Posted by Mark on August 28, 2003 at 14:19:40:
Jim:
Can you give us the numbers on this deal and what Do’s and Dont’s you learned.
Thanks,
Mark
Prophet Lonnie Speaks the Truth! - Posted by JimS
Posted by JimS on August 28, 2003 at 13:06:51:
Sold a trailer to a knucklehead 3 months ago and only got $500 down as I didn’t want to pay upcoming lot rent. I knew the guy would default, but figured it would be a year or so. 2 months and he bails on 3rd month rent. 1st rent was late, second on time, 3rd a no show. Also, his insurance lapsed, then I dogged him and it was reinstated.
So I decide to clean up trailer. Elec is off, fridge is full of rotten meat, biscuits and icecream. Very nice!
I put in new carpet, lino today to perk it up a bit as it was a pit before. Come over and find a note on door for $880 in back rent, evicition charges etc! Mgr was supposed to call if he didn’t pay. Anyway she discounts $300 off that and that includes next months rent. So good for 33 days.
Anyway, have an ad running now with several buyers who can pay $1500 to $4000 down!!! Yeah!!!
What is ironic about all this is that this was my first deal, I have learned a TON of do’s and DONT’S and I am still earning 30% on my money.
Where else can you learn by trial and error and still make 30% ROI?
Re: Prophet Lonnie Speaks the Truth! - Posted by Chuck-NY
Posted by Chuck-NY on August 28, 2003 at 17:16:31:
This is a good example of why I collect the lot rent with my MH payment. No more “surprise, you owe $5,658,598,431.03 in back lot rent!!”