My First Call On A MH Ad - baby steps - Posted by Tom (IL)

Real Estate Investing Mobile Homes & Mobile Home Parks
#1

Posted by Doug McDowell on January 09, 2002 at 14:52:38:

If it’s ANY help this is the same problem I’m facing as well! What’s funny is I have no problem calling on single family homes which might be possible investments, but for some reason meeting and talking to a park manager seems much different, I think for the same reasons you listed Tom.

Somewhat reminiscent of teenage years when I would get ready to call a girl for a date! Got pretty nervous then too! Well I never COMPLETELY got over that, even in my mid twenties it made me nervous!

P.S. One solution was to think such lustful thoughts that I overcame my shyness :slight_smile:

#2

My First Call On A MH Ad - baby steps - Posted by Tom (IL)

Posted by Tom (IL) on January 08, 2002 at 09:44:32:

I saw an ad today in our local paper for an 89 Parkwood MH. The ad says that it is well maintained, 1BR, 1-BA w/new carpet & Floor, appliances & lg. deck/shed.

I’m about 80 pages into Deals on Wheels and I want to make sure and finish this book as well as Making Money on MH’s before I really get started. However, Lonnie talks about getting to know your market and I figured that I couldn’t foul up too much by simply calling on the ad.

Anyway, when the call first started I found myself doing all the talking and asking questions. I then remembered Lonnie saying that you should talk as little as possible and let the seller do all the talking. All the while you try to pick up on how motivated the seller is. So, I shut up and let her talk. There was even a moment of awkard silence where I normally would have caved in and started blabbing, but I kept my mouth shut and she went on.

She was very knowledgable of the home and it sounded like it’s had a ton of updating to it. The dimensions are 12X33 (single wide) with a huge 15X33 deck. I tried to gently get her to reveal why she is leaving. I said, “Is the park ok; you’re not leaving because of the park are you?” The secondary purpose of the question was to find out how the park is, but the main reason I asked the question was to open the door for her to reveal why she is leaving. She didn’t bite. I’m not sure how much more direct I should have been.

Well, the lot rent is $390/month and she wants $14K for the home. This isn’t a Lonnie Deal, but it was good practice. I just thought I’d share this with you. Any comments good or bad are welcome.
Tom

#3

Re: My First Call On A MH Ad - baby steps - Posted by ScottS(NC)

Posted by ScottS(NC) on January 08, 2002 at 12:11:05:

Tom,

Congrats., You have already done more than a lot of folks do. As you seem to already understand this is no deal at all. If the dimensions are correct 12x33 this is a tiny home. And it is way over priced when a seller starts in on all the improvements they have made this is a immediate sign to me they are not motivated. Think about it when you are truly motivated you tell people “I just want out” or some other indication of a NEED to move. She was trying to SELL her home to you. You are not intrested in BUYING anybodys home, you are intrested in finding a MOTIVATED SELLER and SOLVING THERE PROBLEM. I encourage you to keep looking keep calling be more bold with your questions. True motivated sellers will gladly answer any question you have without hesitation. Remember the $$$$$ rule they have to sell you don’t have to buy! Keep it up you will find a true lonnie deal soon. Take Care ScottS(NC)

#4

Re: My First Call On A MH Ad - baby steps - Posted by Eric NC

Posted by Eric NC on January 08, 2002 at 11:47:39:

Good job! The first step is the hardest.

I haven’t had a problem yet with “So why are you selling the home?” You don’t have to tiptoe at all. This is a valid question. If you were buying a car, you’d probably ask “So why are you selling it?” Well, buying a home is no different.

Keep it up, you’ll love it! I’ve been doing this for about 2 weeks now, and I love calling people that are selling. Now I feel I’m getting hung up on talking to managers. I think I’m just being nervous and probably stalling.

Oh well, time to make a call! Have a good one!
Eric

#5

Re: My First Call On A MH Ad - baby steps - Posted by Tom (IL)

Posted by Tom (IL) on January 08, 2002 at 13:02:34:

“You are not intrested in BUYING anybodys home, you are intrested in finding a MOTIVATED SELLER and SOLVING THERE PROBLEM.”

