Credit Reporting sign up - Posted by Terri (MI)

Posted by Terri (MI) on March 06, 2003 at 19:25:26:

just click on my name and email me. We are new to it, but have benefited greatly from attending the Mobile Home Seminar in Atlanta last month.

Credit Reporting sign up - Posted by Terri (MI)

Posted by Terri (MI) on March 06, 2003 at 13:26:25:

I’ve been looking into NTN and for doing credit reports on our buyers. We are planning on doing our first couple deals without being an entity. Problem is, both of the credit reporting companies want rental property addresses, titles, number of units, bank references and or tax bills.

So do we do our first deals without credit reports? (We’re within a week or two of the first one) And then once we become an entity, sign up? For example: wants:

  1. A copy of the most recent year’s tax bill for the rental property; or a copy of the title report; or a copy of your property insurance document; or closing escrow document.

  2. A copy of professional license or business license or a bank reference. And a list of all properties.

NTN wanted nearly the same information.

Thanks in advance for your help.

Good Golly, no! - Posted by Steve-WA

Posted by Steve-WA on March 06, 2003 at 14:11:44:

Terri, someone HAS to run credit AND BACKGROUND on your buyers. Truthfully, if somebody has enough money, I don’t care about their credit. So they default? I still got their downpayment - I’ll get 'em out and do it again. This doesn’t fly with the guy who has $500 down, BTW.

But background? Gotta. Evictions? Convictions?

Terri, stop in on a couple of Park Managers. Let them know what your company does (even though you aren’t doing business as one yet, seed the bed), and that you are just looking for a little background information. Small talk a little, listen a lot. Do you have any vacant spots that we may be able to move a home into? No, we don’t have one yet, but we are bidding, and I am scouting for spaces. How about vacant homes for sale? Anyone moving soon? Have a donut. What agency do you use for your credit and background checks? Have another donut. . .

This gives you the baby with the bathwater. There are places that run internet checks for criminal/eviction/credit, and they call for verification of employment and rental history - all for $30-$50. Just find out who does this in your area - parks use them. Some may require what you say, but many do not. They get their $35, they’re happy. If necessary, just tell them that you are a landlord.

The better thing here is that you are forging a relationship with a PM or two or three. Worth it’s weight in gold.

Re: Credit Reporting sign up - Posted by Greg

Posted by Greg on March 06, 2003 at 13:59:53:

Let me start by saying that this has nothing to do w/ answering your posted questions. Sorry. I couldn’t help but notice that you live in MI. I’ve been educating myself on real estate for some time now (no deals yet) but have just recently stumbled onto the concept of investing in mobile homes (and Lonnie Deals). I haven’t noticed a lot of MI postings recently. I did check the archive and notice some older ones. Do you have any contacts here in MI that would be willing to answer questions related to the business specifically here in MI? Would you be willing to answer questions by e-mail that I might have? It sounds like you’re new to this, but you’re certainly ahead of me. Where in MI do you live? I’m in SE MI. Rather than take up space here on the site, please let me know if I can e-mail you directly w/ questions. Thanks.

Re: Good Golly, no! - Posted by Terri (MI)

Posted by Terri (MI) on March 06, 2003 at 19:27:48:

I have established a relationship with two PM’s. I guess I never thought to ask them who they use for credit checks. Didn’t want to appear too “wet behind the ears” when I first met them.