Posted by Greg Meade on July 06, 2003 at 15:50:04:
Started reading posts here in june and just went out and did a lonny deal. probably should have bought his book b4 doing a deal but im a transplanted Texan and everyone knows we are slow learners. Have 2 more deals to look at next wed. and sun. and hopefully i will have some more basics down by then. I feel comfortable being lienholder on this deal, got most of my $ back already…what is the downside to deeding to buyers and placing myself as first lien?
Thanks
did my first deal now what? - Posted by Greg m\Meade
Posted by Greg m\Meade on July 06, 2003 at 11:25:22:
got a 1985 2/1 set up in park for 2,260. put in new carpet and tile (770) and spent 60 on ad. Sold for 7.300, 2k down and 340 per month at 12%. People take possesion Tuesday after they get an insurance policy with me named add’l insured and loss payee. My problem is how to transfer title. In florida you have 30 days to transfer title. Do I put new owners as owner with me named first lien? Or do I title in my name and pay taxes until paid off? Never thought of this until new owner’s asked! (duh). First deal nothing like being prepared, eh? PLEASE HELP!!!
Hi Greg,
I moved from Central TX to FL last year and after doing a couple deals in TX I’m starting over. I just ordered Mr. Tew’s book since He is FL based and will be strating my own MH bussiness very soon. I have been looking for some repo’s and FSBO’s but the prices here seem to be somewhat diffent that TX. Seems you have a lot of people with for sale signs just to see what they can get. But I’m working it and it will happen. Sounds to me like you will be allright yourself, just keep them coming the same way you did this one. Shoot me an e-mail if you want too talk.
Re: did my first deal now what? - Posted by Tony-VA/NC
Posted by Tony-VA/NC on July 06, 2003 at 12:44:29:
Greg,
Since you are investing in Florida, I highly recommend you review Ernest Tew’s “Get Rich Helping Others” (for sale here). He has developed a means of Leasing the home with an option to buy that is a result of many issues encountered in FL.
It is my understanding that repossessing a “Lonnie Deal” in FL can be difficult. The lease with option (like a rent to own) is based upon landlord tenant law and allows for much easier eviction when necessary.
Ernest’s technique is better for tax purposes as well.
His teqhnique funtions very much like the “lonnie deal” in that he uses what is called a “triple net lease” which requires the tenant/buyer to perform all maintenance and repairs.