New Real Estate Concept
I have an idea for a new concept in real estate. At least I THINK it's new. I will say no more at this point <IMG SRC="images/forum/smilies/icon_smile.gif"> . I would appreciate some suggestions for a savy real estate lawyer well spoken of who might be interested in talking with me, and who will be part of a team of investors who will contribute to put this idea in motion. The first thinkg I'll want from him is a super, duper nondisclosure agreement signed by him, or should I just put him on retainer so nothing I say can be stolen or given to someone else? Obiously I'm excited about my new project, which I hope will pan out. I'll know after talking with the right people. If it doesn't work, I'll let y'all know what it was, and we'll have a good laugh!
Terry[ Edited by concrete on Date 09/23/2003 ]
that almost sounds scarey...would you share pls? there are so many experts here , I 'd hate to see anyone get into trouble when you have all the help you need right here. Someone canhelp you through it/advise you NOT to do it.....
please be careful!
Hi, Curly
Thank you for your concern. It's not scary or illegal. I just want a good lawyer to protect my idea and possibly be directly involved since folks who have a stake in something usually watch over it better. There are definately some great folks here whom I'm sure I could benefit from their insights. Trouble is there are also some very smart folks who might share my enthusiasm and beat me to the punch with my idea.
Terry
now i'm even more curious please keep us informed...who knows, you might make us all gazillionaires ...good luck !
ps e mail me if you cant keep quiet lol
Sugestion - forget about asking the lawyer to invest - that comes later. Just find a really good RE atty in your area - pay his fee for an hour - probably about $200 - and ask for his advice.
I wouldn't worry about your attorney stealing your idea. I second dickknox, just pay her hourly and do your deal. Additionally, it's not always a good idea to involve your attorney as an investor for two reasons; (1) being invested in an enterprise can make one lose their objectivity and (2) if there is a dispute then you end up having to hire another attorney anyway.
Good luck on your project!
I don't think there has been a "NEW" concept in Real Estate in the past 25-50
years. If you were to announce your idea on the front page of the New York Times ,you still would have plenty of time to retire a very rich "inventor". Competition only comes after the profitability of the plan becomes quite evident. That's usually years not days.
Fly your ideas by a few trusted investors. Get them to sign a confidentiality agreement. A R.E. attorney is not a real estate expert. Use him for that which he's trained (Legality issues). Don't use him as a consultant.
Lastly, lauch your idea. Therein lies the proof of your concept. Good luck
Ditto, there are very few truely original ideas...many entrepeneurs consume far too much energy/time protecting ideas to their detriment...networking with trusted, experienced, and intuitive investors will give you valid feedback...success is 99%execution (perspiration per Thomas Edison), and ideas are already quite abundant.
I have a great real estate attorney here in Charlotte. i don't know if that would help you, but I'll share him with you.
I greatly appreciate all the advice, and have taken some of it! I went to an attorney. I have a lot of work and research to do to hopefully get this going. And yes, you're right, it's probably not original, but perhaps I can make it successful. I'm willing to gamble my time on this unless I become convinced it's a waste of time.
64Ford, Thanks for your offer of your attorney. That was generous.
Take care all,
Terry