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I've been in the business for three months now and in that time I've
done seven mobile home deals, most of which are yielding in excess of
100% returns. I purchased your book about a year ago and since then I've done 32 mobile
home deals in the Houston area. Lonnie, I got your second book today and got so excited (again) that
I just had to share this with you. We just bought a mobile home here in
our park for $3,000 and sold it in a couple of days for $8,500. Got $3,000
down and have a note for $5,500 payable $230 / month for 30 months. Thanks
again.... My fiancée and I picked up your book Deals on Wheels this summer.
Since then, we have done five mobile home deals here in Lawrence. Enclosed is my check for Making Money With Mobile Homes. Also,
thank you for the $5,000 I made last month from your first book. On March 20th we purchased your book and on April 28th purchased our
first mobile home. We sold it 17 days later at a profit of $5,030. As
of today, we have bought 14 mobile homes and sold 12 and made money on
all of them. I've been doing "Lonnie" deals locally and they are working
out pretty good. The deal I closed yesterday was a 10 x 50, 2/1 in an
old park near where we live. We bought it for $3,000 and in two days sold
it for $6,500 with $2,000 down. We took back a note for $4,500, 12.75%
interest, 36 payments of $151.06. My yield = GOOD ENOUGH, as you say. Lonnie is no-nonsense and can teach you how to make amazing returns on
small deals. The books are all written in short essay style on a single
subject each, and may be the best introduction you will ever find on how
to use a financial calculator and understand what you get out of it. Truly
the most bang for the buck in real estate books. He introduces you to
so many fundamentally sound principles in negotiation, cash flow, investment
analysis, and just good sense that you can't go wrong with them even if
you don't care anything about mobile homes. Lonnie, after reading your two books, I wen out looking for one mobile
home and wound up buying a 250 unit park. Paid $450,000 for it and I truly
believe it will be worth at least $1,000,000 after I get it filled. I've
been a CPA for 15 years and have never seen any deal like this. (Update-The
park is filled and I'm getting $215 rent per lot and I'm no longer a CPA.
Thanks a million) "I am looking at a very big new year doing more Lonnie- style mobile deals -- buy cheap, sell high with financing. I only deal in the older metal units and never pay more than $1000, and always sell for at least $12,500 with $500 down and $200/month. I have a waiting list for my fixed up homes, as buyers in my area won't buy junkers- so I am in the rehab business as well. Never have more than $2500 invested at sale time. My success has been working with private investors that I borrow money from to fund my deals. I pay high interest, never miss payments, and have instant access to capital when I need it. I make far more than I ever did as a high tech mechanical engineer. "The key for me has been making friends with private money people.
I always pay 12% minimum. I do sometimes have to sell a note to them at
a discount to keep my cash flow where I want it. I always guarantee payments,
and if there is ever a problem with a notepayor, I follow up and make
a payment out of my own pocket if necessary to not disturb the cashflow
that my investor has paid precious CASH to me for. They trust me and I
treat them like gold. |