Is Contract for Deed on MH illegal in South Dakota?

I am a 35 year old looking to invest eventually into a Mobile Home Park. In the meantime, I thought I would get my feet wet with a couple “Lonnie” deals. Ive been calling around on a few different leads for homes. Then one of the park managers said that she thought Contract for Deeds on a Mobile Home is illegal in South Dakota. Has anyone else heard of this?

You will want to learn about the rent credit program if you are trying to do that or you can find a park owner and try to find them good used homes to bring into their park and you can arrange a fee per home you find.

You could also try to find a park to manage along with bringing in new homes for a fee.

I’ve seen this for over 20 years.
No one takes the time to do their own research and read the statute.

I Googled ‘South Dakota contract for deed’ and this link is the second on the list.
http://www.sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Statute=43-30S&Type=Statute

Before you take someone’s word – READ!

It’s a dying art.

Mike

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Hey Thanks for the pointers Louvie.

You’re taking an awful lot for granted MHMike!

I did in fact find that link. It gave alot of good information on contract for deeds, for sure.

I wanted to see if there was a statute anywhere else that someone else was familiar with that would have limited me on these transactions.

In SD, as in alot of states, if its only the mobile home, its considered personal property, so no deed.

But thanks for heckling me, Mike. :wink:

Heckling was not my intention. But then, I’ve never been good at reading minds.

Your question was not completely formed and I do admit to jumping to a conclusion. Mea culpa on that.

Mike