Posted by GG(Ga) on March 07, 2003 at 17:07:13:
Thanks, there are a good many people on the “TEAM” at the moment. There’s a manager and maintenance husband and wife at the park now, and we plan on using them as much as possible. I can write a good ten pages on what we want to do to the park and how we are going to do it. Your answer gave good insight into the “resume” part. I really appreciate it.
Thanks,
GG
My lender wants a resume! - Posted by GG(Ga)
Posted by GG(Ga) on March 07, 2003 at 13:54:44:
Found the perfect mobile home park, did due deligence, hired attorney, did title search, finally received a conditional pre approval with a list of things needed by the lender. Most are simple documents that I already have and just need to make copies. The number one thing on the list is to provide related experience in this line of business. I have a resume if I wanted to go out and look for a job, but what does a resume for a lender look like? Is it the same thing? My experience is in office management and all phases of bookkeeping, my partner does construction, all types. Neither of us has experience with actually renting properties. We, along with everyone we know, knows we can do it. Our education has come from this web site and talking with other MHP owners, plus we have studied the real estate market in that city for 6 months. That consisted of reading the paper, finding out the recent home sales, checking out the rentals. I went so far as to actually go and look at the rental property available, pretending to be a renter. I need to try and get this together by this Monday, (I just recieved this yesterday) so I need help now! Has any one else had to do this? What did you do?
Thanks,
GG
Re: My lender wants a resume! - Posted by Jim Rayner
Posted by Jim Rayner on March 07, 2003 at 16:12:46:
GG,
Yes, its very much the same as the resume that you would use to get a job in that its purpose is to describe your experience. In this case however it need not be as detailed as it might be if it were a job search resume.
For example your experience in office management and bookkeeping is an important aspect to property management as would be your partners experience in the constructions trades. You might write it as " GG’s xx years of experience in general office management and booking make GG a vital member of our team’s efforts to maintain efficient administative operations."
the same thing could be applied to your partners strengths.
Additionally you have the outside consultants that you work with such as your attorney, accountant, realtors, mortgage broker, etc. A brief sentence or two about each ones specialty and contribution to your team is all that’s necessary.
There are three legs to every loan review with a bank, credit, capital, and experience you can be lacking on one so long as the remaining two are strong enough to compensate for the lacking component. The resume speaks to the issue of experience and while you have no direct experience with rentals, you do have experience vital to that end and where you lack other expertise you should have well respected outside consultants working with you as part of your team.
The " TEAM " concept is important and you want the bank to know that its important to you and that you welcome them to become part of your team as well.
hope this helps
Re: My lender wants a resume! - Posted by Charles Clark
Posted by Charles Clark on March 07, 2003 at 21:46:29:
Hi Jim,
That was a great answer. I am glad to have learned that from you, as the question comes up from time to time.
Charles Clark