Posted by April JOnes on July 15, 2003 at 16:15:13:
Yes, right know. We bought this mobile home and customized it, so that means got everything I could get on it, and know I can not sell it because I owe to much. Also I am in the process of buying another home. So you can say I am over my head at this momment.
ever gotten in over your head?? - Posted by Feather Inc
Posted by Feather Inc on July 15, 2003 at 14:39:00:
I haven’t bought Lonny’s book yet, but I do know a little about mobile homes.
I just wonder if any of you have ever felt like you had gotten in over your heads when trying to repiar an older home.
Re: ever gotten in over your head?? - Posted by Don-NY
Posted by Don-NY on July 17, 2003 at 12:13:08:
Lyal is correct! I have made more money EASIER on better homes that I paid a little more for. Also better tenants. Cheap or “Free” mobiles almost never are.
Re: ever gotten in over your head?? - Posted by Lyal
Posted by Lyal on July 15, 2003 at 21:46:20:
FI,
One of the biggest mistakes made by novices is they refuse to believe that you can buy decent homes for rock bottom prices so they buy junkers instead. That’s not part of the program. What Lonnie teaches is buying for cheap from motivated sellers and selling to motivated buyers. Simple as that. My most recent deal was a classic. I bought the home from a dealer for 350 bucks, sold it 2 weeks later for $3500 with 500 down. Much better yield (incalculable ??) than many of my other, larger deals.
For anyone just starting out, stick religiously to Lonnie’s formula. Buy from motivated sellers and sell AS IS to motivated buyers (with owner financing).
All the best, Lyal