Cows (Long) - Posted by JoeS (FL)
Posted by JoeS (FL) on August 19, 2003 at 16:26:30:
What an eye opening day!
Before I delve into the nitty gritty of today’s adventures, allow me to give you all little background information
My wife and I along with our family recently moved to North Central Florida (Ocala) from South Florida. My wife has been “pestering” me for the longest time to get out of Miami and move to a more quiet area of Florida where we could have a better quality of life for the kids and ourselves. I found it very difficult to just pack up and move with all the “roots” in place (ie business, home, immediate family, contacts etc.) until an ephiphany early this year. So, we liquidated our business, sold our modest RE holdings, our home and moved on up to Ocala.
I have been quite the lurker on this board for over a year now with a grand total of 3 posts. The information I have gleened from here along with Lonnie’s and Ernest’s books have opened my eyes to a whole new realm of real estate investing I would have never dreamed possible. Thank you all.
Now about the cows. As I mentioned before, I have been a lurker here for quite some time and follow closely all the posts made here. One of those posters has been Greg Meade. He was just beginning his “Lonnie Career” in the Ocala area and I was very interested in his experiences in the area. After I got semi settled into our new home, I contacted Greg via email and he graciously offered to allow me to join him for the day. What a day indeed. All he would show me today were cows…
Drove to his MHP and he showed me around. Saw a few units of his and met some of his tenants. Nice people, nice homes, nicer cash cow.
Went and looked at 2 lots (actually one that he will devide into two) that Greg is purchasing for his first Land/Home packages. Went to the title company with him to open escrow on his lot purchase. Met some good people. Another cash cow in the making.
Drove to a the office of a MH mover that has one of Greg’s rehab projects on his lot. The gentleman allows Greg to rehab the unit on his property for a small fee until it is ready. Nice repo’d 3/2 that Greg is in the middle of rehabbing and I think already has it sold before it is even finished! Another one of them cows…
Now the coup d etat
I told Greg about a park I saw a short drive from my home and asked him if he was familiar with it. He said he wasn’t. With over 200 parks in a 50 mile radius, it is all too possible. Here’s the scoop on the park. Park has about 140 pads with electric, sewer, and water. Paved roads and a great central location. Lot rent is $ 185.00 (Free lot rent for a year if you move a MH there). Park next door rents lots at $245.00. Now here’s the clincher… out of 140 lots, 10 of them our occupied. HELLO! can I see the potential to do some deals in here?
Greg and I drove over to the park and after a few moments the PM came out and started to chat with us. He gave us the Full Monty on the park. He flat out told us that we were welcome to do deals in his park. He even offered to introduce us to the park owner (he owns other parks in Florida). Ok, NOW I am excited!
I just got to figure out how to attack this monster. Greg and I tossed it around a bit and the only conclusion we could come to is THE POSSIBILITIES ARE ENDLESS ! Traditional Lonnie deals with single wides, repo flips using DW and bank financing, Lonnie deals with DW, etc. Only problem is “my pot aint bottomless” Any suggestions you bright and educated people might have would be invaluable.
Want to thank Greg for his time, wisdom and his patience to answer a TON of questions. I hope one day I can do the same for someone else.