Posted by Mike-Tx on May 11, 2006 at 09:38:41:
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Newbie question - What does it take to qualify?? - Posted by Mike-Tx
Posted by Mike-Tx on May 10, 2006 at 18:24:09:
I am very interested in doing Lonnie deals and working towards saving up some cash to get started. My problem is my credit. If I am understanding correctly a lot of parks will want to “qualify” me by running my credit first right? The big question for me is what does it take to qualify to live in a park? I know each park will be different but there has to be some sort of “general rule.” Maybe the better question would be what does it take to be disqualified? Thanks in advance for any help. Mike
What does it take to qualify?? - Posted by Anne_ND
Posted by Anne_ND on May 11, 2006 at 09:41:50:
Mike,
I’ve never been asked to qualify by a park, and if I were, I’d say no. However I would be amenable to giving them the security deposit (in cash if necessary).
Anne
What does it take to qualify?? - Posted by Lynn
Posted by Lynn on May 10, 2006 at 19:09:34:
Mike, I cannot speak for anyone but myself but here’s how it went for me. I called the owner of the park (where I had found a mobile I could work with)and simply explained who I was and what I hoped to do. The whole while I emphasized that my future buyer would “of course, be PARK APPROVED.” The response I got was "Oh, sure, I have no problem with that. By the way, I have a repo you might want to take a look at that I’m selling “as is.”
Needless to say I was ten feet tall and bullet proof after that but the very next park owner I called where I found two potential deals, responded with “Oh, there’s NO WAY I’d let anyone in here to do that!”
(I’m glad that was not the first response I got) At the first park, the deal was well underway before I filled out the “credit check.” I paid the owner of the mobile with cash, paid for one month’s lot rent and the required security dep., THEN the credit check was run. Trust me, at this time, our credit is not the best–not the worst–but not the best.
The owner cashed my checks for rent and sec. dep. I took that as an approval since he never got back to me.
In, at least my case, it didn’t take much to qualify. By the way, my buyers (whose credit is lower than our) was approved about 30 seconds after they dropped off their application.
Good luck to you and, assuming you have read Lonnie’s book, establish and maintain that GOOD relationship with the owner!
Lynn