Posted by Mike Melvin on April 25, 2005 at 22:44:31:
I seem to notice our dollar cathing up to yours. Our ecomomy is booming up here.
What is my yield…Am I dreaming - Posted by Mike Melvin
Posted by Mike Melvin on April 25, 2005 at 21:23:54:
Help a person move plus take over an energy improvement loan and a few bills is the purchase price.
350 for moving company( Bad back 
420 first months rent
215 property taxs for the full year
397 water and sewage full year
75 pay a guy to clean the yard
24.15 ad in newspaper
1481.15
+
Energy loan was assummed( company had never allowed that before) $2453.16 @ 7% over remaing 49 months = 59.82 Month
THEN it sold in three days
Seling terms
1000 down, + $9948 @ 12.75% (250 month for 52 months)
Now i have to say that this is my First deal.... I have been a renovator up until this point. I have grown tired of the labour + Management intensive nature of it all. So I decided to trey anew direction.. you tell me How did I do?UPDATE!!! - Posted by Mike Melvin
Posted by Mike Melvin on April 26, 2005 at 22:28:15:
The buyer has decided they must have the shed… so with much deliberation I have agreed. The term has been extended on this deal from 52 months to 66. @ 250 per month. No Shed for me, :o( , but what a return.
Re: What is my yield…Am I dreaming - Posted by Mike Melvin
Posted by Mike Melvin on April 25, 2005 at 21:36:44:
By the way… i cant believe i forgot two details… This is what makes it so incredible.
The new buy is taking it as is… so fix up for me. And it needs it badly.
Second there is a 16’X16" shed with a picture window, its own electrical panel and fully insulated! Guess whose yard that is going into next week!!! I would say the shed aone is worth 2500 - 3000!
Re: UPDATE!!! - Posted by Anne_ND
Posted by Anne_ND on April 27, 2005 at 19:52:12:
Hi Mike,
Sorry to burst your balloon, but money that you’re not going to collect for 5 years has almost no present value (I’m travelling without my calculator, otherwise I’d figure it out).
Although it’s great that you will get more payments (if they actually stay that long), next time ask for the extra money up front, or finance a second note where you get an extra $125 (or whatever you decide) for 28 months.
Not trying to take anything away from your excellent deal, just a suggestion for the future.
Anne
Re: What is my yield…Am I dreaming - Posted by Anne_ND
Posted by Anne_ND on April 26, 2005 at 06:51:26:
Hi Mike,
Congratulations on this fantastic deal!
What the yield tells me is that there’s plenty of room for mistakes in doing Lonnie deals- and still to make a very good profit- lots of people get stuck on the ‘what if I make a mistake?’.
I’ve made quite a few mistakes, but still haven’t lost money, and the highest yield I’ve gotten was 990%.
Very impressive for a first deal, Mike!
Anne
check on the shed - Posted by Steve-WA
Posted by Steve-WA on April 25, 2005 at 22:26:05:
lots of times, when a resident builds a shed, the park owns it after they move - better check w/ PM before hauling it out . . .
BTW your yield is calculated as follows:
since you’re making payments on the energy loan, and you’re collecting payments for about the same length of time, I just used 190.18 for the payment amount (250 - loan pmt). Months is 52, and PV is what you had into it minus the downpayment, so a whopping 481.15.
Your $481 investment is paying you
474.31% . . . . . PER YEAR!
or, as Lonnie says, “Good 'nuf!”
Great job Mike - beats fixup, don’t it?
Re: What is my yield…Am I dreaming - Posted by Mike Melvin
Posted by Mike Melvin on April 25, 2005 at 21:38:14:
That should read " No fix up for me" and the buyer is taking it “as Is”
Re: What is my yield…Am I dreaming - Posted by Mike Melvin
Posted by Mike Melvin on April 26, 2005 at 11:13:18:
Thanks Anne.
I just tied up two more this morning. I will post to let everyone know how i did. I have 17 people with down payments to choose from for these!
I’ve never met Lonnie… but i like him.
475% yield plus a free 16X16 Shed. - Posted by Mike Melvin
Posted by Mike Melvin on April 25, 2005 at 22:41:15:
Im going nuts here folks. i want to go out and look at parks right Now (12:44 Am) LOL
Re: check on the shed - Posted by Mike Melvin
Posted by Mike Melvin on April 25, 2005 at 22:31:59:
No problem…the shed is good to go… got approval same day i bought it.
about the yeild… ARE YOU KIDDING ME WOW> I THoUGHT IT WAS TO GOOD TO BE TRUE> By the way this is all happening in Saint John New Brunswick Canada.
oh, well . . . - Posted by Steve-WA
Posted by Steve-WA on April 25, 2005 at 22:39:22:
then your yield is not so high, if it’s in Canadian dollars, eh!
;-)3