IS THIS ILLEGAL? - Posted by BILL TAYLOR

Real Estate Investing Mobile Homes & Mobile Home Parks
#1

Posted by Blane (MI) on March 14, 2001 at 12:57:12:

Bill,

I don’t know offhand if it’s legal or not (where are you at?), but it sounds similar to what some of the MH finance companies are doing. For example, I’ve talked to people who couldn’t get approved through Conseco for a $15,000-$20,000 home from a private seller, but Conseco would approve them for one of their $50,000 repos. Maybe your park or manager has some sort of deal going under the table with a finance company.

I could be wrong, but approving someone who filed BK in Feb. of 2001 smells of desperation maybe? Either way, the park is now your competitor. Another talk with the PM is necessary, and in the meantime I’d find another park. Good luck and let us know how it goes.

Blane

#2

IS THIS ILLEGAL? - Posted by BILL TAYLOR

Posted by BILL TAYLOR on March 14, 2001 at 12:25:00:

We recently bought three mobile homes in a park with the intent on re-selling them. Each time we get a prospect we have to have them fill out an application. Each time the applicant gets turned down but the manager tells them if they would buy a mobile home that they own out there that they will be automatically qualified for the park. This manager is running the park for a company out of Chicago. Seems like this would be illegal but at the very least unethical. Is there anything that could be done about this. I had some girl call last night that was going to buy a home through a realtor. She had filed bankruptcy in Feb 2001 and was denied entry to the park. But after being denied the manager told her about a home they had out ther that if purchased they would be automatically approved. help!

#3

Re: IS THIS ILLEGAL? - Posted by lyal

Posted by lyal on March 14, 2001 at 15:30:56:

Bill, I doubt that its illegal…unethical YEP but there is little you will do to improve your situation by alienating the manager. Did you follow Lonnie’s plan and get to know the manager first?? If not, the next thing you should do is trot down to the office and stop in (with a big smile on your face), shake hands and introduce yourself. After some casual conversation, work around to your situation and see what it would take to get someone approved. finder’s fee…you guarantee the lot rent for the first year…maybe have them show and sell the homes for you and get a commission…you get the picture.
You won’t get anywhere (or make ANY money) until you get to know the PM and get them on your side.
You are playing on their turf. Learn their rules and you’ll be ok. Next time, make that your first step.
All the best, Lyal