Lonnie Deals

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  • How many Lonnie Deals are you limited to per year due to the Dodd-Frank rule? Thanks!

    You can do three a year without using a mortgage broker. But you can do UNLIMITED deals per year if you use a mortgage broker to qualify your buyers and explain the terms to them.

    Do not let Dodd-Frank slow you down!!.. Make friends with a mortgage broker who can take care of your transactions for a couple hundred dollars.

    Thanks, Jackie! I appreciate you taking the time to answer.

    Any referrals for RMLOs in NC?

    You do not have to even worry about Dodd Frank if you “Create the Paper then Sell the Paper”. I did a bunch of these back in the early 90s.
    Example: Seller is willing to sell their MH cheep for cash. You tell the seller they will get cashed out when I can find a suitable buyer that will buy on contract. Once you have vetted your end buyer/user a Mobile Home Sales Contract and Promissory Note and Security Agreement is executed between buyer and seller. You then buy the debt instrument for cash by assignment from the seller. Now you can use your own money or a private investors whatever suites your model. Of course the end sale price to the buyer on terms is two three or four times the cash price the seller is accepting.

    By the way. All of that paperwork is in the File Vault

    And… you avoid capital gains taxes if you do Lonnie Deals the way Don described.

    If you buy a mobile home then sell a mobile home for more, you owe taxes on the difference ( installment sale)

    But if you buy a note from the seller of the mobile home, then you do not owe taxes.

    Making money is great. Keeping all the money you make by avoiding taxes is even better!!!

    Thank you Jackie and Don. Great advice.

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