Posted by John Merchant on May 25, 2005 at 21:41:48:
I’d go very slow about offering much for any existing older MHs in the MHP…as it doesn’t cost you that much to go find some decent pick-up units and move them in.
Do not offer anywhere near dealer’s prices for any of them, as the MH dealers are always high and their plan is to unload their paper onto the unsuspecting investor asap.
I had a MH dealer call me this week and then send me a junky little portfolio of bad loans to poor credit buyers, no down payments to speak of, etc…I said no thanks but I’m sure he’ll find some sucker to play his game.
So if you get the MHP, you shop very carefully and don’t buy any dealer’s overpriced goods.