Owner finaincing Lonnie Deals/Need an expert - Posted by Scott Banks

Posted by Scott on October 31, 2002 at 15:20:35:


Thanks for the advice, I will take that advice to the “T” it make perfect since and I think thats the answer I was looking for, I hate to throw deals away but if I can make it a great deal then I dont want it right now anyway.

I was misleading in the way I put I made an offer, my offer is what is the best price they can come down on I never mentioned a price and never will until they get to where I want or close to it, then I’ll name a price.

Thanks a million


Owner finaincing Lonnie Deals/Need an expert - Posted by Scott Banks

Posted by Scott Banks on October 31, 2002 at 13:44:36:

I placed an offer on one home that was selling for 10k obo
I asked what was the best price they can do if I pay all cash. She said 9k OBO. I dont know if I can get this down to where I need it to be. Does anyone do L/O deals or get owner financing on Lonnie Deals? I was wondering how these worked out. I was thinking of offering 5k I will put 2k down all cash and have them owner finance the remaining 3k. Any ideas or suggestions

By the way she said they just want to get out from underneath them trialer, they are looking to buy a home. Does anyone think theres a possibity of getting it for 3k all cash or is that a ridicoulus offer. Should I just put it out there and see what they come back with or will that blow the whole deal.

Easy way to buy - Posted by Abe Froman

Posted by Abe Froman on November 01, 2002 at 20:52:03:

Hi Scott,
if you wanna buy for three and they wanna sell for 9. Are they motivated to sell? If so, they’ll come down.
Go to the people with 3k in fifty dollar bills. Tell them that this is all you have, and then put it all out in a big pile in front of them.
I bet they will take it.
However… on a side note… you mentioned that “they just want to get out from under the home”? Do they own it outright or are they still making payments to someone else?
Abe Froman…the sauage king of Chicago

expert? specialist! - Posted by Steve W (WA)

Posted by Steve W (WA) on October 31, 2002 at 14:18:58:

I’ll never claim to be an expert, but I prefer the latter term :wink:

Scott, do you need somewhere to live? Do you have to buy this trailer? Are you willing to pay 5K because you can carry it for 10K+? Would you figure that 3K is what you want to pay? Then don’t do anything other than that.

In my limited experience, the hardest part of this business is getting over that impulse to build an empire, and own them all. That will make you pay too much, and the next deal will be so cheap and so good, that you’ll be kicking yourself for paying so much on the former.

When faced with this situation - and I often am - I simply make sure that the seller is clear that i work for a business that buys - for cold hard cash - at low wholesale. They want a retail price, and we just cannot do that. Wish them luck with their price, and tell them that if the situation changes, you will be glad to help them.

They will press you for a price - don’t give it. “I don’t want to risk offending you if you think my offer is unrealistic. But I will tell you this - I have purchased many homes of the same age and quality as yours for under 3K.” Or give them a range - depends on the situation - maybe tell them 2K to 4K.

But, Scott, upon re-reading your post, you said “I placed an offer . . .” What was your offer? How can you negotiate a lower price?

Good luck with this - let us know how it works out.