Wow, what a great comment!

#6

My First Call to a manager - baby steps - Posted by Eric NC

Posted by Eric NC on January 08, 2002 at 12:05:55:

I did it!

That wasn’t so bad at all. I simply called the manager who’s also the owner of the park. I let him know I was starting a business to help young couples get started. I explained that I would purchase the house and take care of the lot rent until I got a buyer. I mentioned that any possible buyers would go through him first to be approved. He said the only problems he had were:
a. They may try to get that trailer out of there because it’s too old.

b. He had to talk with his partner about the legal aspects of eviction. He said in his experience people who rent don’t take as good a care of their homes. I explained that they would not be renting, they would be buying from me. I also explained that I would be responsible for any lot rent that came due if they were evicted. I also explained that if they got evicted from the park for any reason, I had it written into my contracts that they would forfeit the house anyway.

Bottom line is that it might not work out for that trailer in that park, but that I called a manager and he didn’t bite my head off. hehe

That wasn’t so scary, now was it?
e

#7

Re: My First Call to a manager - baby steps - Posted by Don

Posted by Don on January 08, 2002 at 22:17:11:

Good thinking… this seems to be the biggest obstacle to me also… but I just thought that maybe for practice you could talk to some managers in a park outside your area…if you goof up you haven’t lost anything

#8

Re: My First Call to a manager - baby steps - Posted by Tom (IL)

Posted by Tom (IL) on January 08, 2002 at 12:59:58:

Good job to you as well. It’s funny you posted this; I’m also kind of squeamish about contacting a manager. When you think about it, it’s not a big deal so I’m not sure why I’m squeamish. I’m not sure what exactly I’m going to say. I like your idea. Perhaps Lonnie addresses this in one of his books and I just haven’t read this yet. I guess I’m worried that a) I might not explain what I’m doing very well and lose the opportunity; b) He might think I’m some kind of salesman and show me the door. Oh well, I’ll get over it. Here’s a great quote I heard the other day, “Success is always outside your comfort zone.” I think I will post this as a new thread so others will see it.
Tom

#9

Re: My First Call to a manager - baby steps - Posted by Eric NC

Posted by Eric NC on January 08, 2002 at 22:36:15:

I will admit that I actually did talk to a different manager first, but I’ve been trying to forget it now that I’ve learned my lesson.

I started with saying the house was for my wife and I. Then I mentioned I wanted to help a young couple get in. This guy asked, “How old are they? What do they do?” He got another phone call and made me hold. I thought “Oh sh*t. If I keep this up I’m dead.” He came back on and I said actually there’s a number of couples I’m trying to put into homes. Uh oh…

He goes, “Now wait a minute here. First you told me it was for you and your wife, then you told me it was for a young couple, now you tell me you have a number of couples interested. So which is it? I’ve been in this business for 30 years, and no offense, but that sounds a little dishonest if you ask me.”

Yikes!

I told him to forgive me, I’m just getting started in this business, and that I wanted to buy a home in his park, and then finance it for a young couple just starting out. I told him I was nervous and that I was sorry we got off on the wrong foot. Had he ever done that type of thing before? (the financing thing)

He said yes, but he wasn’t sure if we could do business because I sounded a little dishonest with my story.

I apologized again, explained that I was new and nervous, and he said well, maybe we can do business, but he’d need me to come in and talk with him first. He also said we’d have to go through all of the credit, eviction, and criminal checks. I told him okay, I’d call him back, and thanked him for his time.

Well, I think I’ll try boning up on my skills in a different park than his for the time being.

Anyway, the lesson is: be upfront with these guys. Lonnie tells us this in his books. I just didn’t read hard enough.

I won’t do that again. But I didn’t stop trying either. I forced myself to call that other guy today and made sure I was upfront with him. Like the post went, I might not be able to deal on that trailer in that park, but we had a good conversation, and I’m back in the saddle again, not too much the worse for wear and definitely wiser. Good luck to you and don’t sweat it. Just be honest and you’ll do well.
Eric