Lonnie Deals.....Finding buyers that qualify for park rental space. - Posted by Josh

import · February 16, 2000, 7:11pm

Posted by Tony-VA on February 18, 2000 at 20:25:30:

I do work closely with the PM’s as mentioned in the post above. Many of my referals come from the PM. They notify me when they have tenants that have fallen behind on lot rent and are facing eviction. They notify me of people who are looking to sell for other motivated reasons as well. But the key is working closely with them. It is time intensive, especially at first. You need to be in front of them at least every couple of days, if not every day at first. Stay on top of them but do so in a rapport building manner. If you are there every day, even if just for a couple of minutes, you will know the status of your applicants.

I think that you may need to check out other parks as well. Some park managers are more “user friendly” than others. Some for whatever reason, make things difficult, even to the detriment of themselves. These people are going to kill deals and increase holding cost unless you can reign them in.

Best Wishes,
Tony-VA

import · February 16, 2000, 7:11pm

Lonnie Deals…Finding buyers that qualify for park rental space. - Posted by Josh

Posted by Josh on February 16, 2000 at 20:11:54:

I have looked at several MH’s for sale, talked to the owners who said they’ve had it sold 3-4 times only to have new buyers turned down due to stringent qualification factors for renting space. Is this a common problem when buying and re-selling a MH in the $5000.00 range? Are parks making it that hard to rent a $200-$350.00 space now days? What can I do to overcome/work around this situation? There must be a way to make this work!
Advice on plan of attack would be greatly appreciated.
Thanks, Josh

import · February 17, 2000, 9:27am

Re: Lonnie Deals…Finding buyers that qualify for park rental space. - Posted by Bill K. - FL

Posted by Bill K. - FL on February 17, 2000 at 10:27:11:

What due you mean by stringent? Don’t forget these people will have to pay you as well. If they have a recent bankruptcy, repo or foreclosure or don’t have a steady job or make too little money, do you want to sell to them? You can use this as a selling point to prospective buyers. “This park is careful about who they let in. Not just anybody can move in here.”

import · February 17, 2000, 7:09am

Re: Lonnie Deals…Finding buyers that qualify for park rental space. - Posted by Tony-VA

Posted by Tony-VA on February 17, 2000 at 08:09:31:

You need to have a sit down with that particular park manager and find out. Remind them that you guarantee the lot rent, that your note would declare your buyers in default if they don’t keep the lot rent current and that you will work with the park to get them out quickly if they default. Explain that you would want them out fast because you don’t want them racking up back lot rent and fees that you are going to have to pay. I have found that most PM’s are just happy to hear that we will act fast, and work with them.

The PM’s around here get upset by dealers, brokers and finance companies get homes back through repo’s and let them sit for months. The PM’s have to either continually call and badger and threaten them, or like one PM here, she sues the lien holder promptly if they don’t respond to her calls. She will work closely with them and give them leaway but not if they ignore her. And if she has to fight them to get her money, she requires them to pull the home out of the park. Personally, I don’t blame her. Why should she go through the frustrations and be out money because the finance company is sitting on their heels? If they work with her, she is more than willing to let the homes stay.

Put yourself in their shoes. Bad credit risks often mean problems to them. It is our job to convince the PM that we will be with them all the way, limiting their financial risk by guaranteeing the lot rent, and staying in constant contact with them. We must help them feel comfortable with the deal and their position in it. Make it almost impossible for them to say no, simply by putting everything in the light in which they want to see it.

A relationship developed in this manner means that you will be constantly working within the PM’s comfort level. Now when the PM hears that a tenant wants to sell their home, or buy a home, who is she most likely to refer them to? The comfortable lonnie dealer, or the pain in the neck broker who never returns her calls and still owes her money?

See how this thing snowballs?

You will however, find some PM’s and park owners who simply are to stubborn for their own good and still won’t work with you. Oh well, their loss, you just have to move on to the next park.

Best Wishes For Your Success,

Tony-VA

import · February 18, 2000, 6:31am

Lonnie Deals… - Posted by Walt_FL

Posted by Walt_FL on February 18, 2000 at 07:31:12:

Hi folks,

Tony, I enjoy your posts, they are most informative and always seem to ring a familiar bell. Park Managers are definite a sore spot with me. My concerns are usually that the PM’s have a higher standard for ME than themselves when they Rent, Sell, and repossess MH’s. Also, with my current deal(3rd)they are slow to process applications(5-7 Business days), how long should this take??
I feel that with 1 of their units its much quicker, I am patient, however paying Lot Rent on An empty place is not my idea of fun. Do you talk to the Park Managers prior to buying any MH? The delay and process for someone who needs a place now won’t work. After all, these MH parks are not Shangri-La…

Again, Thanks all for the post…

Walt_FL