Lonnie Scruggs...Is it true/Does it work?? - Posted by Michael V.


#1

Posted by Barbara (ME) on January 20, 1999 at 22:02:59:

Read the success stories too…you will see how beginners vouch for the fact it works!
Barbara (ME)


#2

Lonnie Scruggs…Is it true/Does it work?? - Posted by Michael V.

Posted by Michael V. on January 20, 1999 at 20:48:01:

I have been reviewing the vast amount of information on Lonnie Scruggs and was wondering if anyone could vouch for his book(s)/course. Thanks in advance


#3

Re: Lonnie Scruggs…Is it true/Does it work?? - Posted by SCook85

Posted by SCook85 on January 21, 1999 at 17:14:58:

NO IT DOESN’T WORK!!!
None of this stuff works, everyone comes and posts there successes here all the time because it doesn’t work. Actually it works but not in your area.
Michael the truth is all this stuff works if you believe in yourself and you get out and do it. If you never try you will never do a deal. Your family and friend will tell you what I said above, don’t listen to it when you hear it. My partner got me a little concerned today for the first time. He had someone tell him that we bought a home in a bad area and that it wouldn’t sell. In my opinion it is one of the best deals I have come across so far yet he is now nervous about the whole thing. Believe in yourself and do it. It all really works.

SCook85


#4

Re: Lonnie Scruggs…Is it true/Does it work?? - Posted by JLWright

Posted by JLWright on January 21, 1999 at 12:11:59:

newbie here so keep that in mind…I bought the books and they are very straight forward and easy to understand. My only problem is how to solve the state’s restriction on # of MH sales in a year without
having a dealers lot, bonding,etc. I don’t mind buying a license but I’m not prepared to invest in a physical business location. Check your state regs. Jim.


#5

His methods work if you apply them - Posted by Dirk Roach

Posted by Dirk Roach on January 21, 1999 at 01:35:43:

Hi Micheal,
Yes I am a Lonnie student and have had success utilizing his techniques and methods. Lonnie deals are great because you have a small investment and big yields.
Your investments aren’t tied together, which is nice, and you are in complete control of how the notes you create are structured, which is also nice.
I would highly recommend getting his materials, learning them and putting them into practice.
I think the results obvious from anyone who has done that. Barbara is right about checking out the success stories. Also do a search on Lonnie Deals, Mobile Homes, etc.
Good luck and keep us posted on your successes,
Dirk Roach


#6

In Real Life… - Posted by David Alexander

Posted by David Alexander on January 21, 1999 at 24:00:04:

It’s better, his book says double your money and create
yield’s of 40,50,60,70%. But, How bout’ 92%. That was the yield on the Lonnie Deal I just did. Had 3.5k in it, sold for 12k with $500 down for 72 months @ 13.3%,
with a payment of 232.68.

David Alexander


#7

Of course it works - Posted by Randy -IL-

Posted by Randy -IL- on January 20, 1999 at 21:33:36:

I haven’t bought his books yet (I know, Shame on me)

But what I do know is that Lonnie’s note method works. We all participate in some sort of markup and finance sort of deal every day. Lonnie chose to focus his idea on mobile homes rather than TVs, easy chairs, cars, etc.

See if you can count all the used car lots in your town. If the dealer has been around for any length of time, then that dealer probably knows the power of financing sales. When consumers buy that great TV from the rent to own store it happens. Big comfy easy chairs are sold like that in furniture stores. Lawn and garden equipment is often sold much like a Lonnie deal. After all, wouldn’t it be great to mow your lawn while admiring your clean, road-ready late model car in half the time so you can watch your big screen TV more while sitting in that new easy chair?

Do a search for posts by Lonnie on this site. Read them all. Read all his articles here too. You’ll begin to see that his ideas really are down to earth.

Just my .02

Randy


#8

That Reminds Me… - Posted by J.P. Vaughan

Posted by J.P. Vaughan on January 22, 1999 at 09:26:04:

Steve your post reminded me about something similar.

Several years ago, Terry and I bought 3 houses out of
a HUD auction. One of those homes was in a out-of-the-way
town called Landers. A 3 bedroom 3 bath almost brand new
doll house on 2 1/2 acres. The only thing it need was
carpet throughout (it had been stolen) and 2 medicine
cabinets ($20 each). This house was otherwise PERFECT.

Everyone we knew–and I mean everyone–told us to dump
the place and forfeit our deposit money because they
said we would never sell it.

Here’s the kicker…Out of the 3 houses, this one sold
the fastest (in 4 weeks). We paid $23,000 and sold it
for $39,000. Our buyer put on new financing and we
totally cashed out. Yeah, I guess everyone else was
right NOT.

As you say, believe in yourself. It works.

JP


#9

What everyone is missing…repost - Posted by David Alexander

Posted by David Alexander on January 21, 1999 at 18:39:13:

Lonnie, does mobile deals to create notes. He is in the Note business and Mh’s are the vehicle for creating them. He has been gracious enough to let us in on his method of creating notes using older Mh’s to generate higher yields. With that said, concentrate on getting the notes and you will avoid the dealer Liscense issue.
What do I mean?

Go to your seller agree upon a cash price.
Find a buyer, have the seller sell to the new
buyer for XXXXX amount with financing.
Give the seller his cash and you take the note.
Have the seller transfer title to the new buyer.
Everyone gets what they want.

I do not know the legalities, but it shouldn’t be any different than buying a note at a discount. You just helped structure the deal.

Your new buyer doesn’t have to know what you paid.

My take anyway.

Good luck,

David Alexander