Is Illinois bad for Lonnie style?? - Posted by Derek (IL)
Posted by Derek (IL) on March 21, 2002 at 19:52:12:
I just moved to IL and I have just begun visiting parks in my area and calling some of the PM’s. This may be common knowledge to some of the seasoned people out ther but since I am new to the world of MH investing and havn’t read Lonnie’s stuff yet I am still very green.This state considers MH’s personal property not real estate. I don’t know if the laws are good, bad or indifferent for investors, any insight would be very much appreciated. Also, most of the PM’s I spoke to were also dealers and were more interested in selling me deals on banks repo’s(I don’t how that works,do they act as a broker in this type of transaction?)and other “new” MH’s owned by the larger management companies they worked for, in these deals individual investor finacing is not permitted, they have a network of banks that provide the financing. They were not interested in giving me any insight in terms of the levels of sellers motivation for the FSBO’s in thier park. They said they don’t get involved in the FSBO’s in thier park. I started to get a little discouraged when the PM’s told me that their management company also owned the surrounding twenty-five parks. I could still approach the FSBO’s individually but I had originally thought PM’s would be a great source of information while I’m getting started but it looks as though that may not be the case here. I don’t really have a straight forward question but any comments would be welcomed.