Any "Lonnie-ites" in Georgia? - Posted by andrew_was

Real Estate Investing Mobile Homes & Mobile Home Parks
#1

Posted by Steve on February 20, 2002 at 14:33:36:

I was skeptical of Lonnie deals too. I have been buying and selling houses, and thought dealing in “trailers” was a step above being a slum lord.

Then a friend of mine got DOW and started showing me the returns on investment that were possible. I was somewhat more interested but not yet convinced. We then found a real dump MH (or so I thought), bought it for less than $2k and in less than two weeks had it sold for $7k with $1k down and $300 per month. After punching the numbers in the calculator, I learned what Lonnie said was true…“good enough”. Now I really like these deals because they are so easy to turn and the yields are exceptional.

I run these deals through a corporation and the corp’s bank account.

Good luck

#2

Any “Lonnie-ites” in Georgia? - Posted by andrew_was

Posted by andrew_was on January 25, 2002 at 18:10:25:

Hello all! I have been reading these posts for the past couple of months. Just received & finished both DOW books - lots of good info. Am currently re-reading them, and have typed all the contracts from the back of the book in my pc, so that is ready.

Haven’t run the ads or printed biz cards yet, but have been reading the local papers & found several parks (@ 10-40 units each).

I’m working myself up to do this - still trying to convince my bride that this could work :slight_smile: She (like I did before reading DOW) thinks it’s silly & “they’re kinda dumpy”. After reading the books & your posts - I know it works, & I think it will work for me :slight_smile:

I was just wondering if there is anyone else in GA who is doing Lonnie deals. Are there any pitfalls I should be aware of (dealer license required? Taxes/fees that must be paid at a certain time? … etc).

Do you pros recommend a separate bank account for this? I think it would be a good idea. I have considered a corp. structure (in the future, once I have something to protect), but was thinking of a “DBA” for now. Anyone know how to set up DBA in GA? I get different stories from county court house & city offices - they are confusing me :stuck_out_tongue:

Anyway, any info you can pass along is much appreciated.

Andrew