How was your day? (or, what can go wrong?) - Posted by Marty (MO)

Posted by Marty (MO) on June 02, 2007 at 06:23:11:

I was expecting a few, "Well, you knucklehead… " responses. hehehe

I know it’ll pass, but I’m still amazed at the thought process of some of
these bottom feeders. We (us Lonnie dealers) are the best value in
town (except for mom’s basement), just one step above living in a
hotel… The cockroaches will fight tooth and nail NOT to pay, when we
make it so easy to stay.

We need a deadbeat database, separate from FICO and the courts. I’d
hate to pass some of my trash onto other Lonnie dealers! If the idiots
wanna be homeless this bad, I wanna help.

What part of Tennessee are you in? We’re gonna be goofing off in
Knoxville and Chattanooga in July… Maybe we can vent over a beer!

How was your day? (or, what can go wrong?) - Posted by Marty (MO)

Posted by Marty (MO) on June 01, 2007 at 14:34:41:

We started out the week with a vacant land home rental and a Lonnie deal just about ready to sell… We also have a land/home we’re developing. Not swamped, but pretty busy.

Wednesday… I get a call at work from one of our reliable payors. “Willie disappeared a few weeks ago and I can’t afford to live here so I moved out last week.” Home’s in decent condition, should sell pretty quick. She signed the title over to us.

Then… our repo was successfully completed. Rough condition, but we’re glad to be done with these cockroaches.

Then… another long term payor is leaving. Wants us to buy his home for $1500. He is definitely leaving (moving to KY) by the end of June. We agree to give him 1/2 of whatever down payment we get and he’s allowing us to show the home. Another good deal for us.

Then… a payor on a note we bought burned his home down. He was a suspected tweaker, but he always paid, so we left him alone. We have records of him having insurance, but it lapsed. Bad deal for everyone. Wiped out most of our profit, for sure.

THEN… perfect payors… we knew they were looking to move, because mortgage companies were calling for references. We gave glowing (deservedly) references. You can’t begrudge someone moving up. They were late on this payment, not answering their phone. We drive by… empty.

NOW I’M CRABBY.

If it weren’t for holding costs and this being the end of the month, I’d be a pig in mud over most of these deals. But, with expenses and loss of income, what a @%#@$%$%@ day!

Thanks for letting me vent to people who understand…

Marty

Re: How was your day? (or, what can go wrong?) - Posted by jb(IN)

Posted by jb(IN) on June 02, 2007 at 12:43:24:

Seems like this is going on all over.

Had two "we’re moving out"s this week myself.

One I sort of expected when their phone was “temporarily out of service” and messages left at the other numbers I had for them weren’t acknowledged. They did finally call…turns out they (unmarried couple) weren’t getting along, she had moved out, he couldn’t afford it alone so they were leaving it cleaner than when they got it and were out by the 1st.

The other is one of those ones that always make me wonder where they go when they move out. Young family, 2 little kids, were late for half of May’s payment. Called to say they would get the rest to me by the first of June with late fees so I wasn’t too concerned other than I wondered where the June payment was coming from. Tues morning after Memorial Day, they call from 300 miles away to let me know they had decided to go see family, their only car broke down (transmission), spent all of their money on traveling and were trying to get a loan from an uncle to get back to town. Oh, and the day prior to leaving he had gotten a speeding ticket in his company’s parts truck for going 85 in a 55 so he would probably be losing his job and could they have until the end of June to move out. I counted to five slowly, calmly told him no, we would be handling the process per the agreement he and his wife signed. If they could be out of the MH by Monday and leave it in a clean condition I might be able to not have to take them court for the what they owed, saving them (and me the hassle). Today I was over checking on another MH and they were loading boxes so I guess we’ll see.

