I took the Lonnie Deal contract templates from Deals on Wheels to a lawyer and he is telling me that there needs to be alot added. Have people used these with success? Have you added to them to make them work? Does anyone have contract templates that they are using that would like to share? Thanks
Don’t panic. I adapted Lonnie’s paperwork to what made sense for me for the first few deals. I wanted to be sure I liked doing this before spending $$ on a lawyer. That being said, the deal has to be good enough that if your paperwork doesn’t hold up in court for some reason (unlikely), you can afford to lose the money you’ve got in it.
Once again, every state and jurisdiction is different. If you like this business, have your lawyer draw up the paperwork or buy it from someone doing deals in your area who has already paid a lawyer to do it.
I had to modify the contracts to alter/include language appropriate for the State of Michigan, as well.
For instance, it is a violation of usury statutes to charge an interest rate in excess of 11% on MH loans.
In all the deals I have done, I have NEVER had to go to court for possession on a LD. The park handles the eviction (landlord/tenant), and I get the home back.
where in Michigan are you at? I am in N. Oakland County.
Has anyone used Dyches Boddiford