Posted by Sailor on June 17, 2007 at 15:12:47:
Pretty new or not, Ed, you got the major point of this biz. We only think we are dealing in MHs, but our main financial vehicle is p-a-p-e-r. It doesn’t really matter that much what folks think you are selling, the product is the financing. Mass market manufactured goods are not sold because of the product, but because of the financing. For example, most of the entire NC furniture industry relies on selling p-a-p-e-r, not massive ugly reclining couches. Best Buy doesn’t sell big screen tvs–that’s a by-product. The real product is p-a-p-e-r.
As Doc Whistler’s post pointed out, the way to sell notes is to offer full recourse. Once they’ve established a good reputation, those that do generally have buyers standing in line to buy. In fact, good note folks often have people offer them $$$ unsolicited.
Developing a good reputation, & a good network of fellow investors is really key in this biz. That’s one of the things I like about MHs–it isn’t a lonely work-all-by-yourself kind of deal. Socializing here & @ MH events, like Boot Camp, is important; it’s not only productive, it’s a great deal of fun.