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nickdemio

Real Estate Attorney Said Its Illegal

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Well, i contacted some real estate attorneys here in St.Louis to see if i will be dealing within the law and was told that this strategy is illegal here is Missouri, because i will be acting as a real estate broker and i would need a RE License. She asked if i was giving the Option Consideration fee to the seller and i said No, that what i get. Said i was selling the property, i told her im a principal in the deal since i have a contract with the seller. Said theres no benefit to the seller if i cant find a tenant buyer cause i can walk away. She hesitated alot during the convo..lol, said i got scammed and i should just get a RE License..LMAO..said she couldnt work with me on this as well and hung up. I have 3 more consultation with 3 other attorneys, cause i wanted 3 different opinions and wanna make sure i dont get into any legal troubles. Have been doing some maketing for this, and have been getting some replies, mostly from people saying the property has sold, some saying that it sounds interesting, but they rather do it on there own and some saying, there trying move and need the quick money all up front. That marketing campaign was just a small test for my market, but i know if i do it on bigger scale, i will eventually get a YES. Anybody have thoughts on this?

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I would have hated to have investing in training for this strategy just to find out its illegal to even do here! :blush:

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. . .Anybody have thoughts on this?

Yeah, find another attorney. Pure BS, Nick, that what we do and how we do it is illegal. Did you ask the attorney for the specific citation that states this? If somehow this is illegal, then there are quite a few investors who need to be incarcerated.

You now have two options: crawl into the fetal position and quit before you even start because of what this attorney said, or start marketing and get to work.

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Move on to the next one, forget about trying to teach any of the old school real estate dinosaurs new tricks.

You'll run in to attorneys, agents, brokers, etc. who will tell you that what you're doing is illegal or can't be done... I've found it's not even worth continuing the conversation with these people, just say "Oh, okay..." and move on. They're not going to help you in this case, and you won't be able to convince them otherwise.

Go to a local REIA and network there to meet investor-friendly attorneys who are familiar with assignments, lease options, etc. and who are willing to be creative as far as finding ways to get deals done, rather than shooting them down because they're not the standard cookie-cutter type deals that most buyers and sellers are looking for.

You may have to talk to several before you find one who's familiar with these strategies, but they ARE out there.

Don't get discouraged by people trying to talk you out of your goals... They can't help it that all they know is traditional old-school real estate... not that assignments or lease options haven't been around, but lets face it, it is unconventional real estate strategy...

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Nick, be well learned on Occupational Code for your state.

When...on the rare occasion anyone called me or said something along what you are saying, I could cite Occupational Code Sec 1101.1 and they didn't even know what it was...

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