Wife needs to be convinced - Posted by Francis UT

Posted by Anne_ND on July 12, 2003 at 15:55:50:

Hi Francis,

If you can’t get money from family and friends, it will be hard to get it from strangers. However, you might try your local investment club, or take a second (or third) job to build up a few hundred that you’ll need to get started. Maybe you have something you can sell? Having $2,000 or so ready to go will make this much easier.

You could also try to have some buyers lined up first- that will minimize your holding costs. When I first started the PMs I worked with insisted that I be on the lot rent contract and put down security deposit and one month’s lot rent when I bought a house in their park. Now that they know I’m good for it, I don’t have to put down a security deposit. So it helps to have some money up front.

good luck,

Wife needs to be convinced - Posted by Francis UT

Posted by Francis UT on July 10, 2003 at 18:39:59:

Hi Gang,

It’s been about a month since I picked up DOW and I’m ready to get started. I’ve ordered my business cards and will be taking a day off work so I can go meet park managers. My wife is my partner and is ready to go except for one thing…we don’t have any money to buy a mobile home. I’ve search through the archives and read many messages about how people have done it without using their own money. I just need to have some investors lined up so I can get started when I have a mh to buy and sell. Does anyone have any suggestions besides friends, family and credit cards? How do I get in touch with note buyers?


Re: Wife needs to be convinced - Posted by Ron_KS

Posted by Ron_KS on July 12, 2003 at 18:22:24:

I opened about the same way your headed Francis, however, I borrowed from family and friends and what little I had to acquire our first MH.

Like Anne, I too had to put up deposits with park managers until I proved myself so I would think you will need to get at least $2,000 to operate with.

As to selling notes, first you have to buy the MH and get it up and running and sold. I do not know personally any note buyers, but I would think the contract would have to be “green” before any would entertain buying at a discount. By “green” that is to say, the note has to have proven itself by payments coming in regularily and on time for a noted amount of time plus what is left on the contract.

Keep reading the posts, perhaps someone has more information. Best of luck,