I just don’t understand sometimes. They need a place to live and there isn’t much at or below what they are supposed to be paying me. The irresponsibility of taking a vacation when money is that tight is something I have a hard time with. Granted, I’m not 20ish anymore but there isn’t much room for error when you’re young, uneducated, have little kids, a non-working spouse, etc. Ahhhhh…sometimes I think maybe I’m in the wrong line of business but then I find a sweet deal on a MH and someone who wants to move into it and I think that maybe I’m helping them get started (or restarted) on the path to owning something and the cycle continues.

I’m rambling so I’ll quit.

John

Re: How was your day? (or, what can go wrong?) - Posted by Anne_ND

Posted by Anne_ND on June 02, 2007 at 06:37:55:

Marty,

In my opinion, it’s the perfect payors who sneak out one night who hurt the most.

I wonder, where do the creeps who leave our affordable housing GO from here?! It can only be a downhill trajectory.

you have my empathy, been there…

Anne

Re: How was your day? (or, what can go wrong?) - Posted by Tony Colella

Posted by Tony Colella on June 02, 2007 at 06:02:58:

Marty, I feel your pain (more often than I would like) and especially around the time school lets out for the summer we seem to get this kind of movement (not so much with our section 8 tenants though so maybe another reason I like them so much).

Venting is necessary both in posts and a good, foul, scream. As others have said and you are aware of, this too shall pass and we move on and the business model pulls us through. So many businesses would not survive this type of strife. We know its temporary and that the demand remains for the units so they will fill and hopefully at a higher monthly rent or payment.

Days like these you need to look at your daughter, son or family member, significant other and just remind yourself that they are safe and healthy and that’s what’s most important and that the business will survive and continue to support you and them.

Tony

Re: How was your day? (or, what can go wrong?) - Posted by Rick Lee

Posted by Rick Lee on June 01, 2007 at 17:30:20:

Marty,

Tomorrow is a brand new day, the sun has set, relax and think of all the fun tomorrow will be.

We don’t grow when everything is easy, and remember when your day doesn’t turn out the way that you would like, at least God gave you another one.

My day did not go as well or the direction that I had hoped, but when one door closes, another opens.

Tomorrow, I’ll pull the rope again.

Rick

Re: How was your day? (or, what can go wrong?) - Posted by jowns(tn)

Posted by jowns(tn) on June 01, 2007 at 15:37:18:

My week is right there with you. Good tenants moving and bad tenants sending there dead beat relatives looking for a place that cant afford a 15 dollar credit check. This too shall pass.

Re: How was your day? (or, what can go wrong?) - Posted by Lyal

Posted by Lyal on June 02, 2007 at 19:10:38:

John,
I too see this constantly and still scratch my head. Most of them got a nice tax return check and have none of it left (or it may be in the form of a big screen TV that dominates the living room of the home). The thought of putting some away for emergencies never crosses their mind.

I had to go collect half a payment today from a buyer who usually pays on time but had some unexpected car repairs. Oh well, if he bails out, I’ve sold this home 6 times before so I’ll just sell it again.
Lyal

Re: How was your day? (or, what can go wrong?) - Posted by Marty (MO)

Posted by Marty (MO) on June 02, 2007 at 18:32:46:

I think Tony (or somebody?) nailed it with people becoming more
mobile when school lets out.

We’ve already lined up multiple showings, so I guess we’re probably
getting at least one of your runners looking at our homes!

good luck…

Re: How was your day? (or, what can go wrong?) - Posted by Marty (MO)

Posted by Marty (MO) on June 02, 2007 at 18:29:49:

‘In my opinion, it’s the perfect payors who sneak out one night who
hurt the most.’

exactly! the part that really stung was giving them a big thumbs up to
the mortgage companies. we shoulda fragged 'em! I guess it’s that ‘no
good deed goes unpunished thing’…

I’m taking all the empathy and beer I can get- thanks!

Re: How was your day? (or, what can go wrong?) - Posted by Marty (MO)

Posted by Marty (MO) on June 02, 2007 at 06:25:07:

thanks, Rick… it felt more like more like I was going to 'pull the chain’
instead of 'pull the rope!!!