Posted by Dori on November 02, 2003 at 10:44:32:
Rod,
Thank you so much for your insight! It’s very encouraging! I have been searching the archives and am amazed at the knowledge therein! I just ordered the book after reading your message; it certainly can’t hurt to have too much information.
Thanks again for your helpful advice!
Dori
anyone doing lonnie deals in missouri? - Posted by Dori
Posted by Dori on October 31, 2003 at 18:03:19:
HELLO! I am finishing up the home study course and was wondering if there is anyone in Missouri doing lonnie deals? If so, I’d love to hear from you!!!
Re: anyone doing lonnie deals in missouri? - Posted by Steve-MO
Posted by Steve-MO on November 02, 2003 at 08:56:38:
We are about 60 miles west of St. Louis. Have been investing in mobile homes and mobile home parks for about 10 years. Now have five parks and 25-30 home contracts. Have been full-time for about seven years.
Yes, southwest corner of Missouri nt - Posted by Philip
Posted by Philip on October 31, 2003 at 20:30:09:
nt
Re: anyone doing lonnie deals in missouri? - Posted by Rod - Mo
Posted by Rod - Mo on October 31, 2003 at 18:35:04:
Dori,
Welcome aboard!
Yes, there are several of us here in Mo. that frequent this board. I am in the KC area and deal in my spare time.
What general area are you in?
Regards
Rod
Yo Stevo - Posted by Ryan_MO
Posted by Ryan_MO on November 03, 2003 at 13:16:49:
Hey Steve, hows it goin? I live in the St. Louis area but just bought a small 7 unit park in Wellsville MO, and a 10 unit in Wright City MO. Where are you located west of St. Louis? WOuld that be in the general vicinity of Wellsville or more like Kingdom City?
Ryan
Re: anyone doing lonnie deals in missouri? - Posted by Dori
Posted by Dori on October 31, 2003 at 18:43:27:
I live outside of Urich, which is between Clinton and Harrisonville. I want to finish the home study course before beginning, or would you have other suggestions? We moved into the country from the south Kansas City area about five years ago. How about you? How long have you been doing lonnie deals and how did you get started? I have to leave our store in a few minutes, but will try to check this site as often as possible! So nice to meet you, Rod!!!
Dori
Re: Yo Stevo - Posted by Steve-MO
Posted by Steve-MO on November 03, 2003 at 20:38:15:
Ryan, We’re based in Sullivan, on I-44. Most of our parks are in Sullivan although we have a couple within 30 miles of us. Nice to hear from you we’ll have to get together sometime.
Re: anyone doing lonnie deals in missouri? - Posted by Rod - Mo
Posted by Rod - Mo on November 01, 2003 at 22:20:10:
Dori,
Never been to Urich myself, but visited Harrisonville a few times. Originally from the Joplin area. I am now in SE KC and have been for about 3 years.
As for the home study course, I can’t say first hand. I have DOW and find it well worth the money. I can advise you to learn as much as possible, but also get started once you understand the basic process. What are the greatest costs you could face? Protect yourself against those costs. Moving is always a big one, and having a park manager on your side is a must. PMs can break a beginner. Search the archives here about approaching PMs. I also pay the PMs $200 to show and sell. Most others pay less, like $100. Almost everyone agrees that a token gift, like donuts, on the first meeting is a good idea. If you ever deal in CA or NV and happen to meet Doc, a Big Mac is in order. Make sure you understand the forms you will use when buying or selling. Some folks actually read them and ask questions. After all, this is the Show Me state. Always be prepared to deal. I take my forms and my checkbook with me all the time. That paid off on my second deal. I was prepared and bought on the spot. Another potential buyer had already been there and took a little too long getting back from the bank. And since I am on the topic of buying, remember the basic rules of buying. 1 - you don’t have to buy. Wait until the seller has to sell. 2 - you make you money when you buy. The more you pay, the lower your yield will be.
I started doing Lonnie deals in June. I wanted better returns than I was getting with real estate. I was working on buying a residence in May and the deal fell apart. My wife suggested MHs. The one I eventually bought was from a very motivated seller. The difference between the normal asking price and what I paid was considerable, which got me to thinking and the financing angle. Research on that topic led me to this web site, and the rest is a new road.
Regards
Rod