Posted by Rob (NC) on January 24, 2002 at 19:21:32:
This does not appear to be a Lonnie Deal. Way too much money involved for a decent profit. Also- it appears to be overvalued, is the land included?
I have never done a Lonnie Deal, but I have read a lot here and Lonnie’s books. My advice to you is not to do a single deal without reading these books. Deals are everywhere, don’t think you have to act on this one or never. Read both books, twice, then again, and then DO IT!!
Hope this helps- I am sure others will be much more helpful!
I’ve just finished reading Carlton Sheets “No Money Down” . And I’ve just ordered Making Money on Mobile Homes, as well as Deals On Wheels. The material will not be here soon enough, as I have a potential deal that fell in to my lap.
Following is a brief breakdown:
2 yr old double wide 15x30 with an attached 2 car garage.
Appraised value $69,000.00
owner is paying $450.00 per month on 30 year note. The lot rent is $350.00 a month.
OSB of lien is approx. $57,000.
Question: Do you believe this unit is worth pursuing with no money down and accepting ownership by deed? I would sell on a L/O with $5,000.00 cash deposit and monthly payments in the range of $500.00 a month (with an agreement to sell in one to two years for the $69,000 appraised value)?
Any thoughts, recommendations will be greatly appreciated. Thanks Creonline, you’re trully an inspiration!
Posted by JHyre in Ohio on January 25, 2002 at 06:36:48:
In my market there are tons of repos…I should be able to get one like that for 1/3 the lien amount. If the land were included, I might think about it. Without the land? No way!