New to the Lonnie Deals and would please like some advice. - Posted by Fred Davis
Posted by Fred Davis on June 15, 1999 at 19:30:46:
I just finished reading both of Lonnie’s books on mobile home investing and decided to place an ad in my local paper stating that I will buy your MH or finance with low down payment. The ad has been a great success for getting calls and attempting to get a feel for the market in my area.
I have been to several parks looking for Lonnie Deals in my area and have been very pleased with the amount of potential buyers and sellers that continue to contact me on a daily basis. I have yet to find a real Lonnie deal for under $3,000.00 that is not without needing major repair work. I have found a few that were in excellent condition but the price tags are much more expensive, approx. $7,000.00. I have received calls from potential buyers that don’t appear to care about what the retail price is, just “how much down and how much a month” as Lonnie stated in both of his books. I have passed on these more expensive deals although I feel certain they would retail at around $12,000.00 or more with owner financing. Since I am starting with under 50K in capitol, I hate to tie up that much money in my first deal but hate missing a deal especially considering that I have at least four potential buyers waiting on me to find them something.
I also have no clue how to make these deals happen. I have contacted my local county and state departments in order to get the legal license required to purchase mobile homes, however have had trouble determining exactly what type of sales contract, promissory note, credit applications, etc., required to make these deals happen. Is there not some software that can be used to write up these contracts and promissory notes? I live in North Carolina and would like any advice on how to get the paperwork in order to make these deals happen. I have also ordered Lonnie’s home study course on buying and selling mobile homes but haven’t received it as yet.
I need to get my act together for fear of losing my potential customers. Should I go to Office Depot and find the proper software for legal documents in my area?
I am very motivated to go out and make my first deal but need to have my contracts ready to write so I can make that first deal!!
Any help is greatly appreciated.