I got hung up on!

[alexmorrow]

Well, I learned a few things today about how to make an offer and how to approach park managers.

1. Making an offer

Always try to get the seller to name their price no matter what! I called up this lady that was selling her 1980 Single-wide home 3/1 for 15k. She named her price of 15k. I told her that I couldn't afford that to pay that much for such an old home. I asked her if she could do any better. She continued to ask me what price I could offer and finally I gave in and said 3k. She HUNG up on me.

2. Approaching a park manager/owner

Dumb yourself down. Act fat, dumb, and friendly. Today, I made a big mistake and came off like a shark. I pulled up to these gentlemen that were outside their home and asked them where the office was. One of them told me he was the park manager and abruptly asked what I wanted. I told him that I was looking to buy homes. He said that there were none for sale. From the get-go, the guy looked at me as an outsider and my presence threatened him. I should have parked my car and walked up in a friendly manner mirroring their body language. I should have asked more questions about the park before just telling them upfront that I buy, sell, and finance mobile homes. I went about it too quick. Lesson learned.

[Jim Johnson]

Well, I learned a few things today about how to make an offer and how to approach park managers.

1. Making an offer

Always try to get the seller to name their price no matter what! I called up this lady that was selling her 1980 Single-wide home 3/1 for 15k. She named her price of 15k. I told her that I couldn't afford that to pay that much for such an old home. I asked her if she could do any better. She continued to ask me what price I could offer and finally I gave in and said 3k. She HUNG up on me.

2. Approaching a park manager/owner

Dumb yourself down. Act fat, dumb, and friendly. Today, I made a big mistake and came off like a shark. I pulled up to these gentlemen that were outside their home and asked them where the office was. One of them told me he was the park manager and abruptly asked what I wanted. I told him that I was looking to buy homes. He said that there were none for sale. From the get-go, the guy looked at me as an outsider and my presence threatened him. I should have parked my car and walked up in a friendly manner mirroring their body language. I should have asked more questions about the park before just telling them upfront that I buy, sell, and finance mobile homes. I went about it too quick. Lesson learned.

These are great lessons... Some people will hang up on you and that is OK. Knowing before you walk in the door or make a call what you will pay really helps things move along. Here is the good news... remember this because if you do enough deals it will really bear fruit...

You make your money buying the property and realize your gain when you close. I get asked all the time if there is competition in the parks I deal in and the answer is... yes... always someone. Here is the catch, their life as a investor in the parks I deal with is short lived. The answer for this is really in the way I work the numbers... I NEVER overpay for a home... NEVER. When I see I do not need a down payment to meet my numbers. I want my total investment paid back in no more than 18 months, worse case. Most deals are much better than that... so if my competition has the same strategy but to make their deals work they need $3000 down. Because they paid $3000 too much for the home, my homes will sell first all day long. I can ask for some money down but I do not need it. My homes move fast, they give the park a option for people that do not have much savings. I solve the cash down problem for me, the buyer and the park... win... win... win. So the competitors soon go away... see their homes just do not seem to sell in the parks I deal with.

So back to you... know one of two things will happen out of this very situation... you will buy the home for $3000 or someone will pay more... either way... you did not make a bad move.

OK, park managers... that one sounds like it hurt... yo will get better at approaching them. I take them through my process slowly, showing them that win, win, win. I like for them to get sold on how I operate and then I ask then if they think my investing in homes in their park sounds like a good fit...

[F3Nelson]

Hey Jim

Would an introduction letter about who you are and what you are trying to accomplish be a good idea as sort of an ice breaker and a way to set up a meeting?

Or is it better to go in cold calling and try to warm them up?

Thanks in advance!

[alexmorrow]

OK, park managers... that one sounds like it hurt... yo will get better at approaching them. I take them through my process slowly, showing them that win, win, win. I like for them to get sold on how I operate and then I ask then if they think my investing in homes in their park sounds like a good fit...

Can you go into more depth about how you do this? Maybe provide me with a script?

[Debbie]

Introduction letter? Script? Eh, me thinks MH owners, managers & park owners are different animals.

In other words, face to face meeting is what they relate better. More trustworthy.

[Jim Johnson]

Can you go into more depth about how you do this? Maybe provide me with a script?

Deb here has the answer. Everyone is a bit different... this process is not so much scripted as it has a flow to it. You are getting to know the manager and at some point you are going to see if your business model fill a void in their park. That conversation can be 5 minutes or several hours... your selling your business but in a soft spoken, kind way. Engage in conversation, see what makes them tick, get to know them... great sales involves a relationship. That is what you are building... as for scripting how to build that relationship... I do not have one really... you can read back in other posts on how to buy a mobile home as to question I ask of the managers... but the bottom line is this:
They get sold a bill of goods all day long from people that do not understand their needs. Get to know their needs and then see if you filling in gaps for them.

It is sort of like dating... you see a good looking... park, get to know it a bit... then you ask it out... try to take it to the bank too soon and she will get gun shy... so take your time, court her, get to know her, then show her your goods...

[alexmorrow]

Haha...."show her your goods." I think this will take practice. I am usually pretty friendly around people I don't know, but I need to learn how to relate to this group of people more.

[Debbie]

Haha...."show her your goods." I think this will take practice. I am usually pretty friendly around people I don't know, but I need to learn how to relate to this group of people more.

Alex, just be yourself. Show them that you're a decent, caring guy and not a snobby RE investor who only cares about making money. You're there to create a win, win, win propositions. One win for the park owner, one win for the buyer and one win for you. Snobby RE investor is not interested in win, win, win proposition. Just a one win which is only for himself which is why most RE investors don't succeed in MH world.

[alexmorrow]

I just think maybe I am dressing a little too clean cut. I usually wear a sweater and jeans. But, maybe I need to tone it down a bit more? I always try to make sure that I don't come off snooty or better than them.

[Debbie]

When I went to MH park hunting in my city several months ago, I wore "Mommy" clothes. I had my kids with me. Once with our Golden Retriever. I received much more warm welcomes compared to a few times I went by myself.

[alexmorrow]

Maybe I should go with my girlfriend?

[Debbie]

Maybe I should go with my girlfriend?

That's a good idea. And, borrow a Golden Retriever :biggrin:

[alexmorrow]

Haha...what about the parks that don't allow dogs?

[Debbie]

Haha...what about the parks that don't allow dogs?

So far, I hadn't noticed any "No Dogs Allowed" signs. After all---you, your girlfriend and dog are simply taking a stroll and noticed "Hey! This park looks intriguing. Let's take a detour and stroll into there".