Posted by Tony-VA on April 24, 2000 at 12:58:29:
Slow down a bit. It is good to be enthusiastic but jumping in without some education is like diving in head first without checking to see if there is water in the pool.
Lonnie’s books will walk you through these deals and protect you from making some very serious mistakes. These are mistakes that Lonnie has made for us. Spend the $30 and get an education that will save and make you thousands.
You do have more to lose. Have you figured out if there is even a market for 1 bedroom mobile homes? How much are they going for? How fast do they sell? What is your competetion? What do one bedroom apts rent for in the area? Is this your targer market? Is there back lot rent owed? How much? Does the owner have liens on the title?
Right now, you don’t know what you don’t know. Once you read Lonnie’s book you will either know, or know what areas you require more info. Simply reading a couple of posts and running out to make your fortune in mobile homes is not investing, it is gambling. Do a little homework and protect yourself by making good safe investments that provides you large yields for very little money.
Lonnie will discuss things that you need to know before you run out and start making low ball offers (not to mention negotiating techniques other than low ball offers). First you need to know if the home can stay in the park. Will the park manager allow you to buy, sell and finance homes in their park. Not all managers will.
Do yourself a favor and wait until you have had a chance to get a little bit more information about how to approach your new business. I commend your enthusiasm, just don’t get too carried away that you get yourself in over your head. Having a bad experience on your very first deal can destroy your motivation to continue in this business.
Read Lonnie’s book. Find a park that will allow you to play ball and then find the MOTIVATED SELLERS. Reversing this order is DANGEROUS!
Best Wishes For Your Success,