Posted by Chuck on October 11, 2003 at 13:46:59:
…regarding corporate parks?
Posted by Chuck on October 11, 2003 at 13:46:59:
…regarding corporate parks?
Meeting the Park Manager for the first time - Posted by Mark K
Posted by Mark K on October 07, 2003 at 07:02:17:
Everyone, Here is my plan for sat. and I thought I would run it buy everyone for a quick check. I plan to go to 3 parks I have found that look like I can do business there (not 55+ parks). I plan to dress nice (not a suit, I am in florida) bring my notebook. Ask the PM if they have a few minuites to talk. lets assume the will say yes. I will introduce myself to the manager and tell him/her I finance mobile homes, that I work with Park Managers in doing so. then wait and see what they say. Then ask if there are any for sale in the park. then wait and see what they say. Ask if I acquire them can I put an add in the paper and let the PM show the mobile and screen the prospective buyer? then wait and see what they say. Ask if they have any questions, concerns or comments? then wait and see what they say. I figure I will not get this far if the PM does not want to do any of this so it will not matter
What do you think. I appreciate any and all input
Sounds like some good advise… - Posted by Greg Meade
Posted by Greg Meade on October 10, 2003 at 06:56:41:
you are getting below, but i say take it one step further. utilizethe approach you line out for full, thriving parks. For mom and pop (30 unit or less) parks look for vacancies and flat ask, "how can we fill up your empty, non producing lots?? Have had very , very good response with this. If they want to fill spaces, can do it many ways all putting a buck or two into my pocket. Repos, old must be moved bargains with a L/O for qualified tenants, sell to MHP or to tenant, the principle stays the same. One last huge benefit to this approach is if you can help, you have made a friend for life. I do all of my deals in small parks…the corporate owned parks here will not even consider letting you play in their parks, and it has been a waste of time to try. Also, very few have vacancies as they steal all repos and most homes people try to sell themselves. A little thought out consequence of living in a park is owner controls who you sell to if they will allow it at all. This allows them to wait you out and accept title in lieu of moving unit out of park! If it sounds like i have no respect for corporate MHP thiefs oops operators ,you are dead right! Where in FL? I am in belleview area and love it!
Re: Meeting the Park Manager for the first time - Posted by Lyal
Posted by Lyal on October 07, 2003 at 08:01:04:
Sounds like a good plan. Getting started is the toughest part of this gig.
Just a few quick thoughts. Leave the clipboard, notebook in the car (don’t want to look too “slick” I guess). Chat a bit first, no hurry here, don’t want to launch into a “canned” presentation.
Tell them you “work for a company that buys, sells and finances homes” and follow with the classic line (was this from Steve??) “You do allow financed homes in the park don’t you?” Have a line ready when they ask if you will finance for other sellers. (“Generally we only finance our own buyers” or similar). I’ve had people ask if I’d just finance their buyers. I personally don’t want to tie up my money just for the interest. Need that “spread” to create the yields we want. Be careful telling them you work with Park Managers. If they ask which park managers, and you haven’t worked with any, you may be in trouble. Many of these people know each other socially so don’t “fib”.
As far as the PM showing the home, try to ascertain if they buy and sell themselves. If they do , there’s a chance they’ll use your ad to direct people to their own units. Also don’t forget to mention that “of course we pay a fee for your help”, have a number in mind when they ask how much (I pay 150 bucks. More than others but they appreciate it and I can’t tell you how many referrals I get nowadays). Also include “Of course we’ll send anyone who looks like a serious buyer right to you for an application so you can give the thumbs up or down…”.
All the best, Lyal
Re: Meeting the Park Manager for the first time - Posted by jp in pc
Posted by jp in pc on October 07, 2003 at 07:30:13:
I have done the same thing with 3 PMs. 1 went badly and basically I was told that they had no interest in even talking to me, much less lettin gme work in thier park. The other two were very helpful. One is letting me buy anything I want and rent/sell as long as the prospective tenants go through the PM before they move in/sign any paperwork with me. The last PM I approached must have thought I was in need of some assistance because after taling with her for about 10 minutes she volunteered to have her handyman show me anything/everything maintanence related that I might have a question on. Plus she is allowing me to use her forms for rent to own as well as giving me the option to buy several of the MHs she has in the park that she no longer has the time to keep up with (she is older and wants to get out of the MHs and just keep the ‘dirt’ income)
In my limited experience it is a hit an d miss game and if you don’t know how it is going to turn out until you go and try it.
Good luck to you.
Re: Sounds like some good advise… - Posted by MARK K
Posted by MARK K on October 10, 2003 at 11:41:22:
I am in st pete. by tampa. I have a few questions what do you mean by L/O for qual tennents. If I understand you correctly you work with the small parks so you do not get blocked by some PM on a power trip. Because simply put they can tell a person they cannot live in their park.
i love the St. Pete area… - Posted by Greg Meade
Posted by Greg Meade on October 11, 2003 at 08:24:32:
and there are surely many, many, Parks there! I deal almost exclusively in repos and by the way do lonnies (they are called ernests’ in Florida) as an aside. The only way to sell these older homes is L/O (lease options). In sept had a couple buy a repo D/W and place on their land. They had a 14X66 1988 liberty they needed to remove prior to placing their newer d/w. Asked me if i wanted it and i went and looked and was amazed at the GREAT condition. Truly well maintained…to make a long story short, i personally placed axles under it and removed blocling and had toted 40 miles to another park with 7 empty spaces. cost to tote and set 2400 which i split with owner of repo d/w. moved porches and reskirted for 350 more and sold for 1800 down and 312 X 32 months. Rent in this park is 188 per month and the new owners wanted total payment of 500 or less per month! I did great, the old owner did great(got rid of a problem to place his new d/w), new park owner was ecstatic as he had an empty space rented and has asked me to fill the rest! You will never get this kind of help from a large corporate park. It is not an ego thing with them, it is all about money. I don’t even stop at large corporate owned parks. There is one in Miami that owns 224 parks across America!One in miami has 1,300 spaces…WOW!
Read a lot about repos here and have done ok with them…something that has to be said is that there are very real risks here also. Have had two homes seized after i have bought (one from Oakwood). They are bought as is / where is and buyer is on the hook for any lot rent or legal action. Writ of Possession was filed on one (in Corporate Park) for 6500 in lot rent (and poenalties) yet when i asked , said nothing owed, just remove please. When sent breakdown crew, had sherriff serve foreman with Desist order and escorted them off proerty. Had to get an attorney, and he says will cost 5-7 k and several months to regain possesion of home. Am going ahead, so my 11k home will cost me 16k plus moving and lot rent and penalties continue. Park rep says this can all go away with title transfer to them! NOT! As doc so well said, all that glitters is not gold. or led Zepplin? Good investing!