You guys are gonna love this one, Lawyer humor... - Posted by Kyle Jones - VA

Posted by Lyal on December 13, 2002 at 12:48:41:

Great story!! Love your confidence and persistence. Please research one more thing. That would be using an LLC to buy and sell. Do an archive search here and on the legal forum and see what Hyre has to say about it. I thought the rule (subject to your unique situation as always) was pretty much to use a Corp for “active” stuff and an LLC for “passive” business like collecting rents etc.
All the best, Lyal

You guys are gonna love this one, Lawyer humor… - Posted by Kyle Jones - VA

Posted by Kyle Jones - VA on December 13, 2002 at 09:51:47:

I went and visited an attorney yesterday to discuss establishing an LLC to conduct all of my DOW transactions.

And of course, he gave advice on the mobile home industry, trying to scare me from moving forward by citing that “there’s shady characters out there that will try to pull a fast one on you”, “there’s no money in mobile homes”, “moving costs will kill you” “banks will laugh at you”, blah blah blah, basically trying to find out if I had conducted my research or not. But thanks to this forum and everone’s contribution, including all the articles, I fired back with a solid answer to every one of his concerns. I even took Lonnie’s DOW book with me as a reference to show the attorney, because I had a feeling I would need it, and I did. I let the attorney flip through the pages of the book while I was rambling on about my plan, how a transaction is conducted, how I plan to minimize risk, etc.

Here’s where it gets interesting…so when the attorney gave me DOW’s back, he continued on about scams and how anyone could write a book, blah blah blah. THEN, he said, “Listen, I have an aquaintence that’s a park manager, let’s call him up and talk to him about it”, of course I agreed. So this Park Manager’s on the speaker phone, and the attorney is running the basic business plan by him. Here’s where the Attorneys words bit him in the backside! The park manager agreed that if transactions were conducted properly, there was good money in used mobile homes, for those that didn’t have to be moved, if proper financing could be acquired, etc, etc. No problems, so far he hasn’t said anything that surprised me.

Now it gets even better!! The attorney hangs up the phone and we discuss the plan for a few more minutes when he starts telling me about how many Mobile Home Parks that he’s owned in partnership with other investors , and sold, and the current number of lots that he owns, and how he’s making all this mad amount of money!! I couldn’t believe my ears!! Then I made my move and called him on it, I said, “Sir, just a minute ago, you were discouraging me from doing this business, and now you’re telling me how your making tons of money in the same business, except using lots only!!” I continued by telling him that lot rent doesn’t get paid if the mobile home isn’t occupied, or if there’s no mobile home on the lot!! He obviously agreed and then asked, “Alright, so what is it you need my help with?”
I don’t want this story to take anything away from the attorney. He was a very nice gentlemen that helped me out quite a bit. A great starting point for referrals!!

Re: You guys are gonna love this one, - Posted by tsweat

Posted by tsweat on December 14, 2002 at 20:06:02:

This reminds me of a deal I did several years ago. I had a seller of a SFH carry a mortgage for 4% over thirty years. When we met with her lawyer to go over the docs he told her that she should be charging a higher rate. She told him that she hired him for legal advise, not business advise. She could tend to that herself.
I almost busted a gut right there…

Re: Lawyer humor… - Posted by kudzustu

Posted by kudzustu on December 13, 2002 at 15:38:19:

Lawyer humor, hmmmmmm, ah yes. Lawyers are like Enemas, you hate em, until you need one,…them you STILL hate em!!