How did you ever make out with the Lonnie Dealers?
I am new to Frank & Dave's world. Going to my first boot camp in February, so at this point I dont know anything about buying MHP's or the lingo used in this sector of real estate investing.
I was looking to find out the definition of Lonnie dealer and based on the definitions I came across, realize that is how I got started. As stated I dont know anything yet, so I may be reading the definition incorrectly.
However, my very first deal in real estate was helping an elderly woman stop from being foreclosed on. I purchased the home, put $11,000 into the home and resold it carrying the note for a 60 year old couple who had never owned a home before. They were most excited about their grandchildren coming to the "OWN" home.
The elderly woman I originally helped is now in senior housing and never again has to worry about foreclosure.
I went on to do 7 more deals on mobile homes, this same way. Helping a single mom of 4 go from paying $1200 a month rent to paying us $475, she paid off within 2 years. She know lives for $73 a month HOA fee in the park, while owning her own land.
Another, a grandmother who lost her daughter and was left to raise 15 & 17 year old boys. She now has a place big enough for all, and a place she can maintain and afford.
If I am reading what the definition of a Lonnie Dealer is correctly, than I have to disagree that we are all after just putting "warm bodies" in the homes vs being on the same psychological, social and community driven goal as the park owners.
I currently specialize in Rent To Owns on mobile homes and SFH in CA, OH & NH. And would do so throughout the country if I had good colleagues on the ground, in other areas.
I would do this type of investing "Lonnie Deals" all day long, every day if I had park owners that would drop all the hoops of not letting people "Rent" vs having to own the mobile homes themselves in their parks and allow me too be the bank and part of their community.
If anyone and I ever have the same philosophy on helping and influencing people, then I look forward to being a part of this forum/community to connect so we can help more people get into homes they otherwise wouldnt be able to afford.
I look forward to hearing your story of how you filled your parks...