Posted by Philip on February 10, 2003 at 23:24:18:
makes sense and the relationship and familiarity building at other parks wont hurt.
Plus I just wondered who would ever let me deal, and who wouldn’t.
Thanks for the advice, its good.
Philip
Anybody Walk from $3k on deal Gone Bad? - Posted by Walt_FL
Posted by Walt_FL on February 10, 2003 at 09:16:28:
Hi Folks,
I am currently experiencing interference from a Park Manager in the sale of a MH. I have had 2 contracts for sale interferred with and am at my wits end. I feel that if I had Mother Teresa for a Buyer she would be denied. I am helping a friend but I cannot pay Lot Fees on an empty MH any longer (4 Months already). I stopped paying lot rent to cut my losses, if they allow me to sell I will pay it then, otherwise I can’t see losing any more money on this one, Ouch!
Manufactured Homes Communities, beware of them!, as this is the Sam Zell Corporation that runs the Park. They have about 5 Corporations, Orangeland Vistas, “Carefree Sales” (for them), Realty Systems, Manufactured Homes Communities, Etc.
Can anyone recommend a Mobile home attorney in Pinellas County that will represent Private Owners, as I feel frustrated and this is Wrong and I believe Violates FS 723.059
Thanks for any information, assistance,advice, ideas, or referrals,
Walter Kaminski (727)656-1155 work email recet@ij.net Home email WALTERKAMINSKI@ij.net
Ps They seem bent on stopping any sale and want to foreclose to ‘steal’ my personal property after preventing me from selling.
Re: Anybody Walk from $3k on deal Gone Bad? - Posted by RichV (FL)
Posted by RichV (FL) on February 16, 2003 at 20:57:26:
Walt,
Ok that bites. I was just telling another investor on the CS boards about investor friends I know having some problems with some mh parks.
These people have had the same headaches as you. These people are all on some power trip. You could bring in the pope and they would turn him down.
I own property in Pinellas, (east lake area), but most of my investments are in Sarasota and Charlotte counties. My lawyers are in South Sarasota county, I’m not sure if its worth it for you to use them.
If not I hope it works out for you…I hate to see people get burned for no reason what so ever. They should at least give you the chance to sell the property.
Or Option #2 Do it John Hyre style …move that puppy out to greener pastures, you get to make money and break chops at the same time. I love that post!
Walt…good luck to you. I hope it works out.
RichV(FL)
What keeps this from happening? - Posted by Philip
Posted by Philip on February 10, 2003 at 16:43:41:
what keeps this from happening more often, when the leverage is in the PM’s hand?
Re: Anybody Walk from $3k on deal Gone Bad? - Posted by Indiana Bob
Posted by Indiana Bob on February 10, 2003 at 15:52:34:
Walt,
I would investigate a couple of options before giving up on the deal:
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Do you work well with any other parks? Perhaps one of your other park managers would be willing to cover at least a portion of the moving costs to get this home onto an empty lot of theirs. Then, you could sell it Lonnie-style.
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If you have another PM contact that is looking to buy homes, see if they would be willing to pay a few hundred more than what you have in the deal. Then, they would pay for moving costs, move it to one of their empty lots, and sell it themselves. You don’t get the long term income, but your headache is gone and you may make a new PM friend.
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Advertise it in local papers for cash. A few hundred (or whatever you can get away with for a quick sale) over what you have in the deal. Say in the ad that the home must be moved. Might be a person with a private lot looking for your home.
Good luck!
Bob
Re: What keeps this from happening? - Posted by Tony-VA
Posted by Tony-VA on February 10, 2003 at 17:30:11:
It does happen from time to time, particularly when you are dealing in parks for the first time. Let’s face it, once it happens, you won’t be dealing in that park again.
Many times, but not all, it is a result of not having established the relationship with the park manager First and not having established your business plan there.
