Need MH help - Posted by JW

Posted by Jennifer(NH) on October 13, 1998 at 10:23:31:

I agree with both Dirk and Chris. The only other thing I would ad is honesty. If these people talk about the problems with their credit and their credit report verifies that then these people have been honest with you and that says a lot. Whereas someone that says their credit is clean and you find numerous problems is someone you want to stay away from.

Good Going in Picking up these 3 mobiles!


Need MH help - Posted by JW

Posted by JW on October 12, 1998 at 22:24:50:

O.K. you guys. I feel like a dog chasing a truck.
I caught the truck, now what???
Bought 3 mobile homes. Have an ad in the paper and a sign in the window. Am getting a lot of practice showing these things. Everything is great until I ask them to complete the application so I can check their credit. Boy! The stories I have heard. Am about ready to can the credit report and just take the cash down and HOPE they make the monthly payments. Any thoughts, advice, guidance, etc.??? Help please.

Re: Need MH help - Posted by Barbara (ME)

Posted by Barbara (ME) on October 14, 1998 at 11:32:36:

Also when evaluating their credit try to look at the total picture. A lot depends on their ages, how long employed, etc.etc. I have found if people keep up the payments on their cards they are more apt to pay on their home, but may let such things as medical or doctor bills slide.
See all you advid MHers this weekend at Lonnie’s seminar!
Barbara (ME)

Re: Need MH help - Posted by nnn

Posted by nnn on October 13, 1998 at 16:00:39:

1st dont nix the credit reports
sometimes it is better to not rent than to rent to dead beats
It is hard to evict people
BUT remember there are a lot of people who are just down on their luck
So please qualify them
And talk with them to let them know what you are looking for
Check the other posts they give good advice.
Good luck. Get these going and do some more.
What part of the country are you in?
If you want have them fill out the aplication then
take the ap. to their place and see how they live
If it is kept up well you have a candidate
If it is messy do some more checking
and say "I am sorry the place is rented and you wanted to tell them personally"
Read this somewhere.
KEEP a list of people you pre-qualify
this will help you in the future
best reguards good luck

Re: Need MH help - Posted by Karen McCall

Posted by Karen McCall on October 13, 1998 at 07:09:54:

I normally tell them when they are squemish about the report that I’ll be gald to offer them any advise I can about how to make their report better, but to do that I have to see it. Again the thing here is to get down on their level if you’ve brought up the issue in casual conversation and expressed sympathy instead of judgement they are more likely to feel at ease about the report.

Re: Need MH help - Posted by chris

Posted by chris on October 12, 1998 at 23:34:54:

first. congrats JW. you got it going. i was studying the lonnie course, listened to the tapes, and thought about the same thing that you are experiencing. the market you are dealing in (mobiles) attracts people who can’t afford sfh’s or who don’t yet have the financial discipline to be ahead of their credit. seems like their lack of education and/or discipline has programmed them to run the other way when someone mentions the word, “credit check” anyway, i was thinking of ways to combat that problem as well and came up with this. as everyone always says, dress to the occasion. look like the regular joe, not some slick rick. you may want to prepare them for the idea of a credit check by taking out some of the fear in the process. for example, don’t use fear words. although you must state you will be checking their credit, make it casual. also, express to them that you are not looking for a squeeky clean report. even relate stories how some of your tenants have been through financial hardships, but you financed to them regardless. play that it is more about character and not so much numbers on paper. everyone makes mistakes. and we are all victims of some past experience. i guess just making them comfortable with you and taking out a little of the business pressure should help out. give them confidence and make them comfortable. they can probably afford to make the payments, but i would not suggest that you dive in without having a look at their credit history… good luck!

Re: Need MH help…oops - Posted by Barbara (ME)

Posted by Barbara (ME) on October 14, 1998 at 11:36:05:

Obviously that is supposed to read “cars” instead of cards and “avid” instead of “advid”. It has been one of those days!
Barbara (ME)

Re: Need MH help - Posted by Dirk Roach

Posted by Dirk Roach on October 13, 1998 at 01:21:26:

I agree with Chris. First Congrats on getting started.
Now in reguards to Credit, I would be concerned with previous evictions, mostly. If their credit is marginal, well you might be able to work with these people. Have you been park qualifing them?
I was worried too about people’s credit, but then I realized that the Parks are running checks on these people, and at least around here, there are a lot of people in the parks, so there’s hope. Anyhow, I kind of turn the Parks into the heavies in reuards to credit.
I have found the two key words are INTENT and ABILITY. Can they make the note payments? And do they have the intent too. (thus the concern about evictions. I was speaking to someone the other day who has a lot of RE experice and she told me, that people will generally let their credit cards go, let their phone go, but when it comes to their roof, that is different for the most part. If that isn’t the case, pass on em.
Also there is always a co-signer option. Which maybe how we all will have to go on some of these.

Good luck and keep up the good work,

Dirk Roach