Posted by Tom (IL) on January 31, 2002 at 09:13:21:
I have heard, for what it’s worth, that numerous inquiries on your credit history will show up and can be a strike against you. Perhaps it will simply require an explanation should the issue arise.
Park Managers… - Posted by Bryan
Posted by Bryan on January 30, 2002 at 12:07:03:
I am working on my first deal and trying to get to know the Park Manager and all. The PM says I will need to fill out an application when I buy the home in the park. I have told her that I am an investor and my plans are to buy and sell MH’s. Longest I plan on holding the home is 30 days. She says I need to fill out the application anyway. Will they pull my credit report and ask for an application everytime I buy? I don’t understand this. Thanks in advance.
Re: Park Managers… - Posted by Steve Hilbon
Posted by Steve Hilbon on January 31, 2002 at 11:44:05:
A while back I bought a park-owned home (they used to have rentals) and they ran my credit and asked for a cashiers check. I fixed up the home, resold it and all went well. Just recently they sold me three more and took a personal check. Apparently they are comfortable with me. I agree that running your credit
lowers your FICO score, but since I have good credit it
isn’t a problem for me.
Regards
Steve Hilbon
Re: Park Managers… - Posted by CAW
Posted by CAW on January 30, 2002 at 22:26:44:
To be fair, it is her park and she gets to set the rules. You know that you will not own the home for long, but the manager has no way of knowing that. There are a few liars out there that will try any lie, and maybe she has been stuck with someone who lied to get into the park and then stayed and made trouble. And realistically, there have been a few people on this discussion board who have been stuck with houses that took several months to sell, so you might be in her park for 5-6 months.
What can it hurt you to fill out her application? If you are rejected as a tenant, then it is not the park for you to be working in. You can’t work a park without the cooperation of the manager. You aren’t going to get her cooperation if you refuse to follow park rules.
Each park has it’s own rules, so if you don’t want to submit an application, go work a different park. If you do several deals in other parks that work well, then you can go back to this park and show her your track record. Once you have proven your worth, you might get a different reception.
Re: Park Managers… - Posted by Jacque - WA
Posted by Jacque - WA on January 30, 2002 at 12:57:14:
Hi Bryan,
My response to that question in the past has been “Sure…which company would you like to run the credit check on…”
Honestly, as far as the credit checks are concerned - I highly suggest you do these deals under a business entity (corp, LLC, etc.)
This way if they wish to run a credit report, they can do so on your company, you are simply an employee of the company.
More than likely they do not pull personal credit reports on the salesman of the local brokers so they should not require one from you either.
Once they realize that this is a business and you run it as such - it will provide you with credibility and protection.
Jacque - WA
Re: Park Managers… - Posted by Randy, OH
Posted by Randy, OH on January 30, 2002 at 14:27:56:
Jacque,
I am new to this and I have ordered DOW, but could you fill me in on what the problem is with a PM checking your credit?
Thanks,
Randy
Re: Park Managers… - Posted by Jacque - WA
Posted by Jacque - WA on January 31, 2002 at 24:28:38:
Hi Randy,
I don’t think it’s so much of a problem. Some folks do not mind having their credit ran - some do.
Personally, I simply feel it’s important from the get-go to establish this as a business and that you are operating as a company business.
Either way, how ever someone wants to handle that situation is totally up to them. While my credit is great - I simply choose from the very beginning to be seen as running a business - I buy/sell mobiles and I am there as a company to help the park managers continue with earing their lot rents - I am not persoanlly buying these mobiles, the Corporation or whatever entity you use is buying these homes.
This is a gray area and people should make their own decisons according to their comfort levels.
Jacque - WA
Re: Park Managers… - Posted by RickW
Posted by RickW on February 02, 2002 at 20:23:23:
Hello Jacque,
I always enjoy your posts as they are enlightening, and thought provoking. I have wondered about this subject because we are in the process of starting to do deals and we want to do them through some entity, would the PM do a credit check on the entity and find no credit history. I have wondered if this is a possibility and what would be the consequences.
Thank you for any response.