I have completed my third Lonnie Deal today. This is going slower than I had hoped but so far no major problems.
Have learned a lot about people these past few months.
Have an avg. yield of 104% on these three deals and have left some money on the table in each one (need to read that book again).
Have created $1132 month in cash flow and going to go look at #4 in the am. Goal is 10-12 deals this year.
Thanks again to Ryan Needler,
Wayne Rush
How sweet my friend, landscaping to Lonnie Dealer =) Stories like this warm my heart! You’re doing great Wayne and you will reach your goal, maybe not as fast as want it all to happen but you will reach it one deal at a time! Just keep getting it =)
To those of you sittin on the fence I want to point something out, Wayne came and visited me sometime the end of October / beginning of November and has created $1132 a month on 3 deals since that time, that’s half of what most of the American population makes working 40 hours a week 52 weeks a year in 4 months! Where do you want to be this time next year??? All it takes is a little action and using what is between the covers of a little $30 book… The choice is yours!
Best wishes,
Ryan Needler
I’m in the Lansing, Mi area and have been doing Lonnie Deals for almost 3 yrs.
I soon ran out of money so when someone wanted to sell me a mobile home I told them I didn’t have any money but I would give them a note. I haven’t had anyone refuse yet. It lets me make some profits I wouldn’t have made. Also I don’t have to borrow money since I had to go bankrupt 2 Yrs ago. Thank goodness I knew about asset protection and didn’t lose any of my Lonnie deals. My biggest problem is having them too long and lot rent piles up. If anyone has suggestions as to how to sell them faster, please let me know. Thanks
I have sold all mine in less than 5 weeks from purchase. I run ads all the time, put up for Sale sign in the window soon as I buy it. Jump on repairs.
Main thing be flexible on down payments and monthly’s, my guideline is have all my money back out in 12 months. My second deal, home sold for 16,500 took 500 down, $375 month for 70 months plus an extra $250 first three months for catchup downpayment.
Follow the book it works and pretty sure there is no room for improvement.
I have less than 40 hrs work in all three deals combined. I do abhor painting ceilings though.
Wayne
Wayne,
I have bought 3 MHs for LDs. One is a done deal, the second is hopefully going this week. The third one may get done today but it has been the most challenging since its a '73 and is in fair shape. My question is how much work are you willing to do in these things? I replaced the carpet and vinyl in the first one I did which the buyers certainly liked but it cost me $2,600 which I didnt like. After listening to a conference call with Lonnie on it he mentioned that pretty quickly he stopped doing any work to his at all just selling them as is. After hearing that I became reluctant to fix this last one up and just try to make the financing easier; it reduces my cash on cash return obviously.
What are your thoughts? Thx
Sean