Re: Fewer people have the down payments


#1

Brad, I stand by my basic rule that I would rather have a quality mobile home empty than sell it to an unqualified buyer who can’t raise the down payment money. They all say that they will be able to pay. I always tell my managers to ask them why don’t you have any money now? I don’t listen to all of the I lost my job or my ex wife stole all of my money stories. I also don’t buy their stories about how they make 200.00 plus daily but don’t have ten dollars in their pocket. It is important to remember that credit and criminal background checks show a substantial amount about people. Past behavior is a great predictor of future performance.

It cost money to renovate and to evict. I am fortunate to be able to evict at a discounted rate. If you have to hire an attorney to evict, etc… then if I were you I would be cautious and stick to a business model that requires down payments sufficient to minimize losses. If they don’t have money to put down then how are they going to be able to afford to keep the mobile maintained, etc…

Good Luck