Posted by ave on February 04, 2002 at 05:50:33:
I should know this but I don’t. What does ROI stand for? Return on investment? Thanks
What would you do with this opportunity? - Posted by Sean (AR)
Posted by Sean (AR) on February 02, 2002 at 21:56:20:
2nd try…
All,
I was recently made aware of an opportunity in my local area. 7 acres, with 3 mobile homes on it. One double wide in great shape, one single wide in good shape, one single wide used as a storage building. The double wide is rented out currently at $500.00 per month. The good single wide is rented at $250.00 per month. The storage one is storing ha ha ha. Asking price on all plus land is 41K.
I just ordered Lonnies books on Wednesday and have yet to receive them. I hate to miss out on this deal if it’s considered a bargain, but being new don’t know what I should or could do with it. Is it something worth pursuing?
I’d love to hear some ideas on how to make this a cash cow! Please help.
Re: What would you do with this opportunity? - Posted by lyal
Posted by lyal on February 03, 2002 at 12:58:48:
Sean,
Sorry you didn’t get much response to your first post. I guess my thought would be why you would tie up 41K in a single transaction where you might be able to make a little positive monthly cash flow. If something goes wrong with the deal a big part of your cash flow is interrupted. If you have 41K to invest, you could buy 20 - 25 Lonnie deals and your cash flow and ROI would be astronomical. If a small percentage of the deals went bad, your other deals would support you until you got the problems solved.
If there are “higher use” issues with land that might make it a springboard to a bigger deal that’s something for the commercial board.
I’d pass on this and wait for the books.
All the best, Lyal
Re: What would you do with this opportunity? - Posted by Marc
Posted by Marc on February 03, 2002 at 02:25:10:
Offer $500 for an option for two months until you get the books. You may make the cash flow work. You will make it zing if you put a few more units on the land. Seven acres is quite a lot (no pun intended).
Re: What would you do with this opportunity? - Posted by ScottC
Posted by ScottC on February 03, 2002 at 24:09:19:
Here’s the most basic advice I can give. You haven’t recieved Lonnie’s books yet, so leave it alone. Lonnie shows you how to start small, and grow with your experience.
There are plenty of oppotunities as you learn. Yes, by telling you to avoid it, you may be missing out on a good deal. You also may be avoiding a bad deal. Until you can evaluate the deal, and how suitable it is to your goals, you can’t be sure which it is.
Keep in mind, even when you’re making your great Lonnie deals, there will be many more great deals that you’ll miss. The idea is not to grab EVERY great deal that’s out there. Rather, the idea is to do enough great deals that you can build your cashflow and achieve your dreams!
(This also isn’t to say that you should avoid any great advice that comes about as a result of this thread. If a poster comes up with a great way to turn this into a cash cow, and it seems to work for you, do it! )