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,