Re: ever gotten in over your head?? - Posted by Lyal
Posted by Lyal on July 15, 2003 at 21:46:20:
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