Posted by Karl (Oh) on March 22, 2001 at 19:50:36:
The formula for doing “Lonnie Deals” is to buy a used mobile home well below retail by waving cash at a motivated seller (in this case it was a bank), then re-selling the home at retail by offering financing to a buyer. In other words a small down payment and affordable monthly payments. We create a note which obligates our buyer to send us monthly payments. That’s selling on a note.
Karl Kleiner
A good repo deal - Posted by Karl (Oh)
Posted by Karl (Oh) on March 21, 2001 at 22:07:16:
Six months ago I first checked out a repo in my pet park. It was an ?86 Fairmont 2 bed 1 bath in pretty good shape. It needed cleaned up, and a little floor work in the hallway. The bank had it listed for $15.9k, but make an offer. Well, I kept planning on sending in an offer of around $2500, hoping to get it for under $4k. I can sell it easy for around $10k on a note in this park. But I always had my hands full, I just kept putting off faxing in a bid.
Right now I?m working with a buyer who is looking for a cheap home for cash, somewhere around $6-8K. So I called my contact at this bank today to see what the status was of this ?86 trailer. She couldn?t find the file. She put me on hold for 10 minutes. When she came back, she told me they just wrote that home off. She then asked me if I was still interested. I am now! So I asked her to give me a price. She didn?t want to, she wanted an offer. After going back and forth she finally got down to $1500. I told her that I would fax an offer tonight for $1500 if she would go chase the file down and pull it back from the abyss.
I?m sure I could have worked her over some more and got her down to $500 or maybe even $0, but then she may not have bothered chasing down the paperwork, I don?t know. But I?ll do just fine on this deal at $1500, and will keep on good relations with this bank. They have several more repo trailers in my park. Just need a little Time and Pressure. What an incredible business!
Karl Kleiner
Re: A good repo deal - Posted by Jill
Posted by Jill on March 22, 2001 at 09:23:50:
What do you mean by selling on a note?