Great Scott, Scott! - Posted by Dr. Craig Whisler CA
Posted by Dr. Craig Whisler CA on April 14, 2004 at 22:21:13:
You did many things especially well for your first deal. You got 56% of you investment back on the downstroke. If folks are afraid to ask for more than $500 down, or because they mechanically follow someone’s formula of only asking for $ 500, they will never get those $2,500 downpayments or any all cash deals. How can you ever get more down if you don’t ask for it? You asked and you received. The fact that it was your first deal should serve to encourage others to ask for as much as possible and not accept so little as $500 down until AFTER they have exhausted all other posibilities for larger downs.
I’ve said for quite some time now that most buyers don’t care if they make payments for 5, 10, or 15 years. They are pre-conditioned to expect home mortgages to take 15-30 years to pay off. Who are we to contradict them. The customer is always right, usually. Your experience should be the norm, not the exception. Most buyers don’t even care enough to ask how many years they will have to pay. Neither would they be unpleasantly surprised if you said 10-15 years. That is what ythey expect. Try to give your customers what they expect, so they will be happy.
I’ve also mentioned several times that the best potential buyers may come for the friends and relatives of the neighboring mobile home owners, for the same reasons as you have mentioned. They want to live close to momma, boyfriend, drug source, or whatever. Before running ‘for sale’ ads I always talk to the neighbors. Better yet, leave a full sheet of paper (ad) listing the mobile offered and its great terms. I specifically ask if they have any family or friends who would like to live close to them, whenever I talk to them personally. You have to put the idea in their minds or they won’t think about it. Sometimes a parent will pay for the mobile, just to get the kids to come live near them. Such parents often pay cash, for their children’s mobiles.
You may not realize it yet, Scott, but your note is much more valuable because of the high downpayment you got. There is not much likelyhood of them defaulting after haven sunk so much cash into the deal.
I hope others, newbies and oldltimers alike, will learn from your success.
Congratulations and many happy returns.