049: Legal Teams Make or Break You in Business

I’m going to share some pain stories to stress the importance of structuring deals and having great people surround you.

You can make multi-million-dollar deals, just like me. But I must admit that deals do not always go smoothly. After all, this is real estate, and anything can happen. So, you need to have a great legal team, which can make or break you in this business.  

Topics on Today’s Episode:

• Who should be on your legal team? What should they do?
• Don’t be billed by the hour, set up fixed pricing
• Leverage: You have it, or you don’t
• Value of history of closing
• You can’t control how others (i.e. lenders) work and affect your deals; they work at their own speed and don’t care about your contract
• University Crossings Deal: Number of leases required for 90% occupancy not reached for the lender; seller caused harm, extensions/expenses were needed
• Catalina Village Deal: Lenders can mess up deals and delay the loan process
• When things like this happen, cover your bases
• Puppet Master: I’m in my cubby hole, unless a grenade needs to be dropped and crap needs to get done
• I’m extraordinary at finding the right people; my team pulls together to complete deals and make me look good

Quotes:

“Legal teams can make or break you in the business.” Corey Peterson

“In this business - it’s real estate - anything can happen.” Corey Peterson

“When things like this happen, you’ve got to cover your bases.” Corey Peterson

“The only thing that I would say I am extraordinary at is that I know how to find the right people.” Corey Peterson

Don’t forget to download my Free Workshop Quickstart Video Series, and if you like what you have heard please leave a review on iTunes.

Text the word MONEY to 408-500-1127 to get my free private money program and credibility kit for single family.