for ScottS(NC) - Posted by SteveW(WA)

Posted by mk on April 25, 2002 at 15:51:13:


for ScottS(NC) - Posted by SteveW(WA)

Posted by SteveW(WA) on April 25, 2002 at 14:18:40:

just about past the bottom of this list ago you gave a good opinion and methodology for your tactic of collecting and paying out lot rent

where is that? I thought I printed it, but no go.

Re: for ScottS(NC) - Posted by ScottS(NC)

Posted by ScottS(NC) on April 25, 2002 at 15:00:28:

Steve here is a cut and paste of the post you might be referring to. Let me know if you were looking for a different one.

Hi All,

I have recently stumbled on to something that has made dealing in parks even easier for me and I thought I would share it. My philosophy has always been that we are finance company’s just like conseco or greenpoint, as I stated in several old posts. This has made it simple to get into parks, I have never been told no and currently deal in or have permission to deal in 15 parks. Here is where my problem began.

My PM’s always want to run a credit check(on my buyers)and be super knit picky about every little late bill. And the potential buyer may have 3k to give me for a down payment but becuase he has a unpaid medical bill from 5yrs ago they are DENIED.

What I have started to do is offer the PM’s (once they say yes they allow financed homes in there park) two choices of service programs my company offers.

Service Program One: I collect the entire payment from the tenant/buyer and guarantee lot rent for the entire duration of the note. If for any reason there is a default I do the eviction and continue paying lot rent until a new buyer is installed in the home. In other words I mail the PM a Check from My account each month for the lot rent. If the tenant/buyer is late I wait for it not the PM. If someone has to chase the tenant/buyer for the money it is me. What the PM agrees to if this option is taken is to allow me to run my credit rebuilding program, which is a nice way of saying I get to put who I want in the home. All the risks have been shifted to me but no more 3k walking away for old bills or low FICO’S!

Service Program Two: I simply tell them that I will treat them just like conseco or greenpoint would. No Guarantees they pick the person and I am just the finance company.

I have had several PM’s go for program one and my down payment are getting larger because of it and when down payment get bigger Yields go thru the roof!

I just thought this might help someone who like me gets big $$$ waved in there face and have had to tell them sorry I cant take your money because your FICO is a 587. Take Care ScottS(NC)

suppose PM selects Service Program two AND… - Posted by mk

Posted by mk on April 25, 2002 at 15:46:04:

after 3 yrs the noted is payed off. What now?

I get the point, im going to try it out. NT - Posted by brad

Posted by brad on April 25, 2002 at 15:31:47:


Re: suppose PM selects Service Program two AND… - Posted by ScottS(NC)

Posted by ScottS(NC) on April 29, 2002 at 07:35:53:


Once the note has been payed off I’m out of the picture I send a nice thank you card and letter to the PM and the buyer informing them. The note was satisfied and I tell the buyer I will sign off the lien on the title and mail it to them. HTH Take Care ScottS(NC)