lonnie's advice - Posted by ben

Posted by Tim on September 16, 2003 at 16:25:14:

Thanks for the info, I accessed the wholesale list & will get on their fax list.

lonnie’s advice - Posted by ben

Posted by ben on September 15, 2003 at 16:27:18:

just curious as to how old (or where he is describing) lonnie’s advice in some of his columns is. he’s talking about buying mobile homes for 5 and 6 thousand dollars, but in my part of the world (east coast) you can’t find anything for less than 25,000. big difference! are these trailers located in distressed areas? or are they real junkers? even at 25K in my neck of the woods you’re not getting top quality. also, since i can’t seem to get cre to send me a password to the chat room, and when i try to get into the chat room i get a server error, i’d appreciate anyone who wants to reply doing so by email at: bpress54@excite.com. thanks

Re: lonnie’s advice - Posted by Tony-VA/NC

Posted by Tony-VA/NC on September 15, 2003 at 17:00:42:

Ben,

I assure you that Lonnie’s numbers are still quite accurate. Well, actually they were a bit high. Typically $3,500 is a better purchase price.

The price you are finding is the retail prices from non-motivated buyers. Lonnie’s book teaches you how to find these deals, negotiate them and sell the via owner financing.

Most everyone is skeptic and assumes that “it won’t work in my area” until they read the book and apply it as directed.

These deals are being done today, at those prices, all across the country (including the east coast).

Best Wishes,

Tony

Re: lonnie’s advice - Posted by ben

Posted by ben on September 15, 2003 at 17:13:04:

honestly!? $3500 for a 25,000 home? it just doesn’t seem possible no matter where one lives! call me skeptical, but it does sound rather outrageous.
thanks for your reply.
ben

Re - Posted by Briton (IN)

Posted by Briton (IN) on September 15, 2003 at 23:24:48:

Who told you to sell it for 25K? Most lonnie deals are bought for around 2-5k cash, and sold for about twice as much, offering financing. 500-1000$ down, and earn 12% interest on your money. Read the book, Briton (IN)

Skeptical - Posted by Ben-PA

Posted by Ben-PA on September 15, 2003 at 17:34:43:

Did you ever buy a used car for $1,000 that sold new for $17,000? Same principle.

Re: lonnie’s advice - Posted by Dan(MD)

Posted by Dan(MD) on September 15, 2003 at 17:33:40:

As a reference, I just bought a 98 Oakwood 3/2 for $5000.00, selling it this week for 23,500. This was twice as expensive as I’ve been paying for most of my homes, typical price is around $2000.00 and selling from $10,000 to $15,000. In Southern Maryland. Don’t get discouraged, this can be done

Dan

Re: Skeptical - Posted by Lyal

Posted by Lyal on September 16, 2003 at 08:07:30:

Ben,
You’re skeptical because you haven’t read the book. You’re making the typical assumption that if you can’t find them advertised in the classifieds at that price, they don’t exist. You need to quit looking for homes and focus on finding motivated sellers. If they don’t have a reason they need to sell NOW, you’re wasting your time. If they’re being evicted, just lost a job or their job got relocated, getting divorced, starting a prison sentence (no joke there, it happens), then you possibly have a deal opportunity.
You can NOT go to a retail seller and “talk them down” to prices that approximate wholesale deals.
And yes I have had people I know buy cars, trucks, motor homes, etc for rock bottom prices (30 to 50 cents on the dollar) from people who were motivated to sell.
Read the book and maybe you’ll change your mind.
All the best, Lyal

Re: lonnie’s advice - Posted by Dan - GA

Posted by Dan - GA on September 15, 2003 at 20:52:20:

Dan:
Sounds like you got a great deal. Is it a s/w or a d/w?
I’ve seen Oakwood’s website and thought thier asking prices were high. What was Oakwood’s suggested price on this trailer?

Dan

Did you buy your Oakwood… - Posted by John (TN)

Posted by John (TN) on September 15, 2003 at 18:01:44:

as one of their repos? Getting ready to bid on a few from OAC myself.

Re: lonnie’s advice - Posted by Dan(MD)

Posted by Dan(MD) on September 16, 2003 at 19:46:40:

This was a referral from my PM, I never saw the asking price, but I got some inside info from my PM who said they rejected a bid for $4000.00, so I went up to $4500.00 (plus $500.00 back lot rent). There was a LOT of cleaning up and some wall repair, though it was nothing compared to my others as far as fixing up and cleaning…I’ve been trying to get a cash sale with it, had one who offered 20k got rejected yesterday by the same PM who told me about the home, I have another young couple who is being moved by the state highway Administration who is offering 23.5K but I don’t think they will pass the credit check either :frowning: but just got another caller tonight who is offering cash again…been sitting on it for three weeks now looking for cash, but I may have to go to a regular lonnie next week if I can’t get the cash up front. This will be my first cash deal if I can make it happen…

Dan

Re: lonnie’s advice - Posted by Brian (CA)

Posted by Brian (CA) on September 16, 2003 at 10:14:55:

I was looking for repos from Oakwood a while back and couldn’t find a website for these. What website are you guys using to find Oakwood repos?

Thanks

Brian

Re: Did you buy your Oakwood… - Posted by Dan(MD)

Posted by Dan(MD) on September 15, 2003 at 18:40:16:

yep, took my first offer :slight_smile: good luck

Dan

Oakwood’s Repo Site - Posted by Dan - GA

Posted by Dan - GA on September 18, 2003 at 09:11:09:

Here’s the web address. If you register, you’ll get the street address and some additional info. Remember, these are asking prices.

http://www.mobile-home-finders.com/

Dan

Re: Did you buy your Oakwood… - Posted by Tim

Posted by Tim on September 16, 2003 at 12:35:22:

I have looked at the Oakwood web site, prices seem to be at retail. The web page I have looked at says you have to be a “dealer” to look at the wholesale prices. Am I missing something, or should I just make a wholesale offer & ignore their asking price?

You don’t have to be a dealer to look… - Posted by John (TN)

Posted by John (TN) on September 16, 2003 at 14:16:52:

at the asking price on the OAC website. I’m a licensed dealer in my state, but I doubt Oakwood could care less.

Just sign up access to the wholesale price list on their web site, then click on the link to email the rep for your area. Get on their fax list - the new units show up there first.