Imagine planning a trip
As always you have hit the bullseye with this post, it isn't that any of us are any more intelligent than any one else, the difference as you stated is that you must move beyond your comfort zone, create a plan and actually go out and do something. Follow the course of those who have paved the way, I know first hand the rewards far out weigh the dues.
What a great post! I used to be on that “J.O.B. Road” and I can assure you it was a constant traffic jam. Since I couldn’t stand the bumper-to-bumper grind, I made a turn onto the “Do Nothing Road”. It was less traveled and peaceful and I would probably still be cruising down that lane if it hadn’t been for some great motivators like yourself and Ernest Tew.
Here’s the kicker…I met you both at an event similar to Mobile Home Millions. I knew the “Financial Freedom Road” was on the map, but I was lost and couldn’t find my way to it alone. I paid my dues, purchased all of your wisdom and you both showed me how to get there. Even though I had good directions, it took time, money and effort to arrive at the intersection of the “Do Nothing Road” and the “Financial Freedom Road”.
It’s been a few years now since I made that right turn and the scenery couldn’t be better. Every once-in-awhile, I’ll see someone coming up on me in my rearview mirror and recognize the car and driver. They were once stuck in a traffic jam with me on the “J.O.B. Road” or we met at a gas station on the “Do Nothing Road”. Now, they are putting the pedal to the metal on the “Financial Freedom Road” and grinning from ear to ear.
Procrastination is like cancer, the longer it lives the more damage it does. You can either keep cruising on the road that leads to nowhere or come to San Diego and get the map with directions to the “Financial Freedom Road”. Lonnie and others will be showing you different routes, but they all lead to the same destination.
I look forward to seeing some of you pass me on that “Financial Freedom Road”.
I have spoken to three large real estate clubs (from 100 - 250) in northern and southern california this past week. I asked the group how many people invested in single family homes or apartments… about 75% of the hands went up. I then asked how many people have invested in mobile homes and mobile home parks. Out of three real estate clubs only 2 people raised their hands. I could hear crickets chirping the room was so quiet!
Over 500 people (between the three meetings) and only 2 people raised their hands! One of them happen to be a student of Mobile Home University who bought a MHP in Nebraska and is completely transforming his life. He is currently looking for park #2!
There is so much opportunity with mobile home and mobile home parks!!!
Mobile Home Millions 5 is going to be just awesome! The event is definitely going to change a lot of lives… especially after hearing from Lonnie Scruggs!
P.S. When I asked the crowd at each of the three meetings if they have ever heard of a “Lonnie Deal” or the name Lonnie Scruggs about 30-40% of the hands went up! The west coast definitely loves lonnie!
If only I had a small portion of your energy. (Is it true they got the
Interesting observation, Lonnie, but doesn’t doing these deals fly against what you wrote in your books?
I live in the heart of Silicon Valley and was interested in doing Lonnie deals in this area. In fact, Ryan Needler challenged me to partner with him in my neck of the woods. I gave this some serious thought but finally decided to pass. Why should I? I am sure you or Ryan and probably others can do it but why? The prices are beyond belief and there is at least one onerous law for everything in CA. These are things the overwhelming majority of people in other parts of the country just don’t understand yet anyone doing any sort of real estate business here has to take for granted.
A buddy and I are putting together our business plan to do Lonnie deals in Texas right now. The recent MOM inspired us to jump in and make this a reality. From our preliminary market assesment work, it’s immediately obvious that we can easily do 10 deals in a relaxed business climate state like Texas for the same amount of money it would take to do just one deal in Silicon Valley. I would much rather spread my risk out over 10 deals than bet the farm on just one.
If someone out here in CA, especially in a high-cost area like the Bay Area, is doing Lonnie deals, please tell us about it. You would have a ton of readers hanging on your every word.
I’m happy to see you taking steps to make things happen in TX, I still in my heart think you are over looking dollars sitting in your back yard however…
It cost nothing to pick up a free thrifty nickel type paper and read the ads and call the sellers, likely it will cost about the same to place an ad for “WANTED: Used mobile home in park, must be extremely reasonable. Will pay cash ###-####”
The numbers might be different than other areas of the US but the game is still played the same way… Run the numbers for say $680 for 10 years at 12.75% and your PV will be $49,995 which from our discussion is low end in your market. Find a motivated seller no longer living in the unit and paying $1000 a month in lot rent and negotiate the purchase to s all about finding the motivated seller my friend!
I agree with Ryan, I’m not convinced that there aren’t LDs to be had in Cali. When I lived there, I wasn’t into MHs, but there are areas that strike me as being suitable. At the top of my list would be Lake county, because its an awesome place and the most affordable area in the Redwood Coast region. I also think there may be LDs in San Joaquin and Stanislaus counties as well. Admittedly, these areas are quite a hike from the populous coastal concentrations, but they’re quite a bit closer than going to another other state.