Posted by John Merchant, JD on June 09, 2002 at 22:25:58:
You should get familiar with the MH section of this website. A lot of good and valuable info there about MH’s, their notes, etc.
And one thing I’ll toss out…in a well run MHP, where there’s on-the-ball management, and where, when you look at it, and meet and visit with the management, you find it neat & tidy, and no old tires, refrigerators, junk, etc., then you’ve got the security of knowing THEY have checked out the residents very well, and the resident tenants (the note debtors, whose notes you’re looking at to buy)have reasonably good credit and income-or else they wouldn’t be there!
Another thing in your favor with MHP notes: there’s not any major institutional financing these days for these notes, so you may be the only game in town-making for some real bargaining power in your hands.
I build and sell Internet businesses which is where my passion is so I dont want to get caught up in the “Realestate Business”… Has ANYONE in this forum ever bought existing notes like Im speaking of and then just started collecting on a monthly basis? Is it easy? Do the mobile home holders usually keep paying on time when you take over the notes? Do the people selling the notes usually sell you a bad note? Please reply ASAP, all opinions are greatly appreciated.