STOP!!! Wait for Lonnie’s books! - Posted by Tony-VA
Posted by Tony-VA on June 03, 1999 at 14:44:10:
In your enthusiasm, I think that you are getting ahead of yourself. Wait until Lonnie’s books arrive. They will get there in a couple of days. These books are very inclusive and will provide you with an education reaped from years of experience.
I applaud your enthusiasm. Just remember that this is not the only deal around. The passage of time will only motivate the seller even more. He will quickly learn that other prospective buyers will not be able to purchase for cash. They will require him to finance, which from the sounds of it, is out of the question. With some info from Lonnie, you will be able to find ways to get investor funding to provide the home owner with cash, at a decent price, which will allow you to sell and finance at a fantastic yield.
Rather than trying to reinvent the wheel, wait for the books. Don’t worry about losing the deal. The knowledge that you will gain will more than compensate you if this deal goes by (which I do not think it will.) I read both books in one sitting. I read through the night and finished at 6 AM!!! You will have much better bargaining ground with the knowledge contained in these books. Lonnie will teach you everything from how to structure the deal to how to negotiate it. This info is too valuable to skip.
While waiting for the books to arrive, start looking at other homes but begin by speaking the park manager to ensure that the home can remain on the lot if you buy it and sell it while holding the financing. You will also be able to check on back lot rent that is due etc. These contacts will be what is most important too you. While waiting for the books you can cultivate a couple of parks to work in and already have a few homes lined up. You will also get a better feel for your market. This will help you in gauging what you should pay, and what you can sell for if you are willing to provide owner financing. You will also come across “handyman” type characters that you may want to later use to fix up homes (should you decide to go this route.)
I will be happy to email you the forms that I have created using Lonnie’s books as a guide. I do not have any forms for lease optioning however. Email me if you want what I can send. I am leaving in about 40 minutes to go look at another mobile home. At 7pm, I am meeting a seller to make an offer on a home I looked at this morning. I will check my email when I get back. Let me know if I can help.