Posted by Blane (MI) on July 05, 2002 at 20:41:04:
Not trying to slam you or anything, but there’s a lot more things to be proactive about at the beginning of this business than note defaults. Finding workable parks, developing relationships w/PM’s, finding the deals, who’s gonna do any repairs, etc. etc. etc.
I’ve been doing this 2 years in MI and only had 1 default, and I just up and resold the place cheap for cash and got it out of my hair. If you have decent homes in decent parks and can screen your potential buyers, your defaults should be minimal. Spend your time thinking about finding those great deals, creating those great notes and bragging to us about your great yields. That’s what I wanna hear about. Good luck.