Posted by J.P. Vaughan on June 01, 1999 at 24:00:16:
Rodney, we are very happy for you! Terry just left for
the Atlanta Workshop, but I’ll be sure to tell him the
great news!
JP
One little Lonnie, Two little Lonnies… - Posted by Rodney (AZ)
Posted by Rodney (AZ) on May 31, 1999 at 21:53:36:
Hi, gang! I’ve been slow in posting this, but I recently completed my 2 first Lonnie deals! Some of you locals that belong to the Phoenix Real Estate Investment Group have already heard about them, so bear with me…
After I left the convention in Dallas, I was on fire. I had been studying everything but had done nothing. So I resolved to change that when I got back. (As a matter of fact, when the convention was over I caught Terry Vaughan leaving with an armful of stuff. I stopped him, thanked him for a great convention, and made him a personal promise to get off my @ss and “do a Lonnie deal within 30 days”. This was my way of motivating myself, by publicly promising action. Well, Terry, I didn’t make it within the 30 days I promised, but I’m doing it, nonetheless!)
When I got home, I went out the very next weekend and bought 2 homes. I’ll save the details for my “Success Story”, but suffice it to say I did everything wrong! But I don’t care, because I got $10,000 worth of real-world education, AND I STILL MADE MONEY!
First home was purchased for $4900 (too much!) and I put about $1000 (too much!) into it before I marketed it. Sold it for $8143, with no money down and 48 payments of $217.43 @ 12.75% interest. Still making money, but can do better…
Second home, I paid $1000 for it (that’s better), put $0 into it (now we’re talkin’!) and sold it for $4120. No money down, $138.32 per month for 36 months @ 12.75% interest. Much, much better.
Incidentally, closed on home #1 on 5/24/99 and #2 on 5/28/99.
I now know what NOT to do, and I’m ready to get on with the good stuff! Like I said, I have learned so much from these 2 deals and now have the knowledge to get out there and do better. The self-confidence that I have gained is powerful stuff! No more, “Can I do this?”, or, “Will this really work?”.
I’ve rambled on enough, but I have to thank everyone on this website for sharing their wisdom and for offering their encouragement to newbies like me. And a special thanks to Lonnie Scruggs, my mentor as well as a fine human being.
Rodney
Re: One little Lonnie, Two little Lonnies… - Posted by KF_AZ
Posted by KF_AZ on June 01, 1999 at 10:44:23:
Great Job Rodney! More impressive to me than your deals is your positive outlook. To view mistakes as a valuable education is one of the elusive keys to success in life. Keep it up. See you at the next meeting.
Kieran
Re: One little Lonnie, Two little Lonnies… - Posted by Barbara (ME)
Posted by Barbara (ME) on June 01, 1999 at 06:36:08:
As a fellow MHer I relate to your excitement. Great isn’t it? Congratulations.
Barbara (ME)