Getting "Qualified" by Manager each time to buy & sell in a park?
Doesn't it affect your credit score when every time you want to do business in several MH Parks at a time, your credit is run? Is there any way around this, especially since I don't intend to live there but only sell it to an end buyer/owner. Some of you must have some tips on how to present this to a park manager? Thanks!
Have the wholesaling conversation with them. "I won't be moving in - I will be paying lot rent and finding a Buyer for the home in the interim. I am happy to sign something saying that I will not be moving in and will adhere to Park rules, and in return you do not need to run my credit." Let them know they can run a background check to confirm you're not a violent felon sex offender that owns 5 pit bulls for fighting, etc as they will want something like this before allowing you to buy anyway.
Exceptions like this can be requested by the Manager to the Owner and will typically be "okay." The conversation may be more difficult if you plan to ask for them to reduce or waive the lot rent as you will not be occupying it until you find the end Purchaser.
You can alternatively use strategies to bypass the whole process like assigning your contract instead.
Good ideas, Jeffrey.
Yes. It does affect your credit score every time someone does a "hard pull" of it.
Why in the world are they pulling your credit? You need to explain what you are doing better, and talk to someone who runs the outfit instead of some yahoo at the front desk who only follows marching orders.
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#4 Mobile Home Park Investing Contributor
- Specialist
- Springfield, IL
Originally posted by @Account Closed:
Yes. It does affect your credit score every time someone does a "hard pull" of it.
Why in the world are they pulling your credit? You need to explain what you are doing better, and talk to someone who runs the outfit instead of some yahoo at the front desk who only follows marching orders.
First of all, I would recommend a preliminary meeting with ownership in which there are agreements signed. RCG has been training "Lonnie Dealers" for about three years now, less than one year seriously, and we spend considerable time on teach LDs how to approach and enter into joint agreements with community owners.
A community manager is not the same thing as a community owner. Community managers have:
- Limited authority;
- Often opposing goals (or at least they often think so;
- a propensity for changing jobs leaving you with new managers.
Community managers normally cannot enter into joint relationships that offers additional real money benefits to the Lonnie Dealer. Owners can, and will, if approached properly.
Second, if a Lonnie Dealer approached my community managers with the typical spiel, I would insist on a full credit and background check on them before doing anything else. I can't imagine a community owner not doing this unless the approach was more professional in nature.