Lonnies, Flips, Land/home packs - Posted by Greg Meade
Posted by Greg Meade on August 08, 2003 at 11:56:26:
Since last posting, did another Lonnie deal, flipped three Conseco repos (made 790) average per flip, did a rehab (never,ever again), and today put money down on two lots zoned R-4. In FL this is mobile approved land. I am trying to find something I enjoy and can make a buck on. The lots cost 5k each (500 down, 109.86 per month @ 8%, 48 months).
It will cost 5200 per lot for water well, septic, pole,impact fees. Can put 1995 s/w shingle/vinyl in for 5-6k set up. Same year d/w will cost me 14-18k. I can sell the s/w on terms for 6k down 500 per month, 12% interest for 35k. The doublewide for 56k 10k down, 12% 600 month payment. I have friends telling me d/w are the way to go but money is tight. The cost to move a d/w is huge here and it must be paid cash. My thoughts are to try these first two as s/w and use down to pay off land and pocket the monthly checks. I know there are people on this board who have done a lot of these l/h packs and i need to hear from you. The scary part of this is we are talking a lot of out of pocket money but a nice return for retiring. Thank you!