Posted by Robert(AL) on April 25, 1999 at 21:10:50:
Thanks for sharing Lonnie. We all need a dose of inspiration from time to time. Keep up the good work.
Robert
A Dose Of Inspiration - Posted by Lonnie
Posted by Lonnie on April 25, 1999 at 21:04:49:
My good friend Dale Ketcham, from KS, just sent me a nice letter telling me about his recent mobile home deals. I thought you folks might enjoy, and be inspired, hearing about Dale.
I first met Dale many years ago at a seminar in Florida, and we?ve kept in touch since. Dale has been a man without a “job” for many, many years. In fact, I?m not sure if he ever had a “job”. He?s been in RE and other business ventures, and has also done many MH deals since I?ve known him. Here?s his latest deals, which I?ll quote from his letter.
"Dear Lonnie, I just have to tell you of my day. I was in a small group of investors who was discussing investing. I remarked that I had a surplus of cash to invest at this time and might be interested. They said “GET IN THE STOCK MARKET”, and each told of their magic investing. I boldly asked what their usual yields were. They remarked that they were getting real good yields…15%-17%!
I nearly busted to tell of our two sales so far this month. I paid $3,000 for a MH last week, spent another $2,000 on it and sold it for $8,900, with $1,600 down and 35 payments of $250."
Dale says the next one involved helping a young man who wanted to get started in the MH business. Dale referred him to a MH which he bought for $500 (the seller wanted $3,500). The young man made some repairs, or as Dale says “glamorized” it, and then tried to sell. After several weeks with no buyer, the young man got frustrated and admitted he was no salesman and asked Dale to take it off his hands for $2,000.
Dale bought the home and placed a sign in the window at 1:30PM. He received a call at 2:45PM from a lady living in the park. Dale sold her the home for $7,500, $500 down and $175 per month. After collecting $1,925, the lady left the keys with the park manager and left town. Dale now had $75 left in this home, and now he had the home back. Back in the window goes the sale sign. This time it was sold for $6,800, $500 down and $175 monthly
Dale says "I know I?m bragging, but the stock market investors were so excited with their buying and selling, that I?m certain they would never consider an older man on social security gambling on these lowly mobile homes. So far in 1999,I?ve bought and sold seven MH?s. Thanks for “listening.”
Dale didn?t say what his yield was on these two deals, and I didn?t take time to figure it either. But, Dale says he?s sure it?s “good nuff.” Maybe you folks can tell us if he?s doing better than his stock market investing friends.
And by the way, Dale is now 86 years young, and doing deals like this on a regular basis. And not only is he doing deals, but he has always managed to find time to lend a helping hand to many folks wanting to get started in the investment business.
Just think Dale, if I had not attended that seminar years ago, I would have missed the opportunity to have met such a fine gentleman, and Joanne and I would have one less friend. I?m proud you consider us your friends. God bless you.
Your friend,
Lonnie Scruggs
Re: A Dose Of Inspiration - Posted by Nancy Cason
Posted by Nancy Cason on April 25, 1999 at 21:56:00:
Hello Lonnie,
This post is so good I am printing it out so Bill can see the age of Dale. If he is still going strong at 86 so can we.
I keep telling Bill he can’t just retire and sit on the porch and he says if I buy one more rental he will shoot me (LOL).
So after this small MHP is cleaned up and fully rented with increased rents of course, I will focus on the buying/selling deals. It really is less work than painting, cleaning and re-renting etc, etc, etc.
Give JoAnn a hug for me.
Nancy