How many Lonnie Deals would I have to do so that I could leave my $30,000 job. I am so committed to leaving my job after 14 years and spending more time with my family. I have been working 60 hour weeks and feel like I have missed out on most of life during the past 10 years.
Mike
Hi Mike,
I have completed 3 Lonnie deals and have $1100 coming in per month.
I’ve just signed papers to buy a land deal for $7k and will do repars of 5k. I will sell for $28k for 113 mo payments of $400 per month. My ROI on this deal is 38.9%.
With those 4 deals I’m up to $1500 a month.
Realistically I see many folks leave good paying jobs BEFORE they should (Granted, many people stay with their jobs much longer than they should). If I wanted to “replace” my $30,000 job I would want a minimum of 12 deals bringing in $250/month.
Depending on what your nest egg is and your bills this will vary.
I should add that I didn’t listen to Lonnie’s wise words and early on I bought a 1969 and a 1970 that I recently sold for a loss of about 4k. I just couldn’t sell them for 'other than their worth" (I overpaid). But I sold them and am moving on.
Good luck in your investing,
Bobb
Hey Mike,
I totally understand, been there, You are right where I was a few years back. I did 45 Lonnie deals over the past 8 years while working a full time job and now own a 185 space mobile home park in Albany,GA and also contribute articles here at the website under the Blog tab. I could talk for days about lonnie deals and all the experiences I have had over the years, bottom line is I don’t know a better way to cheaply create monthly cashflow for yourself and be able to eventually leave your job. I want to just throw a few thoughts your way to help stimulate your thinking, first of all only you know what you need to live on monthly. Try this on for size, in Virginia I was able to make most of my lonnie payments between $225 and $275, so if you use $250 as an average payment how many lonnie deals would you have to do to equal $3000 a month in income, seems like about 12 deals doesn’t it. Twelve deals seem like a lot, but I know people all over the country who have done 2 to 3 deals a month once they get the hang of it. This website is the place with all the resources you could possibly need to succeed in this business, remember dream big, beyond the lonnie deals lies the opportunity to own your own mobile home park and even bigger profits. One more thing, the freedom to spend time with your family is exactly what I was looking for, I can’t describe what a wonderful a feeling it is. Put a plan together and go for it, best of luck.
Fred