Posted by Ed on December 27, 1998 at 21:40:24:
Thank you for the info.
Lonnie deal? - Posted by Ed
Posted by Ed on December 27, 1998 at 01:20:12:
I have read alot of posts mentioning the "Lonnie deal"
Can someone please explain this to me?
Re: Lonnie deal? - Posted by Jim Simons SATX
Posted by Jim Simons SATX on December 27, 1998 at 12:28:42:
The instruction Lonnie provides in his books and courses is excellent - packed with good info. However, be aware, that Lonnies Books/Courses pertain to doing business in Virginia.
You can read enough about doing Lonnie Deals in the How to Articles here on CRE to get the idea of what it’s all about, then I would suggest you check with your local governing body (which ever one regulates the sale of Mobile Homes), or a good RE Attorney and find out the Rules, Regulations and Legalities concerning Mobile Home Sales in your area.
I’ve been trying for awhile now, to get this information for the State of Texas and I still haven’t found out anything for sure. There is some speculation that (in Texas) if you do more than one Lonnie Deal a year, you have to become a Dealer. You have to take a 20 hr course and spend several hundreds of dollars in other costs.
I’m not saying this to try and discourage you. Lonnie is a licensed Dealer in Virginia, and it may well be worth the expense and effort to get a license here in Texas, or in your area if you need one. Just like buying any RE Investment - Know the details and costs before going in.
Re: Lonnie deal? - Posted by Mark Kohn
Posted by Mark Kohn on December 27, 1998 at 02:36:45:
Lonnie deals are named after Lonnie Scruggs. His idea is to buy 10 to 20 year old cheapo mobile homes for $2k or $3k and sell them for at least twice what you invest in them. You offer seller financing to your buyer to get the deals done. This is a nice niche because most banks want finance an owner/occupant to purchase these older homes. So, that’s were creative investors step in with creative financing and make high yields. Of course, in different parts of the country you may have to pay more for your mobiles, but then you just sell them for double or more of what you invest in them. Look in the “How to Articles” and “Success Stories” regarding Lonnie and mobile homes to learn more. Also, Lonnie’s products are offered on this site. He has 2 books and a seperate home study course and each October his does a training seminar.