Any one from Texas could refer me to an tax lien laywer in the Dallas area that you have used?Any Referral will be greatly appreciated.
Thank you all.
Any one from Texas could refer me to an tax lien laywer in the Dallas area that you have used?Any Referral will be greatly appreciated.
Thank you all.
I am NOT a lawyer, but I play one on the real estate battlefield. I have done several tax lien situations. I am getting ready to foreclose on one of the properties in the next few weeks if they dont come up with the money for last months payment.
I have only used lawyers sparingly. They tend to not comprehend very quickly (you would think they would at the prices they charge) which makes it very expensive. Then they want to do something that I dont. They always want to go to court instead of doing any kind of mediation. And about another 20 reasons why I dont use lawyers much. I should write a book about NOT using lawyers.
I tend to work things out with the tenants or mortgagors. If I can not do that, then I have to tell the atty exactly what I want done, when and then ask, how much is this going to cost.
[ Edited by rickpozos on Date 09/10/2007 ]
Thanks rickpozos for the reply.
You are absoluletly right about lawyers' fees. I have been trying to create an LLC and have contacted few asset protection lawyers. So far the cheapest I have founded was $1,300. I still find it a bit pricy and rather to wait and use that money to buy some properties. I only have 15K, so It is critical for me to utilize my pennies.
I will follow your advise and try to become more educate and learn to do myself.
I truly appreciate you input.
Thank you.
Creating an LLC- at least in Hawai'i and Michigan, where I have done it- requires a few minutes of filling out forms, and a filing fee. Drafting the operating agreement, on the other hand, is as complex as you choose to make it, and requires expertese to do properly.
If you are only creating the LLC for your own use, the operating agreement can be simple, and is not actually necessary. The same is true for partners that you KNOW WELL AND TRUST- if you would hand them the money you plan on investing in cash on a handshake, there is no need for an in depth operating agreement.
For all other partnership arrangements, an in depth operating agreement that covers contingencies you never even thought of is worth far more than its weight in gold. $1500 is a very small price to pay for the benefit you will gain from an operating agreement drafted by an expert who has seen everything that can go wrong in a partnership. If you are involved with a number of partners or partners you don't know VERY well, odds are good that a few years down the road you will be thinking that this was the best money you ever spent.
But if you are going to spend it, make sure you hire a specialist who does nothing else, not whoever gives you the lowest bid! Any attorney can do it, but partnership specific knowledge and experience is what you want to be paying for, not just a law degree.
Sorry, can't help you with a reference for a good tax lien attorney in Dallas...
Chris
Thank you ypochris for the great advice.
The LLC I am planing to set up is only for my investment business. My husband and I will be the only partners.
I bought awhile ago a training course on do it yourself LLC and has a basic partnership agreement and outlines the steps to set it up. I am going to give it a try.
Thank you all for your replies.
Amanda
abrecken-
I suggest contacting Darius Barazandeh, an Atty in Houston. He specializes in Texas tax foreclosures and has published a course on this topic.
His website:
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Dan