Posted by Karl (Oh) on April 16, 2000 at 13:55:42:
Eric,
I just sent you an email with some info.
Karl
Lonnie Deals - Posted by KenB
Posted by KenB on April 14, 2000 at 22:20:21:
I just finished Lonnie’s book Deals on Wheels and am curious if anyone is doing Lonnie deals. If so how is it working in 2000. I am looking forward to doing my first deal.
Are you kidding? - Posted by Karl (Oh)
Posted by Karl (Oh) on April 15, 2000 at 01:57:34:
If you’ve just finished reading Deals On Wheels, you’ve got to be more excited about mobile homes than that! I’ll assume you’re holding back. To answer your question, there’s a bunch of us doing mobile home deals.
I’m a small fry. I just started three months ago part time, and have done just several deals. I’ve sold a couple homes on notes (actual Lonnie Deals), sold a couple homes for quick cash, and sold a couple of homes by helping the buyer get financing through a third party lender (Conseco, Greenpoint, CIT, etc.) and cashing out. I have also made some quick cash throwing a few buyers and sellers together, and collecting a finders fee.
Here’s how I did it. I did exactly what Lonnie told me to do. I placed the “I buy, sell, finance” ad right out of Deals On Wheels in my local paper. The phone started ringing. I talked to everyone who called to learn what they wanted to buy, what they were selling, what they could afford, what they could put down, what their credit looked like, how they thought the Reds would do this year, whatever they wanted to talk about. From all this info I started to learn what was going on in my local market, and what deals I could put together.
At the same time, I started driving mobile home parks. I put a map together of all the parks in my area, and checked them all out. Some were very nice, some were war zones. Then I started approaching park managers about “helping a young couple find a home”, and got chased out of a few parks.
Then something incredible happened. I met some park managers who wanted to work with me. One manager called my ad hoping I could help him fill some empty lots, another has even offered to provide me office space in his office if I just keep selling homes. I’m building relationships with these guys, its crucial in this business. Suddenly that first park manager who called me a scam artist didn’t matter anymore.
Being able to ask questions on this website and getting knowledgeable answers has been invaluable in getting started. Read all of the how to articles on mobile homes, and post questions when you need info. There are plenty of folks doing mobile home deals that love to answer questions. I called Dirk Roach tonight with a quick question, he kept me on the phone for an hour and a half. (he knew I was paying for the call). You definitely want to be a part of this network.
Good luck.
Karl Kleiner
Re: Lonnie Deals - Posted by SL-PA
Posted by SL-PA on April 15, 2000 at 24:10:05:
Many people are doing Lonnie deals.
The only - and the best - advice I can give is to closely follow what Lonnie has outlined in his books. Follow those steps and you won’t go wrong.
I would be interested in getting more info on those MH lenders… - Posted by Eric (LA)
Posted by Eric (LA) on April 15, 2000 at 22:19:40:
I know of Conseco, but “Greenpoint”, and “CIT” I’ve not heard of. Would you mind giving the phone number’s of these other companies. Also, if you know of any others that lend on old Mobiles, I’d love to hear of them. Thank you.
Sincerely,
Eric
Re: I would be interested in getting more info on those MH lenders… - Posted by Steve Rndock
Posted by Steve Rndock on April 17, 2000 at 24:50:19:
Conseco purchased greentree about a year ago. Other large nationwide lenders are the Associates, Greenpointe, Bank of America, Wells Fargo and numerous other smaller firms. Most lenders on the older homes, which are pre-hud or under ANSI 119.1 want high rates of interest and are for owner occupied homes only. If you can tell me what purpose your looking for–personal use or investment I may be able to give you more precise and better info.