Posted by lars1367 on May 03, 2006 at 15:11:13:
That’s a great way to avoid a problem I ran into on my first deal: $3800 for a 2/2 in great shape, $1050 owed in back lot rent, and $125 owed in back taxes, PLUS a title with “corrections” made using white out…this don’t cut it with the state! I called the owners of the park and informed them of the sale of the home, purchase price, and that the seller was “going to pay them their rent right away”…had I done what you did I could have avoided paying a missed month of lot rent. Thanks for the info!
It Pays to work with PM and Management team. - Posted by Jeff
Posted by Jeff on May 03, 2006 at 12:10:19:
Last week I made a buy contract for a '71 2/1 ok shape for $600.00. Scheduled the close for Monday afternoon.
I call the park manager, infrom her of what I am looking doing and ask if the park is owed anything. This is the first she hears he is moving. He did not pay his April lot rent, and owes $150 in other fees.
At closing I show up with a check for him for $180. $600 less what is owed park.($270 + 150) And show him a check made out to the park for the $420 owed. He is not happy but did acknowledge that he owed the money.
Him: I was going to that the money you gave me and pay the park off
Me: I know you were, but I’ll save you the trouble, as I see them often anyways. (no sarcasim in my voice but I’m thinking yea, right)
Bottom line I have gained prestige and respect from the PM and Her Boss for thinking of their needs instead of just my own. This park treats me right, I appreciate that, and I want to do right by them too. Working as a team, the park does better, and I do better.
It sure does - Posted by Karl (Oh)
Posted by Karl (Oh) on May 03, 2006 at 23:16:00:
I agree Jeff. I always try to keep the park’s best interests at heart when making decisions. It helps to build that relationship with the PM that’s so important to our business.
I have an interesting agreement with the manager of my pet park. If I’m buying a home from a tenant who’s moving under duress or being evicted, and they have a back balance with the park, the park will cut that bill in half if I help collect it. The park is faced with not collecting anything if the seller just splits, and possibly having an abandoned home in the park. So its worth it to them to cut me a deal, and get that home into friendly hands. So many times, I’ve bought a home under those conditions and knocked the seller’s full bill off the purchase price. I tell the seller that I’ve got to make sure that bill gets paid, so I’ll be taking care of it. Then I go write the PM a check for half their amount owed.
Karl Kleiner