Posted by B.L.Renfrow on March 11, 2000 at 20:56:40:
Your point regarding potential liability for personal injury in the MH is well-taken. My response was based more on the perceived risk of loss of the home from fire during the holding period.
While it’s certainly true that those doing a large number of deals could presumably better afford to defend against a civil suit, the other side of the coin is that the person just starting out with few assets makes a much less attractive target for the personal injury lawyers.
I would think the libility exposure could be reduced even further - whether or not insurance is carried - by holding title to the homes during the interim period in a LLC…though I suppose if it’s holding title to a significant number of homes at any given time, the idea is less attractive.
I will admit that I am still at the stage of holding MHs in my personal name, though I am reconsidering that as we speak. Since the majority of my deals are SFH’s with only the occasional Lonnie deal, I probably haven’t given it quite the consideration I should.
Thanks for your comments!