Posted by Brady CO on February 27, 2008 at 19:14:34:
If you’re in Colorado which I think you are…you don’t need a dealers license unless you actually have a dealers lot…Which you wont have to do Lonnie deals…We’ve done over 30 with out a license.
Amen to Ryan…Set up an LLC…If you do it online in COlorado it’s $52.25 Money well spent to protect youself…It takes about 25 minutes to do online.
Should I dive in or get my business in order - Posted by B (CO)
Posted by B (CO) on February 25, 2008 at 22:27:16:
Hey everyone,
I just last week learned that Mobile Homes were even an option and quickly ordered the DOW home study course and Tony Collela’s “Mobile Homes with Land” book and have been reading them all of my non-working hours. I have also been reading all of these forums to get a feel for what I might be getting myself into and am pretty excited about the whole thing. At any rate after a little searching I appear to have found a classic “Lonnie Deal” waiting to happen, a 3br 2ba 76’ that the owners need to get out of due to a job transfer. They are asking $1500. Given my almost non-existent knowledge I am wondering do I jump on this if the park is nice, the home is livable and can stay where it is even though I have not set up as a business or taken any steps past getting though the first 6 CDs of DOW and half of “Mobile Homes With Land”? (Keep in mind that I am a computer geek and have no background in any of this type of business)
My gut feeling is to get my education and business in order first and foremost as I am sure that I could open a lot of cans of worms getting into something that I have so little information on, still this seems like the exact thing that many recommend getting started on NOW!!!
Any thoughts?
B
Re: Should I dive in or get my business in order - Posted by Ed in Idaho
Posted by Ed in Idaho on February 29, 2008 at 09:29:48:
Even if you fail miserably and only break even, the experience you will get will be amazing. Make sure you do your due diligence on the questions you yourself asked of this forum. It’s not rocket science, but make sure the park is ok with what you are doing. Aside from that, if you can afford the $1500 or get a partner, DEAL AWAY!!!
Re: Should I dive in or get my business in order - Posted by B (CO)
Posted by B (CO) on February 26, 2008 at 21:47:02:
Thanks to everyone who responded. I suppose there is mention of “a smart man learns from his mistakes and a wise man learns from the mistakes of others”. My gut tells me not getting through DOW and grasping these concepts would turn me into a smart man pretty quickly. I will try to get through this fast enough to make something of the opportunity that I found but I won’t rush to be the “motivated buyer”.
Thanks for your guidance, I really appreciate it and I will be sure to post again once I take the plunge.
One last thing, Ryan touched upon it but I am not clear. At what point would you all recomend setting up a business for this?
B
Re: Should I dive in or get my business in order - Posted by Brady~ CO
Posted by Brady~ CO on February 26, 2008 at 10:16:04:
I don’t know where in Colorado you are but we are here in Colorado too. From my experience, $1500 is a deal anywhere around here. We do lots and lots of lonnie deals along the front range and I would say do it! Worst case it’s only $1500. Good luck!!!
Re: Should I dive in or get my business in order - Posted by Ryan (NC)
Posted by Ryan (NC) on February 26, 2008 at 05:45:25:
B
First and foremost is to finish reading deals on wheels if you haven’t! This is the bible of mobile homes and if you follow it step by step it’s really hard to get hurt in the MH business…
The next step is to take a quick look at what people are asking for other mobile homes which helps with knowing roundabout what you may be able to get on a note along with what 2 bedroom apartments rent for in your area. A good starting point for what you can charge monthly is apartment rent less $50-100 plus lot rent, whatever is left over is a fairly safe number of what you can get on your monthly payment.
If the monthly works and the home is in decent shape I know of very few areas that this wouldn’t appear on the surface to be a good deal. One thing I’ll point out is that the seller is ASKING $1500, negotiate the best deal you can get on the unit and I personally thing you’re very likely to be in business.
Pretty much every state will allow you to do at least on deal on a personal level as a personal investment, don’t get tied up on the business structure before you know if you’re going to like doing these deals.
I don’t want to see you put the cart before the horse so to speak (Tony calls it the ready, fire, aim approach) but I see many more people that stall out and do nothing because of fear, even if you give the seller the full $1500 it’s not a lot of money and many here have paid more than the to attend training events… I think you have the opportunity to get started in this business looking you in the face, if you’re going to do this you gotta Get Off The Couch and work the system word for word outa deals on wheels.
I look forward to your next update =)
Best wishes,
Ryan Needler
Re: Should I dive in or get my business in order - Posted by Ryan (NC)
Posted by Ryan (NC) on February 27, 2008 at 04:37:03:
“One last thing, Ryan touched upon it but I am not clear. At what point would you all recommend setting up a business for this?”
Sometime between deal number 2 and infinity, an LLC should be a fairly quick step sometime after deal number 1 IMHO but I personally do not ever desire to become a dealer. Do some research in the archives here for “dealer license” and you’ll have enough information to determine where you want to go after you get started…
Best Wishes,
Ryan Needler
Re: Should I dive in or get my business in order - Posted by Todd(AZ)
Posted by Todd(AZ) on February 26, 2008 at 08:03:10:
Ryan hit the nail on the head. Excellent advice. Read and follow “Deals on Wheels” FIRST, then Tony’s book. You could finish up DOW today and literally buy this home tomorrow. That’s slightly rushed but you can easily succeed if all you had was Lonnie’s book. Too many people read the book, read these archives, then STILL won’t pull the trigger. I say dive in after reading the book if all still feels and sounds right. Good luck. Todd(AZ)