Need Help Fast! - Posted by Don

Posted by Don on April 09, 1999 at 11:37:43:

I just got off the phone with the park owner who said, whoever buys the trailer has to live in it bottom line. How can I do the repairs and upkeep and yet still find someone to live in it with out living their myself ?

Confused but motivated to turn a Lonnie deal in Ohio, Don

Need Help Fast! - Posted by Don

Posted by Don on April 09, 1999 at 10:31:06:

Just got off the phone with a motivated seller of a mobile home. 1974 2- bedroom, 2-airconditioners, stove&refrig and 1- large shed stays, lot rent is 240.00 a month. I asked him how much he said 2,000 or best offer! Not to bad of shape, will need to be prettied up some, descent park as well. I dont have 2,000 to give and he wants it all up front, because park owner want do land contracts he said. I,ve got to move quick (24hrs) or this might be gone, please can anyone give me some direction for my first Lonnie deal.

Don

Schooling an Owner or PM - Posted by Dirk Roach

Posted by Dirk Roach on April 09, 1999 at 17:02:56:

Hi Don,
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
scrutinize them.
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
tennet.
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
park violations.
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.
Good luck
Dirk
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.

Re: Need Help Fast! - Posted by Cheryl Peters

Posted by Cheryl Peters on April 09, 1999 at 11:46:25:

Need help contact me asap 561-347-1215