(Note: I think it's important to know the terminology and words used when learning any new business including mobile home investing. I came up with 'Terminology Tuesday' as a way to go over the terminology used in the mobile home business. It's important to know the terminology when talking to people in the business so you're all on the same page).
"A 'Lonnie Deal' is basically one that I can buy for $2,000-$3,000 and then sell it for $5,000-$6,000."
- Lonnie Scruggs
Check out this audio where Lonnie Scruggs outlines what a "Lonnie Deal" is: (at 7:31)
In a nutshell, the concept of "Lonnie Deals" can work with anything - not just mobile homes. And, the key is offering the product with easy terms and offering owner financing.
If you're interested in learning more about mobile home investing, I highly recommend reading Lonnie's book.
Happy investing!
Tuesday, February 23, 2010
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