First Lonnie Deal & info on 24 condos - HELP - Posted by Jacque - WA

Posted by Tony(Miami) on January 26, 2001 at 20:19:49:

Hey maybe they will become motivated with time…

First Lonnie Deal & info on 24 condos - HELP - Posted by Jacque - WA

Posted by Jacque - WA on January 26, 2001 at 17:45:35:

Wow! My first deal after studying Lonnie?s books and boy was it awkward ? here?s how it went:

Found a couple going through a divorce. Wife had moved into her own home and received the mobile as part of the divorce settlement.

During the divorce, the husband rents out the mobile to his girlfriend. She pays $575/mnth in rent for about 8 months until the divorce is final.

Wife decides to sell and tells the girlfriend ? who immediately stops paying rent. It?s a 1982 , 16X40 and she wants $1300 for it. She got the price off the tax assessment statement. She knows that it needs new carpet and that?s all. However, the girlfriend hasn?t paid rent so she needs to be evicted. The wife has done all the paperwork and is just waiting for the time to go by to have the Sheriff come in and put her out of the mobile.

Meanwhile, I talk to the wife, who is sick of all of this, and make an offer of $300 in exchange for the new carpet and taking over the hassle of evicting the ?girlfriend.? This is heartily accepted ? Yes!!!

By the way, the mobile can stay in the park ? manager is someone who has several more deals he wants to send my way.

Awkward Situation - Next I go over to the park with my boyfriend (a Police Detective who happens to be in uniform that day) and knock on the door. We had a preconceived plan that I would go up and talk to her and he would wait in the car with a signal in case I needed him. We had already had everything all planned out. I simply ask her if she would be interested in buying the mobile if it was the right price ? NO! In fact, she was in the process of ? well, lets just call it a ?liaison? with someone other than the husband. This guy was a jerk who had the nerve to look at me and ask if I would join them ? now, I?m used to handling men making suggestive comments, however, my boyfriend doesn?t handle it quite as well. He jumps out of the car ? confronts this guy wanting his name, etc. He asks the girlfriend if we expect her out by the end of the week ? goes back to the squad car and calls the police dispatcher who proceeds to let us know that there is a warrant out for this guys arrest for burglary and suspicion of rape.

Of course, within 10 minutes there are 3 more cop cars and they are arresting this jerk. The girlfriend looks nervous - I?m stunned that all of this is going on and thinking this whole deal is blown ? the jerk is not to happy with being found by the cops.

Anyway, to make a long story short ? the girlfriend moved out the next day and I just sold the mobile for $10,500, $3000 down, interest 12.75%, 24 months. Now, I don?t know how to figure the yield so I can?t tell you what it is but I feel that it?s a pretty good deal.

Now, I run into someone who owns 3 buildings (24 units total) who has turned these apartments into condo?s and is trying to sell them for $69,000. I?ve checked the comparables and they are right on the money for an asking price ? comp?s right next door are selling between $65,00 ? $80,000. Now, these people have owned this complex for about 10 years and are tired of it all. Here?s the clincher - They want to sell ? however, they want ALL cash and are asking $1,250,000 for the whole thing. I have lists of people looking for this exact thing and could sell each and every one of these places within a month for $69 ? $75,000?.any suggestions ? the owners definitely want to be cashed out and unfortunately I don?t have an extra $1,250,000 laying around at the moment. I?ve read up on the note buyers and have done a little research but not found any in this area. So, if someone has any suggestions or had experience with a trustworthy note buyer who would be interested in this type of deal then I would appreciate any information you would be willing to share.



What is the course you used? - Posted by Tony(Miami)

Posted by Tony(Miami) on January 26, 2001 at 18:17:27:

I can’t help with the 1.25 million(also don’t have that kind of cash burning a hole in my pocket) but I was wondering on what course you had used to begin investing in mobile homes. Thanks & Good luck on your search for the 1.25 mill-Have you thought about a partnership? Just a thought, Tony

Re: What is the course you used? - Posted by Jacque - WA

Posted by Jacque - WA on January 26, 2001 at 18:33:51:

I bought both of Lonnie’s books and then studied them for about 3 days. I also printed each and every one of the articles on this website and organized them into relevant groups and studied them as well. After that I figured the best way to learn was to just jump right in and started calling on ads and drove to some of the mobile home parks (it’s amazing how many parks I’ve driven past over the years and never even noticed them - or how many there are for that matter).

Yes, I have thought about a partnership - it would need to be with someone who has some experience - haha, make up for my lack of it and hopefully I can continue to learn from.

P.S. The owners just called and are down to $1 mil even now.

Good luck to you,