Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Mobile Home Park Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 15 years ago,

User Stats

34
Posts
3
Votes
N.A N.A.
  • Real Estate Investor
3
Votes |
34
Posts

Please read and reply. If this was your deal, how would you cover yourself?

N.A N.A.
  • Real Estate Investor
Posted

I have a situation that I am in need of help. I want all opinions. Can you please tell me what your thoughts are on my situation? This is my deal and I am not working on it for a client. I'm in need of verbiage for a contract. A contract that I will be a rough draft for him to view prior to us each submitting it to our lawyers. I usually due majority of our contracts. This will be viewed by my lawyer, I'm just trying to cut down the cost. It is a small mobile home park needing sewer drainage work and gas lines and meters. For the record, this is basically an abandoned park with currently no activity. The owner does not want to sell the property but only lease it to me. He refuses to sell anything to anyone. Just won't let go period. I offered for a clause that if he decided to sell then we get first option and we need to arrive at a price to state in the contract. This also stands for if something happened to him that lead to death. This is basically an exclusive lease with a first choice option. Below I will break down what I am needing.

Completion of work to comply with code requirements. Gas lines & meters installed.

Septic lines re-routed and also in compliance with code.

Length of lease with some type of back-out clause in case he interferes with tenants or whatever the situation might be.

Length of lease with extensions at no rate increase for X amount of years or until possible future sales date.

75.00 per lot rent

Exclusive right to rent all lots (meaning - no other units other than ours - not even his)

A date established (in steps) to allow units to be placed prior to lot rent. Basically enough time to get one placed and rented then the next prior to lot fees. So I won't be hit with 600.00 from day one. So, stagger fees with reasonable enough time for each.

Upkeep and maintenance ? Who's responsibility since I'm renting all spaces but no ownership. Who pays for mowing, edging, pest control etc. weekly will not be cheap.

Loading replies...