Bad News For Mobile Home Investors
Well, the news came in last week but was only confirmed this week. This is not the end, but it is certainly going to slow down purchasing repo units.
I was averaging 1 to 3 units a week, but at the moment it looks like I may only get to enjoy 1 to 4 units a month.
This by the way does not reflect every MH lender out there only a couple of the major players.
They have re arranged the way they are going to deal with their repo list, some may not understand just why this is a hinderance. Well I can tell you from experience that I could just about tell you the ammount it would take to get a deal done, but wuth this new bidding system they are trying to target the end user and not the dealer or investor.
I have found a work around to this, or I am at least testing it right now. It wont be as good as before but it does look promissing.
Ok, before we hang our heads and cry 
all is not lost, I as I have said found today what may be the answer to this problem and will post more about it over the next few weeks once I have give it a real going over and tested it enough to be sure it will yield the results I am looking for.
I will tell you that my first run of it this last weekend produced nearly 8 strong buyers.
Out of the 8 I was able to secure so far a cash deal possibly 2.
I appologize if I was not as open specifically about which lender has re arranged their bidding process, no worries I will be more open about it when they are more public about it.
I will bring you up to date about this other which I will share this much has to do with Land Home packages!!!
MarkB
so how did the changes affected the overall business, markb? is it something that us beginners should worry about?
mike
Well,
It wont keep us from purchasing repo units as I have been able to continue withat but with this particular lender the new system does make it harder on us investors to get a decent deal.
The problem is their new bidding system, they will sell a home until it has at least 3 bids on it.
This really henders in getting in first advantage but it also opens the door for those on the inside to show favorites to certain buyers though they would deny this claim I know better from experience.
I am now doing most of my business with Greentree.... I like the way they do things....
I am going to refrain from saying the name of he other lender as they may look at it in the wrong light and I do have to do business with them from time to time
So the over all answer is if you do business with them it is not as easy anymore to purchase from them and to get deals from them... but its not impossible...... just slower.....
MarkB
How does someone get started in the MH Investing business?