Introducing Shawn Yesner of the Yesner Law Group, he is part of the Cash Flow Guys legal team as our local Real Estate Attorney. Before opening his own Law Firm; he was a staff attorney with a firm that represented the banks in foreclosure cases. Shawn later “switched sides” and begun representing defendants in foreclosure cases. Those experiences quickly positioned him as an expert in real estate related law.
Tyler and Shawn discuss some of the benefits of Land Trusts that relate to anonymity. As taught in Larry Harbolt’s Land Trust course, Land Trusts provide a certain layer of asset protection because those who may sue you will have difficulty finding your assets if placed in a trust.
The next topic discussed is building a legal team and taking the steps necessary to effectively protect yourself from liabilities. As a real estate investor, it is critical to have an attorney in the state where your investment properties are located. There are websites that slap together LLC’s and other legal entities that are all about volume and not about quality. The entity you create is only as solid as the person who creates it. If you are not a lawyer specializing in this type of law, don’t pretend to be one. Entity creation needs to be done correctly in order for the entity to provide the levels of protection that the owner intended.
Next we discuss short sales, and the bank’s outlook on this type of selling procedure. Shawn discusses the Mortgage Debt Relief Act and how this act is commonly misunderstood by homeowners and investors. As an investor dealing with short sales, avoid giving tax or legal advice to homeowners in regard to how a short sale or foreclosure will impact them. At a minimum, refer them to a CPA that can look at the taxpayer’s individual tax situation and provide good solid advice that applies to that taxpayer specifically.
When discussing contract law, Shawn discusses some of the most common mistakes that Realtors and investors make when completing real estate contracts. Leaving blanks on the contract or failing to list the “included items” on a contract often can lead to big surprises on closing day.
Sometimes buyers and sellers choose to ignore the contracts they sign and simply chose not to do what they say. Buyers have the remedy of “Specific Performance” available to them to help motivate a seller to do what they agreed to initially. The problem is, this method of enforcement usually involves bringing a lawsuit therefore the buyer should weigh the cost of this into the decision process. A more prudent method would be to have a calm and rational discussion with the uncooperative party to seek a fair resolution. This is one benefit of hiring a Realtor to assist with this task.
If you are buying property in the Tampa Bay Area or anywhere in Florida, give Shawn a call at (813) 774-3013 or visit YesnerLaw.com
For more free legal advice you can listen to Shawn’s Podcast on iTunes @ http://apple.co/1W63zDH