Wednesday, February 11, 2009

Who Says You Can't Buy a Mobile Home for $2,000?

There seems to be a lot of people out there doubting Lonnie Scruggs, the Godfather of mobile home investing, who says he buys mobile homes for "...$2,000-$3,000 and sell for $4,000-$6,000." People have said they can't find mobile homes for $2,000-$3,000 and Lonnie's system does not work.

Folks, Lonnie's system does work. There are mobile homes out there for $2,000-$3,000. But, they are not advertised and most times do not start out at that price.

This is a people business and your success in this business heavily depends on your people skills - simple as that. Most times to get good deals, you have to make them into good deals.

The deals are out there. How do I know? I bought this one for $2,000.

How did I do it? People skills - simple as that.

When I first spoke to the seller, the asking price was a little more than the market value of the home. When pricing a home, most sellers will go with what they think the home is worth and in most cases, it's very close to market value.

I spent time getting to know the seller and asking lots of questions - this is the key to negotiation. Information is the key and what you do with that information will help you to better negotiate.

Don't focus on price - focus on finding out as much as you can about the seller and the seller's true motivation for selling. Problem with most people is they focus too much on the home and the price. Stop looking for homes and the prices - start looking for motivated sellers.

Let the seller get to know you and get to know the seller. Again, it's a people business and your success will highly depend on your people skills.

Personally, I'm a people person at heart. I have a sincere interest in getting to know people and creating win/win situations. This will show when you are with both sellers and buyers. If they suspect you are there only for you and not interested in helping them out, they will not work with you.

People like to work with people they know and trust. Focus on working on your people skills and the deals will follow.

***By the way, I will be posting lists of books that have helped with my people skills on a regular basis.


Michelle said...

Wow! That's pretty impressive! $2,000? Nice job!


Mobile Home Gurl said...

Thanks Michelle, glad you enjoyed the post!

mortgage leads said...

How did you get him to come that far down on his price

Mobile Home Gurl said...

Going into the deal, the park manager was really helpful in telling the seller to work with me if they wanted a quick sell. That's the importance of building strong relationships. Sure, it takes time but strong relationships are priceless. Once I met with the seller, it was just a matter of building rapport and trying to help them with their problem and create a win/win situation. Hope that helps!