old John Hyre post-comments for a newbie? - Posted by Bryan-SactoCA

Posted by Dan (MD) on April 09, 2003 at 17:33:17:

That post is an excellent one…good to see it still coming up

For question number 1 - don’t do credit checks, have your PM do it, talk with them to see what they will accept and what they reject. I use them exclusively, if the buyer passes the parks credit check then they pass mine. Makes life much easier. You will find that a lot of people want to buy these homes but a good majority of them won’t even bother to fill out the credit app and the ones that do have marginal credit at best.

Here’s an perfect example, on my last home, I thought I found a perfect buyer, she had money on hand for a good faith deposit, and said she had good credit…it turned out that she was in the process of filing for bankruptcy…she didn’t bother telling me that until the PM found out…you will experience a lot of “colorful characters” doing this but if you are persistant then you’ll be fine…

Question number 2 is exactly like JHyre talked about, my first add was $500 down $220 a month, and I got 45 phone calls…and 44 dead beats…my second add was Owner Financed, flexible terms, and I got 2 calls but one of em ended up buying the home. I’m still working on improving it

hope this helps out


old John Hyre post-comments for a newbie? - Posted by Bryan-SactoCA

Posted by Bryan-SactoCA on April 08, 2003 at 22:51:22:

Scrolling down, I found the following post by John Hyre:


Honestly, I didn’t think of some of this before, and now I am a little more nervous and chastened but more realistic (that doesn’t mean I’m giving up, however). Can anybody comment on what this means? For one, finding a credit check service that doesn’t require proof of building ownership to get checks. I’ll need how to learn to “read” credit reports to distinguish habitual deadbeats from the people who have had bad luck and want a second chance so I can choose the latter. Second, I’ll have to try different ad wordings and strategies-I think I’ll go with “Will Finance-No Banks” rather than simply “Will Finance” for newspaper ads.

I don’t have lots of money, but I DO have lots of time-time that is now being wasted by me sitting around doing nothing. If I get out of this that I’ve spent my time doing something worthwhile, it will be worth it.