Problems finding Lonnie deals - Posted by george from raleigh

Real Estate Investing Mobile Homes & Mobile Home Parks
#1

Posted by Tony-VA on February 09, 2001 at 07:54:47:

Find the park manager FIRST!

Your first scenario is NOT a Lonnie scenario. You are entering the snake’s den when you try and compete with park managers who are also lonnie investors and landords. Move onto greener pasture.

Find the park manager who is just that, a park manager. Most don’t have the desire to buy and sell mobile homes. They are busy enough running the park, collecting rents and paying bills. Find a park manager that is either willing to work with you, or better yet…NEEDS you! They are out there but for some reason they are rarely the firt park we drive into.

Keep searching for this golden goose my friend, they are out there. This goose will lead you to the deals if you treat her right.

Best Wishes,

Tony-VA

#2

Problems finding Lonnie deals - Posted by george from raleigh

Posted by george from raleigh on February 08, 2001 at 18:55:44:

I have been trying to follow the well-trodden path of Lonnie, and have encountered a few problems with which I would love some help.

So far, rather than the desperate lady with packed boxes everywhere and a decent MH that she needs to unload for $2,000 I have more consistently encountered either one or the other of the following scenarios:

1: Older homes, but they are owned by the parks who are either renting them out or getting rid of them by financing the homes themselves, which they can easily do since they have a low or no cost basis in the homes. The PM is the contact person, and there does not seem to be room for me in the deal.

2: Newer homes (1995 or newer) with existing financing that is relatively long-term. They can’t sell for cash, since there is not much market for a 1995 home selling for $10,000-12,000 cash. They want to get out their cash and let someone take over the payments. Once again, no place for me in the deal.

I realize that it takes time to get into the swing of things, but I am simply not running across good Lonnie candidates. Any suggestions from the gurus?

George