Posted by Greg¶ on August 13, 2004 at 14:08:14:
In one sentence, buy a mobile home from a motivated seller for cash, and sell on credit (buyer pays you over time). You are providing financing in an area where banks fear to tread.
This is the book, well worth its price:
http://www.creonline.com/catalog/b-103.html
Lonnie deal in Ca.? - Posted by glen marks
Posted by glen marks on August 12, 2004 at 11:02:19:
I read both of Lonnie’s books and I have been researching the market here in California and I don’t think a low price deal will work here. You can buy mobile homes at a discount but the price will still be around $30k (at least in our city) and you will go thru your cash quickly. Any thoughts?
Do a quick search on the word… - Posted by Andrew
Posted by Andrew on August 14, 2004 at 17:40:49:
“Dirk”
He was on this board for quite a while and did a ton of business in the San Diego area. There is a ton of info in his posts.
-Andrew
Move - Posted by Dr. Craig Whisler CA
Posted by Dr. Craig Whisler CA on August 14, 2004 at 14:42:36:
What city are you in anyway? I just got a 4 b, 2 ba mobile with a 55 foot long garage for under $2k full price, in Cabazon, Ca
As Jimmy Napier says: You aren’t a tree (with permanent roots). If you can’t do deals where you are… MOVE.
The best deals aren’t generally just ‘found’, they are MADE (or creatively negotiated).
Tip: great deals often come disguised as big problems (aka, hard work). I don’t ‘look’ for deals, I look for problems. Then I try to think of how to create opportunities out of them.
Most people think of themselves as investors. They should primarily think of themselves as problem solvers. First look for problems.
If you can’t find any problems, cause some!
Regards, doc
Re: Lonnie deal in Ca.? - Posted by becky
Posted by becky on August 12, 2004 at 19:58:33:
Okay, I’m sorry…I just found this site. What is a Lonnie deal??
Its possible - Posted by Gavin Wilkinson
Posted by Gavin Wilkinson on August 12, 2004 at 18:01:15:
I am in California and have done deals for 0$, $3600 and $5000.
You have just gone and looked at the “asking” prices. You need to find motivated sellers that have been marketing their homes for months or years with no results.
Another angle is to pay slightly more than the classic Lonnie deal and make up your profit on the other end. Lonnie mentions this in his book.
If you could do this with every mobile you see, everyone would be doing this. Its work, and expect to be turned down 20 times for each deal you do. Make a hundred offers, and then come back before you say its impossible.
Also, my experience is that deals through a broker or agent are very rare. Try the classifieds, the “nickel” type paper and look for private parties trying to sell for themselves. Go around parks and find people that have just put a sign in their trailer window.
Good luck!
Ops, I did it again. - Posted by Dr. Craig Whisler CA
Posted by Dr. Craig Whisler CA on August 15, 2004 at 16:14:25:
I forgot to mention that the above 4b, 2ba mobile home for $2k included the land too. Furthermore it was a nothing down deal.
Impossible you say?
If you don’t believe me ask Skip (CA). I was riding around in his car (using his gas) when I saw the deal. What I really saw was a moving van and I asked Skip to stop and back up. I asked the people standing out front if they were moving in or out? When they said moving out I asked if they were renting or owned it. They said they owned it but were selling it and found a buyer and that he had already opened an escrow. I didn’t let that discourage me so I CREATED a deal on the spot that netted me the property for $2k just couple of months later.
To make a long story short, the deal included a vacant lot next door. The price agreed on was about $2k less than I knew I could sell the vacant lot for, so the deal only ended up costing $2k (but I got someone else to pay for it through their rent).
Regards, doc