Don't know if this is the right place for this topic or not... But I wanted to share my experience with mobile home notes. This is a great way for newbies or those who have little cash to get started. It can give self confidence and generate some great returns.
I heard a lot about a book called Deals on Wheels by Lonnie Scruggs and decided to buy it and give it a try. Its a WONDERFUL "how to" book. I read it in 1 day and I decided to do a "Lonnie Deal". I decided to buy a used mobile home and resell it offering owner financing. Pretty simple? Sure was!
Deal 1: Knew very little about mobile homes but decided it was time to learn. I bought my first mh for $5k. Sold it 1 week later for $7500 with $750 down and financed at 12%. Not great $$ but not too bad. A year and a half later, the owner wanted out, I had recouped my initial investment, and I took it back. I sold it yesterday for $4500 cash. I was offering finance at $5900 but got the cash offer and took it.
Deal 2: Bought my 2nd mh in a park for $2500. Sold it 3 days later with O.F. for $8300. $1000 down financed $7,300 at 14% for 36 months. Made all my out of pocket money back in 3 or 4 months. They're still paying $242 and some change each month on my $1,500 investment. What's my ROI? As Lonnie woud say "Good 'nuff!"
I've done a total of 5 "Lonnie deals" over the past year and a half. They have had excellent returns for the amount of $$ invested on my part and have been virtually hassle free. I look forward to the mail man not "passing me by" on my Lonnie deals (a Lonnie expression that your mail box should never be empty when the mail man delivers the mail and there should always be a check from a deal). Although not big fastlane, it's a way for people to get started, get confidence and earn some great returns!
I heard a lot about a book called Deals on Wheels by Lonnie Scruggs and decided to buy it and give it a try. Its a WONDERFUL "how to" book. I read it in 1 day and I decided to do a "Lonnie Deal". I decided to buy a used mobile home and resell it offering owner financing. Pretty simple? Sure was!
Deal 1: Knew very little about mobile homes but decided it was time to learn. I bought my first mh for $5k. Sold it 1 week later for $7500 with $750 down and financed at 12%. Not great $$ but not too bad. A year and a half later, the owner wanted out, I had recouped my initial investment, and I took it back. I sold it yesterday for $4500 cash. I was offering finance at $5900 but got the cash offer and took it.
Deal 2: Bought my 2nd mh in a park for $2500. Sold it 3 days later with O.F. for $8300. $1000 down financed $7,300 at 14% for 36 months. Made all my out of pocket money back in 3 or 4 months. They're still paying $242 and some change each month on my $1,500 investment. What's my ROI? As Lonnie woud say "Good 'nuff!"
I've done a total of 5 "Lonnie deals" over the past year and a half. They have had excellent returns for the amount of $$ invested on my part and have been virtually hassle free. I look forward to the mail man not "passing me by" on my Lonnie deals (a Lonnie expression that your mail box should never be empty when the mail man delivers the mail and there should always be a check from a deal). Although not big fastlane, it's a way for people to get started, get confidence and earn some great returns!
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