This was before my time but one think i wiill add is the 30 year mobile home mortgage. I am not sure how prevalent it was but i think that may be a variable…
We bought one of these from someone that just paid one off in our park ( they had pitbulls) and we offered to do this rather than force their home to move.
And this came up at the TexCO event. It was supply and demand , with all the defaults etc, the homes could be bought cheap at that time.
But if this is true, when you think about it , the 30 year mortgage would seem to carry a lot of risk with the rest of the model.
I like to check in what terms are from dealers to consumers. I hear 15 pretty regularly. But then on some stuff , i hear 23 year , i think i have seen that on this forum. I haven’t heard 30 but 23 seems like a stretch.
So really you want to have a basic understanding of what type of loans are coming into your park.
And then you also talk to customers who are doing outside buys with 5% down? I read over and over the default stats are low but just keep that all in the back of your head, what type of indirect exposure you have with loans in your community.
Im personally not on board with the Cash model for your customer, i inquired but i dont like the idea of the risk structure but some good comments here on that but thats not the general consensus from what I gather.