 course that is a good value and he's very accessible to his students.  It's available under the courses link above.

[houseman341]

Hi Latundan,
What I like about Charlie and Randy's courses is that they are very comprehensive and take you through the whole process of L/O and Subj2. They are easy to read and contain lots of great ideas from people who are active RE investors. Are they worth the price? To me they are but as mentioned by Tim, there are  more affordable quality courses out there to consider.
At this point I am not sure if I am ready to let go of them because I still use them as a reference.
Hope this helps!

Mark

[houseman341]

Tim,
did you modify the forms yourself first and then had them reviewed by an attorney? How did you arrive at the final version of the paperwork that you currently using?
I was also wondering what is your opinion on using the Bronchick's forms without modifications, aren't they TX specific?
Thank you!!

Mark

[Admin]

Mark,
Yes, I did modifications before and had them reviewed.  I've also modified the docs for almost every deal I've done, to incorporate and cover lessons learned.  About two years into the active "creative cycle", I had them reviewed again with the same result.  I was a landlord for about 5 years before (since 1994) I got active in the creative side.

So, the smart thing to do would be to start with docs you know have already been tested, if possible, and go from there.  That would mean using Texas Real Estate Commission, Texas Apartment Association, etc. docs when you can.

No, my understanding is that Bronchick's forms are not specific to Texas.  And I'm not able to answer a broad question about all his docs.  Some may be okay without modifications, some not.  Sorry.

[latundan]

Mark & tim, thanks