Posted by John Merchant on December 23, 2006 at 12:37:16:
I’d tell the tenant you’re OK with his plans but to be sure there’s no lien, you’re agreeing to let the trailer be worked on ONLY when his cash is available and deposited with you for “escrowing” the deal…and you know the details of what he’s doing, the costs, everything.
Then, when you have the cash, you write the checks as the work is done and material delivered or purchased.
Further, I’d put this into writing and you and the T both sign so as to make sure you’re both on the same written page.
If you know the ID of the contractor I’d copy him with it so he knows you’re not approving until the money’s ready.
Interesting that the MH park in NC would approve any lease or rental by YOU. Here in WA State the MHP almost never allows us to rent to our tenant and it’s our routine to buy for cash, sell on note a la Lonnie.