Posted by Glen SoCal on October 26, 2003 at 13:56:24:
Chuck, you wrote:
–Optionally, you could do a conventional lonnie-deal and sell part/all of the note, but you end up taking a hit on the discount.–
If there is such a thing, what would a ‘standard’ discount for a note come to?
Have 30K , no job. where do I start ? - Posted by Joe
Posted by Joe on October 20, 2003 at 09:23:35:
Hello I am a first time discussion member. I have been intrested in investing in mobile homes ever since reading a lonnie article and reading these discussions.
I would like some advice from the seasoned investors out there. Here is a list of facts about me and a list of questions I have. I am 39 years old, just lost my job, have 30k in savings, live in Florida (could relocate), family of four, poor credit, just orderd lonnie book.
1.do the lonnie deals really work?
2.should I look for small deals or to buy a park?
3.which is the best state for deals Florida or Georgia?
Thank you for your time.
Re: Have 30K , no job. where do I start ? - Posted by Dan - GA
Posted by Dan - GA on October 20, 2003 at 09:48:13:
The best place to start is right were you are. You cannot afford to relocate from any area to another area just to do Lonnie Deals especially when you live in one of the prime areas.
- Cut ALL discretionary spending. Cable, dining out, movies etc… 30k will be gone before you blink an eye.
- Go to several 55+ or retirement communities. Look for vacant trailers with a for sale sign and an out of state area code on the sign. The people have moved, or someone died, and the new owner has no use for the property and it’s costing them $350 or more a month to pay the lot fee. Every month they wait, they loose money.
- Offer to solve their problem. What’s the minimum you would accept for all cash today? Advertise that you have a 3/2 available with low down and you’ll finance the balance. Don’t be specific in the ad and say “I’ve got others” when you’ve sold the 1st one. Take enough down to cover the purchase price and finance the balance creating an income stream.
Re: Hell ya… - Posted by The55+GuyFromAZ
Posted by The55+GuyFromAZ on October 20, 2003 at 10:34:13:
Now that’s a game plan I can endorse.
The only thing I would add to it is an obseveration… the 55+ buyer will typically prefer to pay in cash… making it the quickest way (my opinion) to generate working capital (to do other deals) in mobile homes today.
Optionally, you could a conventional lonnie-deal and sell part/all of the note, but you end up taking a hit on the discount.