If you show up once, talk a few minutes and then all the park manager sees is your check in the mail each month, you may have a problem on your first few deals.
Sometimes you win by osmosis. By this I mean you are around regularly and in time you rub off on the pm and they begin to trust you and understand your business and how it can help them.
If all they see is your check, then they may begin to like your on-time payment with no landlord headaches (because your home is vacant).
Sometimes you need to have an exit strategy for the first deal. Remember the reason why Lonnie chose single wide homes and avoids double wides (moving costs). Perhaps a few extra funds in case you need to pull this home out of this park. You will need to know another park that will take this home (thus the reason Lonnie suggests sticking with 10-20 year old homes.
Lonnie himself has been burned and as far as I can tell, the offending park manager has lost far more money by his antics than Lonnie did. In fact, I think that spot sat vacant for over six months and I think Lonnie may have bought others in that park, strictly to move those homes and leave more spots.
Ask John Hyre how he handles the park manager that pulled similar stunts. That guy is soon to be the most famous man in the company (and not for reasons he will like).
Tony-VA
Re: Anybody Walk from $3k on deal Gone Bad? - Posted by Tim
Posted by Tim on February 11, 2003 at 04:44:07:
I would talk to the park manager and catch up your late fee’s before selling you friends mobile home wrecks your friend ship. I would list as fast as possiable to rent on a month to month lease and then start hitting the newspaper ads looking for private investor to purchase home. Ask park manager to help you with finding buyer or to offer you a cashout sale price. But never give up and give your money away. If that happens quick deed to another friend who is willing to manage and pay you off later after sale.
Bright Pink Postcards… - Posted by JHyre in Ohio
Posted by JHyre in Ohio on February 11, 2003 at 16:28:55:
aren’t just for marketing anymore. My current targets: A Park Manager/District Manager combo. They have a very large park…with lots of repos that I can get cheap and move to greener pastures. Everytime I move one, EVERYONE in the company gets a postcard stating what got moved and WHY. These people shafted me on a few deals…so they won a battle and started a war. And I make money every time I move a home! That makes for a very long war.
John Hyre
I guess Lonnie dealers do have some leverage - Posted by Philip
Posted by Philip on February 10, 2003 at 21:24:51:
I only have one park that I am slightly leery of, and I will get written pre-approval for MY buyer before I buy repo’s in their park.
I think, like you mentioned, they are coming around, and will deal straight up…as we have become familiar with each other.
I would think there would be some way to take legal recourse, if you didn’t have the ability to buy out a bunch of his homes, like Lonnie did.
Rapport, though, is a huge thing with me, my work is based upon it everyday. I have visited with 7 or 8 pm’s in my area, and always have been there twice, before starting to try to deal. And I have only done 1 deal.
I would always try to build rapport first, but I agree with the “win by osmosis” thing. Show up often enough, with a good attitude, and you can win most people over, if they are winnable at all.
They won’t see my on-time rent checks if they keep artificially turning down candidates. I will pull that sucker out!
I guess knowing a few fairly crummy, ratty parks and building rapport in those might give you a place to pull too, as well as an occasional good purchase, to move into a legitimate nice park.
Lonnie probably showed them how “important they weren’t!”, there are those who need that now and then!
I will ask John Hyre, if I can.
Thanks for your time,
Philip
Re: Bright Pink Postcards… - Posted by Paul(TX)
Posted by Paul(TX) on February 11, 2003 at 21:22:52:
Nice one, John!
What do the postcards say?
Regards,
Paul(TX)
Re: I guess Lonnie dealers do have some leverage - Posted by Tony-VA
Posted by Tony-VA on February 10, 2003 at 21:51:52:
Don’t spread yourself too thin. Remember, you only need 1 park to do your first few deals in. Become an expert in that park and devote more time to it, instead of trying to capture 7 parks.
Work the first one, do it right and do it well. Then you will have a track record and can use this PM as a referral into other parks as needed.
Tony-VA