Help to overcome MH lot qualifying for buyer - Posted by Bill MIller

Posted by Tony-VA on February 17, 2000 at 08:43:53:

This situation has come up before. It is a good question. My suggestion solution then was as follows. (A recent post stated that this worked).

You need to represent yourself as a salesman for a business. You go through your typical lonnie rapport approach first with the PM, then explain that you work for “Miller Mobile Home Sales.” a company that buys older mobile homes, sells them for a small down payment and provides the financing.

The PM can relate to this because you are doing no different than many of the local Brokers, Dealers and Finance companies (at least in the PM’s mind). Because you are working merely a salemsman for the company, you will be able to avoid having credit checks done on you as well. When asked for a credit check, you simply restate that you are just the salesman but if they want a credit check on the company that would be fine. Then ask " How did you go about getting a credit check from Greentree (now Conseco)? This will put them back into the frame of mind that you are working for a company, just like they are…even more rapport.

A side note here: You may not want to call yourself a Finance company because this may require licensing and restrictions. “Miller Mobile Home Sales” might be better for starts. This would be a sole proprietorship until you get your entity set up (I suggest you research creating a Corporation or Limited Liability Company as opposed to remaining a Sole Proprietorship)

When I first bought the mobile homes, I did have to title them in my company name, then sell them and have my company placed on the title as the lien holder. Now I have my brokers license. My company’s name still goes on the title, but I can dealer reassign the title to my buyer without my company having to pay sales tax. (Each state may vary on this so be sure to check how your state opperates).

When first working in a park, I would sign a lot rent agreement if they asked me to, but after awhile they will no longer require it because we sell the homes so quickly, they don’t like the extra paperwork, and we have proven that our company pays the bills on time without question.

Hope this helps,


Help to overcome MH lot qualifying for buyer - Posted by Bill MIller

Posted by Bill MIller on February 17, 2000 at 07:18:47:

I’ve found a '88 2bd/2ba 14x70 home that needs minor work. Seller wants 2k and I believe in my area of Indpls. could be worth 9k. Problem is that the park won’t allow contract sales. Buyer needs title clear or with a finance co. lien on it. Do I lien as Miller Finance, keep my name on the lot and have buyer make both payment for MH and lot to me or consider moving it to another park that allows contracts. Some parks that allow contracts also said I must keep my name on lease. Pros or cons of any of the above would be appreciated. This is my first deal and am needing to give seller decision tonight. Thanks.