Re: Help !!! Read Lonnies Articles - Posted by Mark Haugsten
Posted by Mark Haugsten on August 12, 2005 at 22:07:37:
DOW can be had for $19.95, and arrive immediately online, just as I recieved it. Stop ‘working’ on a $19.95 book purchase, and do it. You are already ‘working’ with a $10,000 frame of mind for a MH!! The $20 is 1/5th of 1% of that, but it will save your adz!!
In the abscence of DOW, and extensive talking to PM’s, and sellers with NO INTENTION of so much as making an offer, I suggest you read every word of the MH articles here on CREONLINE.
Let me guide you to a specific quote from Lonnies aritcle…“How to Make Money While You Sleep” … the new ones are too expensive for many who want to buy. That’s why there is such a huge demand for inexpensive, used mobile homes with seller financing. If you want to create a “money machine” and make money while you sleep, learn this business.
I look for mobile homes that I can buy for $2,000 to $3,000 and can sell for $4,000 to $6,000. These homes are ten to twenty years old, single wide, already set up in a park and can stay on the lot. I simply buy the home for a cash wholesale price, resell it at a retail price, and offer to finance the sale with a reasonable down payment.
My selling price is at least double what I have in the home. My average monthly payment is $200, and the average term of the note is 36 months. Here’s one of my recent deals I’ll share with you. …
I think this is helpful, but the most, MOST, important thing about LD’s is MOTIVATED sellers, NOT the sellers motivation.
You have told us you have a mh, that is not first. You have told us you found the sellers motiva…tion, THAT is not first. Until you see motiva…TED sellers, you have no LD. Belive me, one day soon, you will be shocked at the antics of Mr. and Mrs. Motiva…TED!!! Literally pushing the keys into your hands!!
This deal requires some numbers like Steve-WA posts. Read his posts near this one, “Closed this deal last week” You see he had sales priced in the near $20k range, but got into it for TWO WHOLE THOUSAND dollars, he is fast becoming another champion of mine.
Lastly, I think another important qualifier for LD status as minimum 50% annual return. In its’ present shape, do you see this deal returning to you 50+% on your $10k. I don’t see how.
Let time build more motivation, so the son gets more motivated. At $15k he has less market than you think, so he is going to have to waste some time with other ‘buyers’ and hopers before he starts to get the picture, and expresses his frustration in dollars lowered on that price.
What Would Lonnie Do?