Dear all,
Just wondering if anyone has any personal recommendation for a real-estate lawyer for an Indiana MHP purchase? It’s our first purchase in that state.
We’ll check out the Indiana MHA of course, but does anyone know of any state-specific “gotchas” that we should look out for?
Thanks!
Brandon@Sandell
I’m curious what Frank’s take is on this. We have bought many parks over the years and never used a lawyer (including one in Indiana). I guess it depends on what you want them to do. If you take the Frank & Dave course - you have a ready to go contract. On the deals where the other side had attorneys (esp bank deals ) it drags out ad nauseam.
Example: We found a bank owned deal in late Nov (a few years ago). The listing broker absolutely insisted that it had to close by year end so the bank could get it off their books. I said no problem - for that price (100 pads 50 % full - lot rent $339 , sale price $500k => 20 cap), I could cut my due diligence from 30 days down to 7 days and we had all cash so I could close in 10 days if we had to. There were at least a half dozen lawyers involved and when the dust settled we closed mid Feb the following year. Great deal for me but very frustrating. We had several days delay because one of their guys messed up the document (MS Word) witha ll the redlines in it.
Bret