Newbie requesting assistance from the pros
Hi all,
I live in the Bay Area, as it so happens next to 3 m/h parks.
I am just starting to broker notes of this type both with or w/o land. My questuion is this.
Should I go to the park manager and simply ask if there are any of the owners that have notes on the m/h that are being rented?
And as a follow-up to that.
Are there any investors that would purchase these notes w/o all of the bravado " I'll get you 70-85 cents on the dollar " and just be honest with me. No disrespect to the pros in here!!
Thanks for your time.
Harry
In my experience the managers arent going to know about the notes. But I have talked to them and found out who wants to sell, who is late on there lot rent, or who isnt happy there. Take that info and run with it. As far as what note buyers will offer. This is going to sound like a line. It depends on the deal. There are too many variables to tell you a blanket statement of how much we pay. Remember this though, its all about risk. If there is land attached to the mobile that cant be moved, it minimizes the risk and reaps more rewards. Other than that, it is a glorified car loan since it can be moved.
Hope that helps,
Kyle