I met a guy in a coffee shop last week who is a commercial lender for a small bank. I told him about a deal I have under contract and we talked about various loan products that could help me cash out the seller financing. He also said that small businesses with lots of cashflow, like a MHP, or a portfolio of MH loans was a highly desirable commodity to a small bank that did commercial accounts (even more desirable than a good loan). He’s going to take me to lunch next week and talk about what HE can do for ME to get my receivables. I like the sound of that!
The best part was, I told him I used private money to finance my Lonnie deals and said “if you like what you see on my business plan, will you refer me to high net worth individuals that you know who have money to lend me on MH notes?”. He said “Absolutely, making introductions between our customers is an important part of my job”.
That was the best cup of coffee I’ve ever bought (so far).
Who have you networked with this week? - Posted by Ruben (KCKS)
Posted by Ruben (KCKS) on July 09, 2007 at 20:28:39:
Just a post to remind all of us to network with someone this week. Who have you told that you are an investor and what you are looking for (MH park, self storage, Lonnie Deal stick built homes, commercial property).
Has anyone gone and talked to a banker about terms on a loan or to a dealer or broker about a listing that is on the market. I have learned this last year the value of networking (taught to me by many people who post on the mobile home boards).
Tony and Scott have an event in August, Greg and Steve both have events coming up in the fall. For those of you who have never attended one of these please consider it. These networking events are invaluable to your investing career.
Make it a point to network with at least one person this week.
Today I met with a mortgage broker to look at a property that I am considering lending on. (And Ruben, I am interested in talking more about mobile home notes, just been crazy busy.) This looks like a great contact - he also arranges financing on mobile homes on land so there is a possible business relationship there.
But what is really exciting is that he is willing to mentor me in learning the note and trust deed business. (I should have my real estate broker’s license by the end of this year.) I am just south of the area he mostly works so I think he sees me as possibly complementing his business rather than competing.
Re: Who have you networked with this week? - Posted by JeffB (MI)
Posted by JeffB (MI) on July 10, 2007 at 07:06:46:
This post got my attention too. We called a park owner who has a 49 unit park I am very interested in buying. He was not interested in selling, but says “Hey, are you an agent”, and I said yes, so he proceeds to tell me he wants to buy a self-storage property but has no idea where to look and how to do it, and would I be interested in representing him?
Besides the obvious gigantic commission, I view this as a great learning experience and a chance to meet more people in the business of putting together deals like this (other agents, lenders, etc).