(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!
Showing posts with label lonnie scruggs. Show all posts
Showing posts with label lonnie scruggs. Show all posts
Tuesday, February 23, 2010
Friday, July 31, 2009
Words of Wisdom From Lonnie Scruggs
Here are some words of wisdom from Lonnie Scruggs, "The Godfather" of mobile home investing. (I highly recommend reading his book). Enjoy!
Video Link
Video Link
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.
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.
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