Beware of partnership sales ads


#1

Be careful of ads selling a percentage partnership in MHP’s. Do your due dilligence. I am a note holder on a park where it states that no portion of the interest in the park can be sold or assigned without my written permission. I just saw an ad where the buyer (stating Christian Businessman??) was selling a 25% interest in the park where I hold the note. No, he didn’t get my permission and I know find out the buyer has multiple partners already, I had the ad pulled. If someone has to advertise they are Christian, I have found in most circumstances they are not or they wouldn’t need to advertise it, they would just live right and be honest as their actions would speak much louder than their words.

Always ask to see the terms of their note, check their credit, check their credit (can I say that enough times) get documentation as to where your money is going (is it really into that park?). Visit the place, ask for references, speak to the onsite manager, seek legal counsel to ensure your interest is protected. If the lender forecloses on the person - are you really covered or will you lose your investment?

There is nothing wrong with partnerships when done right and everyone is honest and open. It is the deceipt I cannot abide, the lying, cheating etc. Hope this helps someone avoid a problem in the future.


#2

TC,

I agree completely. There is no substitute for due dilligence, done right, done in detail. Also, trust your gut - when it smells a rat, likely there is one, even if your brain hasn’t figured it out yet. Too many people simply believe what they are told and pay their money, never to see it again. With regard to those who promote their own virtue without let-up, there’s an old British saying:

“The more he spoke of his virtue, the faster we counted the silverware”.