Posted by Dirk Roach on March 13, 2000 at 22:48:53:
Follow Tony’s good advice here.
These upside down deals are feasible, if you know what your doing…i.e. Tony’s above post.
Last week alone I personally received 52 offers of these types of deals. They are all over.
Anyhow Personally I don’t mess at all with these types of situations. I do however earmark the deal and then look for the home on the repo’ lists a month or two down the road.
But you know really I make a ton of more money just doing the classic Lonnie deal.
Personally my mobile home biz is only part of my over-all business structure. So like they say time is money. I have found that asking myself a simple question has made me a lot of money (and saved me a lot of time):
"Is this deal an efficient use of my time?"
If it is, and will make me money…then cool, I play.
If it’s not, and if it costs me money (remember time is money, so if I waste time doing something that doesn’t put money into my pocket) then I don’t play.
Anyhow that is what works for me.