Details of my first "Lonnie Deal" - Posted by Sean (WA)

Posted by JHyre in Ohio on January 25, 2002 at 06:31:03:


Details of my first “Lonnie Deal” - Posted by Sean (WA)

Posted by Sean (WA) on January 24, 2002 at 15:06:23:

Well gang, I am ashamed to say that I have been in the mobile home industry for over nine years either as a salesperson or a manager for large retailers. I went into the used industry three years ago and have had my own dealers licence for the past two years. I have focused primarily on selling pre-owned homes in parks and getting them finance through lending groups.(With the ocassional land pack thrown in for good measure).However, as the banks grew tighter and tighter we have been forced to look for alternate methods. I found “The Book” DOW. understood it pretty much right away and coud not believe that I have never thought about or heard about doing business this way. Immediatly started to recall all the deals that I have passed up over the years and felt my stomach start to hurt.I put in a couple of call to Earnest Tew and requested some of his material also. Excellent stuff, especially like the amort. chart for Excel.
Put in an offer on a double wide that has been vacant forever, with alot of repair needed, called a lady that needed something just like that and was willing to do repairs but previously I could not find a home for and showed the home to her and her sister. They liked it and I set up appointent for park application. 5 days later we had approval. I had my customer come in for contracting and title appplication.(I have a full set of docs. set up on Word that works really well, makes it more official) Had her sign everything and give me $1000.00 dollars down. Sent the payoff to the lender and requested title sent to me ASAP.Called to have the power switched into her name and also made sure that I had a copy of proof of insurance with my company as the loss payee.
I have an appointment to meet with a contract services agency here in my area that charges a $60.00 set up fee and $6.00 dollars a month per deal to recieve payments from my customer and send out any late payments notices, overdue notices,intent to forclose Etc.They track everything for me.
Money well spent I think.

Here are the details:
28x66 1979 3 bed 2 bath, paid $3,500.00
Sold to customer $19,500.00
Down payment recieved - $1000.00

Amount financed $18,500.00
Term of note 156 payments of $250.00 Each

Total payout of $39,000.00

All my thanks to the great posts on this site, I have learned a ton and am off in a great new direction. Special thanks to Earnest Tew who was patient and helpfull over the phone with me and to David Butler from ANN. Great job guys!!
We now have four more homes tied up and advertising started for all four. Looks exciting! My goal is to do 16 homes within a 3 monh period of time to gain me $4000.00 per month cash flow.(16 x $250.00 = $4000.00) I will keep you all up to date!

Re: Details of my first “Lonnie Deal” - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on January 26, 2002 at 23:24:49:



Isn’t it amazing how one idea can change your whole approach? I will look forward to reading more of your posts. I suspect, because of your experience in the MH business that you will be coming up with some twists that noboby else has written about.

Good InvestingRon Starr*