Schooling an Owner or PM - Posted by Dirk Roach
Posted by Dirk Roach on April 09, 1999 at 17:02:56:
Never fear you can turn this situation into a great opprotunity.
A few points which you may or may not have missed in your conversations with the PM/owner:
1.) A mobile home which is financed has several bennefits which are:
a.) Better screened tennet. Since this guy/gal
is going to be barrowing money to own this
home, the lender (you) will more thouroghly
b.) A mobile home which has an existing
leinholder is guarentted space rent
payments. The leinholder is responsible
for non-payment of space rent by the
c.) If the tennet violates some aspect of their
rental aggreement which they will enter
into with the Mobile Home Park, it puts
them in violation of their contract which
they have entered into with you. So you
are more in a postition of controling
d.) Much quicker, easier and cheaper to Repo
a home, than it is to evict someone.
What I also do is put in writing that I will not sell the home to anyone who is not Park approved. PM’s love that.
Now comes the coup de gras, work out an understanding with the owner/pm, since they are not familiar with private Owner Financing, to try it out with you.
You then put yourself in the drivers seat. You have no competition.
When dealing with the PM’s it has always worked to my bennefit to play the “school-boy” role.
Ask questions like "what would you do to attract good buyers for this mobile home?"
That type of attitude will move you miles.
P.S. if you need help feel free to email me for my phone number and we can pull up our sleves over the telephone.