DOING BUSINESS WITH ATTORNEYS - NOT IN THIS CASE.

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Services for Real Estate Pros with William S. Cherry & No Co., Wealth Coach

At least thirty years ago, my Houston business partner and I were in the business of converting large homes into apartments -- duplexes, triplexes and the like.  We did extremely well.

Our clientele was primarily comprised of young professionals.  We referred to them as the avaunt garde.  They weren't ready for home ownership, and they wanted to live near downtown and near the restaurants, bars, nightclubs, art galleries and the like.

Our properties were in great demand, and they always commanded higher rents than standard garden apartments.

But it didn't take us long to find out that leasing to attorneys was often a bad idea.  They took their lease as a challange to see how they could tight rope the provisions to keep from falling into the fire of default.  As tenants, most of them were nightmares.  They required enormous amounts of our staff time.

They'd pay late, for an example, and many would do their best to get evicted rather than pay the last couple of months of their rent when they were ready to move.  The Justices of the Peace would more often than not rule that we had to compromise on what was owed us.  IF it was three months, for an example, the judge would insist that we forgive at least a month's rent.

We grew to hate attorneys.  Finally, my partner said, "Let's stop renting to attorneys starting right now," so we did.  And it was great fun.  When one of them would fill out our leasing application and list his profession as "attorney," our leasing manager would say, "I'm sorry, we don't lease to attorneys."

Of course they'd hit the ceiling, and begin their mumbo jumbo as to why the law required that we not discriminate against them.  Our stock answer was, "The classification to which you are a member is known as "attorney."  The law does not allow us to discriminate against people because of their race, creed or national origin.  Until attorney is added, we don't lease to them."

I hadn't thought about that in recent years.  A current business situation reminded me of our former good judgement. 

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Ambassador
785,847
Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

The Bill Gates microsoft story starts with them NOT taking their attorneys advise and signing with IBM to create DOS. Their competition did take their attorneys advise. Nuf said

October 09, 2009 08:05 AM #1
Rainmaker
217,670
Joan Mirantz
Homequest Real Estate - Concord, NH
Realtor, GRI, CBR, SRES - Concord New Hampshire

Bill....that is hysterical!

October 09, 2009 03:38 PM #2
Rainmaker
238,853
Gene Allen
Resh Realty Group - Virginia Beach, VA
Realtor Hampton Roads Real Estate

I can see where you coming from.  Very funny to us but I am sure some lawyers don't think so.

October 10, 2009 04:05 PM #3
Rainmaker
319,353
BILL CHERRY
William S. Cherry & No Co., Wealth Coach - Dallas, TX
William S. Cherry & No Co., Wealth Coach

If the bar association(s) wanted to do something that would ENORMOUSLY benefit the image of the profession, they would prohibit attorneys from representing themselves, and further, require them to hire 3rd party counsel at that attorneys stated rate.

Thanks for your comments, Miss Joanie, Gene and Big Charlie!

 

October 10, 2009 04:18 PM #4
Ambassador
748,046
Steve Shatsky
Prudential Texas Properties - Dallas, TX
Dallas Real Estate & Short Sale Specialist (214)213-0340

Hi Bill... I have heard many times that people should never rent to attorneys, now I know why!  Thanks!

October 14, 2009 11:18 PM #5
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Rainmaker
319,353

BILL CHERRY

William S. Cherry & No Co., Wealth Coach
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