Posted by R.Broomhead on March 13, 2001 at 21:28:17:
Sign a deal with manager so that you will
pay if your buyer dos’nt.
PM won’t qualify any buyers! - Posted by Daniel
Posted by Daniel on March 13, 2001 at 02:45:52:
I have two MHs for sale right now (my first two ever). I have been paying lot rent on them for three months. I have had at least 15 - 20 people who saw them and were very interested. Then, they go apply with the Park (credit and background) and I never hear from them again! I am starting to hear stories that this park wants perfect credit, etc. I mean, it is a MH park after all! I am getting quite discouraged, as I’m having to pay $600/month total on lot rent, which is quickly eating away at any profits I might have. The price is right, my financing is right, but the Park won’t approve any of my buyers!
Please help!
Thanks,
Daniel
it’s your lack of control - Posted by David S
Posted by David S on March 17, 2001 at 08:40:44:
of the deal. All of these details should have been worked out prior to you sending anyone anywhere. You should go with your prospective buyer to meet with the PM. This will help you develope your relationship, and let’s face it, if you don’t take that step, you can forget it.
Over the years, I’ve had PM’s that have actually cursed me on the first visit and demanded that I leave the property. Only after a second/third, etc. visit did I actually make any headway. It’s a control issue, and the way you are attempting to do business, lacks control. In short, what’s in it for the PM? Why should they care who pays the site rent?
One of the best ways to gain positive attention from PM’s is offer them a “finders fee” (200-300) if they help you show or sell the home.
Some will, some won’t… big deal. Keep looking, but never loose control of any aspect of the business.
David S
Re: PM won’t qualify any buyers! - Posted by terryr
Posted by terryr on March 13, 2001 at 22:35:17:
include the lot rent in with the buyers payment:
i.e. if the payment to you is $250 and the lot rent is $150 then the buyer’s payment is $400. this is what i do and then i can control the situation by making sure the lot rent is always up to date
(nt) - Posted by Mark (SDCA)Re: PM won’t qualify any buyers! - Posted by Joe C.
Posted by Joe C. on March 13, 2001 at 05:41:34:
Daniel,
I am an owner/manager of a small park in Arkansas. I presume you have had some contact with the PM already,explained what you are trying to do do and got his/her input before you purchased the homes.
I have a suggestion or two:
Meet with the PM to discuss the fact that you have sent many prospective tenants and were wondering why none of them qualified. Make a list of his criteria. Tell him you don’t want to waste his time with additional unqualified prospects, so you will “pre-qualify” folks before they bother him. Get him/her to be specific using objective criteria. You may find out you’ve done something to offend him. MAKE IT RIGHT. Then, find a buyer that meets the criteria and accompany them to the interview with the PM. If there are problems you should get a proper explanation from the PM and try again.
As I’m sure you realize, you are at the PM’s mercy at this point. Don’t get angry with him or antagonize him or you’ll be moving your homes (always an option).
Once you get free of him/her think long and hard before going back to that park and figure the risk into your buying price. He probably does the same thing to anyone in the park who wants to sell their home and that makes it even harder for them to sell as well.
As a second (though more expensive) option move one or both of the homes out. Once he sees his tenant base eroding, he may be easier to deal with. If he’s just a PM and not the owner, he has an owner to answer to about declining revenue.
Just my thoughts from a PM/Owner’s perspective.
Joe C.