Posted by Rich-Tx on February 17, 2006 at 06:50:44:
thanks karl, steve,
i need to put my emphasis on finding “motivated sellers”; just like lonnie says.
good park manager relationships
handing out cards
running ads
there are probably other good tips in the archives.
i’ll go check…
off work tomorrow…talking to several PMs - Posted by CR Smith
Posted by CR Smith on February 12, 2006 at 20:37:46:
Finally doing it…I’m following page 45 of DOW to a “T”. Have even written down the questions I want to ask.
First and foresmost to find out IF I found a for sale by owner there I would be allowed to keep it there and finance it, then what their lot rent is, if they hear of any FSBOs, and if so, to please call me [hand them my card].
Also, find out what’s required if I were to find a buyers (credit check, security deposit, etc.)
Is that pretty much it? Feels like I’m missing something. Is there any more “finesse-full” way to find out right off the bat if they are going to allow someone from the outside doing Lonnie deals there??
I also plan to try and chat up friendly-looking folk living there.
Thanks ahead
Re: off work tomorrow…talking to several PMs - Posted by Marty (MO)
Posted by Marty (MO) on February 12, 2006 at 20:50:51:
it’s hard to believe, but you’ll look back on this pretty soon and be stunned that you were intimidated. Relax. They’ll either a)know exactly what you wannt to do, realize the benefit of having you there and welcome you with open arms b)not understand what you do, but will be receptive to what a nice guy you are c) clueless and unreceptive to you, despite 40% of the park being vacant or d)they do all the deals themselves and want full control of their park- all you can say to that is “good for you…”
start at the furthest park and work your way back. don’t think they’re doing you the favor- you’ll be helping them solve their problems. begging is the quickest way to “no” I’ve ever seen- in any situation. have the mindset that you’re checking out their park to see if you even want to do business there. have fun- this is so much fun. I couldn’t believe how everything unfolded just the way Lonnie and the seasoned posters said it would.
good luck,
Marty
case in point: - Posted by Steve-WA
Posted by Steve-WA on February 13, 2006 at 19:17:58:
Marty emphasizes: “don’t think they’re doing you the favor- you’ll be helping them solve their problems”
I visited one of my business parnter parks today - and the new realty property manager came in for a visit (park was recently sold - resident PM still in place, but corp PM doing most of the dirty work). He says they want to convert some of the RV spaces to MHs, and how would they get MHs in here? WE dont want old ugly, but good looking homes.
I told him that if he paid to convert the electric service to 200a, and paid for each move, I WOULD FILL THE PARK (about 4 or 5 units).
His eyes got so big - I’m getting him the first set of pictures tomorrow.
If he wont pay for the move, thenI am not going to do it. Movers are not cost effective for me - I pay 2K for one set up, why would I pay 2K for a mover, then 2500 to move and set it?
Duh.
Re: off work tomorrow…talking to several PMs - Posted by CR Smith
Posted by CR Smith on February 12, 2006 at 22:10:18:
Marty,
Thanks for replying to my thread. I was actually planning to do just what you suggested–go to the park 20 miles away and work my way back. Sweet…I must be catching on to this stuff!
The two parks I like best are 3 miles and 8 miles from home, so I hope to be well practiced by the time I work my way to them.
I like your suggestion as how to position–I’d be solving one of their problems: keeping the park full of good buyers, rather than asking them to let me do something.
I’m a good small-talker–hopefully my teenage summer jobs working on the county highway dept and in construction will serve me well in that respect.
Thanks again for the encouragement–I can’t wait to get crackin!
Re: case in point: - Posted by Rich-Tx
Posted by Rich-Tx on February 16, 2006 at 17:40:07:
Steve,
I’m curious. What kind of home can you buy for 2k?
Rich
Re: case in point: - Posted by Marty (MO)
Posted by Marty (MO) on February 13, 2006 at 21:10:10:
sounds like you’re stumbling into a great deal! Will the new owners waive lot rent while the homes are vacant? Where are you looking for “good looking” homes?
Our repo market seems to be pretty tight right now… Our main park’s trying to get us to get our buyers in other parks to move into their park- after moving the home, our buyers would have a few bucks in their pockets. We’re leery about messing with homes that are paying- why invite possible problems? If we find other acceptable homes to buy, though, we’ll definitely try to move 'em in…
Keep me posted on when you’re coming back in- I’d love to get Michael and Ruben and anyone else who wants to meet to come out and tell lies about trailers…
Sometimes very nice ones - Posted by Karl (Oh)
Posted by Karl (Oh) on February 16, 2006 at 22:11:39:
I bought a 1997 16X60 2br/1ba in nice shape last month from a woman who was being evicted from the park. She inherited the home, but didn’t make enough money to afford lot rent. She owed the park about $2k back rent, and wanted to give them the home for what she owed, but needed some moving money. This was a motivated seller.
The park called me to put the deal together, I told her I’d take care of her park bill, and give her $1000 cash if she was out right away (I tried to give her $100, but she hustled the heck out of me). I settled up her bill with the park for $1000. So I got the home for $2k.
I’m selling the home tomorrow for $12,900, $1000 down at $250 per month.
Karl Kleiner
what kind of mh for 2K - Posted by Steve-WA
Posted by Steve-WA on February 16, 2006 at 18:56:06:
best Ive gotten include 80s, a couple early 90s SW - sometimes GTG, sometimes paint & carpet . . . but it is different everywhere - its based on the value of 2K, I think.
The core of this business is the motivated seller - are they motivated enough to walk away with 2K? Depends on what 2K is worth in that area . . . calif? NJ? Prob not . . . low income area? In a minute.
The dollar values are often different, but the principles are exactly the same.
Re: case in point: - Posted by Steve-WA
Posted by Steve-WA on February 14, 2006 at 21:19:25:
finding them in the Little Nickel, or from leads - not repos.
coming back to StL - like, first week in March - I’ll let you know dates soon - its for my wife’s convention, so probably just a lunch or something (if that!)