Posted by DJ on January 12, 1999 at 08:38:10:
Lonnie,
I think you got DI and me (DJ) mixed up. Anyway, great post! I bought “Deals on Wheels” 2 years ago! Last year
I bought and sold more MH’s than some of our local dealers! I’ve taken some of your ideas, and put a little of my own polish on ‘em! I don’t think there’s a better book for anyone getting started in MH investing! Hats Off to ya’!
DJ
question 4 LONNIE - Posted by DI
Posted by DI on January 10, 1999 at 21:57:22:
Lonnie, I have just ordered your book. I should recieve it in a few days. Just woondering if your book covers the team mates a person should have. ie Mastermind Group. If not could you maybe give me a heads up.
Re: I meant to post this - Posted by Lonnie
Posted by Lonnie on January 11, 1999 at 09:39:51:
Hi DJ,
Don?t remember exactly how “Mastermind Group” was explained, but I?ll attempt to outline who you need on your team for MH deals.
I?ve always been a “lone wolf” so can?t talk much about partnerships etc. But here?s the people you want on your “team” for MH deals: And actually, there are very few if you do business like I do.
The most essential person is the park owner/manager. A good working relationship with the right manager is like having a goose dropping golden eggs in your lap. Get to know the managers.
If you don?t have the capital to get rolling, then you need to build up a good relationship with several investors that can fund your deals. And ,also investors you may want to sell notes to. There?s always plenty of money for the right deal.
If you want to do “findem & flippem” deals, learn who the investors are that buy & sell MH?s. Good way to pick up good profits with none of your money, by being the bird dog.
Get to know the new dealers who will work with you on their cheapo trade-ins. They can throw good deals your way.
Get to know several movers, so if it becomes necessary to move a home, you will get good prices and good work. They can also throw deals your way.
Once you make contact with these folks, make it a habit to drop by and visit them on a regular basis. Develop not only a business relationship, but be a good friend, also. Take them out to lunch, treat them right for a lead to a good deal etc. Do this and you will be successful.
Good luck,
Lonnie
Re: Genie,please grant me a wish - Posted by Lonnie
Posted by Lonnie on January 11, 1999 at 09:05:39:
Hi Ray,
If the magic genie could pop out of the bottle and grant me three wishes, I think my first wish would be to have the ability to eliminate the words “can?t” and “won?t work here” from our vocabulary.
According to the last Census report in (1990, almost 10 years ago), there were approximately 200,000 MH?s and over 300 parks in New York. I just went to “Bigbook” and pulled up 54 MH parks within 50 miles of Albany.(Our friend Bob McNeely was the one that first told us about Bigbook. Thanks Bob.)
I?m sure the number of MH?s has increased considerably since then. Does your advisor think Santa just dropped them off for Christmas presents? Somebody bought and sold each one, and made a profit. I?m sure many have been sold and resold many times since, and somebody made a profit each time. When a seller wants to sell, somebody will buy, either to live in, or to resell for a profit.
I?m sure if you check around you will find your share of MH?s. Ask your advisor what makes your area any different than the other places. Has he ever done a MH deal? Ever tried to do a MH deal? What does he base his advice on? I think that advice should be measured by the knowledge and success of the one giving the advice. How much of either does your advisor have?
Believe me Ray, it will work where you live. The numbers might be somewhat different in your area than where I live, but same concept. Get started.
Best wishes,
Lonnie