Q: Hi Gerald, I found a great deal on a property that I want to buy. I’m satisfied that I did adequate due diligence: I checked sold price comparables and the property is fully rented in an area where I know I can find other tenants. The problem is that my attorney is trying to convince me not to buy it. What do you think I should do?
Kevin, Salt Lake City, Utah
Gerald: Hi Kevin, attorneys do not exist to give financial advice although they often do. An attorney’s job is to interpret the law. Unfortunately, attorneys thrive on power—this power is maximized by creating fear in their clients. The more frightened they make their client, the more their client will value the services the attorney provides—this serves two ends for the attorney: it strokes the attorney’s ego and it allows him to charge more money for his legal services. I use attorneys, but only to review and advise not to make business decisions—that’s my job as a businessman. If you are confident that you’ve dotted all the i’s and crossed all the t’s with respect to the property you wish to buy, then I think you should move forward. Tell your attorney to stay in his lane and focus on the law.
Good luck. Gerald