Posted by Tony-VA on November 27, 2000 at 07:42:03:
I don’t have experience in flood damage but I did want to make a comment on what she owes. If she owes $7,000 on this home, I do not see a Lonnie deal here (if you are looking to do a Lonnie deal.) Especially if this home has been damaged, you are looking at a home that is upside down for a Lonnie deal. I would encourage you to investigate this one but remember that this may not be a deal.
Make your money going into the investment. You would want to look to pay much less for this home so that you can cover carrying costs such as lot rent, advertisement, electric (if it is cold where you are) and still have a nice profit built in. You may only get $800 down and have to finance the rest so you don’t want to have $7K tied up in one deal.
Use this investigation as an education but keep your wits about you. Stick to Lonnie’s plan and you will be fine.