Posted by Charles Clark on January 09, 2003 at 09:03:00:
HI TD,
It is funny and sad that in parts of the business world what you look like matters…Though many disagree with me, I suggest that you read the book “Dress for success” by John Mallory. It works. Now back to my advise, and I hope that others will reply to you also.
You have to sell the investor that you can and will make the payments, on time. The way you do this is to show that you have made payments on time in the past. You do this by showing a good credit score. Then you show them that you are not going to “walk away”. If you have 10 to 20% down, that is a good start. One suggestion would be to find an owner of a MH park that is interested in selling, but not in a hurry. Go to work for them to see if you like the business. If the owners like what they see, they may sell to you with a seller carry back for part of the down payment.
Good luck, feel free to ask any questions.
Charles Clark
I’m checking into buying my first mobile home park. I’m not interested in flipping, although I may sell one of my choices, should I get the park, later on after making some improvements to build equity.
Speaking of equity, am I totally out of my mind not to care if I have any when I first buy a MH park? Since my main goal is a supplement to my present income, I’d like to keep the parks for a while. Depending on how much trouble they are (repairs, etc.), I may wind up keeping them for a very, very long time.
I don’t have any down payment, and I don’t feel I can go to a lender. Maybe I’m just stupid, but as it stands, nobody seems to take me seriously. After all, I’m a female, relatively young, attractive (read-no brains), and have no experience in anything real estate. My credit is so-so, and I have not been working for the past 6 months, although I start back to my old career today. I won’t be making enough to save for a down payment, though. I have no collateral, either. So, I’ve asked sellers to finance the downpayment for me.
Please tell me, how bad is this? What are the odds it will work? Anyone care to guess?
T.D. If you have a hard time getting them to owner finance (all or part of the purchase price)and you are willing to pay a little more, tell them they can sell the note at closing and still get their cash out of it. E-mail me if you have any questions and I can help you with it and also help them sell the note for the best price. Good luck with all of it! I’m also female and can relate to what you are talking about.
Adria
Re: No Down, want to hold onto MH Park - Posted by Ed Garcia
Posted by Ed Garcia on January 09, 2003 at 10:19:23:
T.D.
The first thing you need to do is know what a deal is. I’m afraid you’re not ready to go out and try to purchase a commercial property with out at least having an idea of what you’re doing.
The good news is that you’ve come to the right place to get the information you’ll need to learn how to be a real-estate investor.
My suggestion is to go to the “How-Two Articles” and read every article. Print out Ed Wachsmans "A Glossary Of Common Terms Used In Loans And Lending " so that you’ll learn the real-estate financing language. Read the Success Stories and then go to the Main News Group and ask every question you can possibly think of on any deal you’re even thinking of doing. In a matter of months or even weeks you’ll see things differently then you do now.