Can you imagine trying to sell your mobile home and the man you’re trying to sell it to asks you if you brought your check-book? Folks, I swear, I’m not making this up. But I have to tell you this story.
One of the best rewards I get from this business is having the opportunity to meet and become good friends with so many great people. And then hearing about some of the deals they’ve done. I’ve heard some great stories, but this one gets the blue ribbon award.
Lee, one of my “students”, called me recently to tell me about one of his latest deals. If I didn’t know this man so well, I might have to wonder if he’s putting me on. But knowing him like I do, I don’t doubt his story in the least. And too, since I’ve experienced similar situations myself, I know for a fact this sort of thing actually happens.
The owner had rented a nice 16 x 80 home to the same tenants for several years. During that entire time he never made a visit to see what kind of Tenants he had, or how they treated his home. Since he always got the rent on time, he assumed everything was fine. When the rent payments stopped, he decided to sell rather than find another Tenant. So he called Lee to see if he would be interested in buying the home.
Lee met the owner and they went inside to check it out. (The tenants were gone by then). The owner hadn’t seen the inside of the home until then, and when they walked in Lee said he thought the owner was having a heart attack when he saw the condition of the home. “Trashed” would have been a compliment.
Once the owner recovered from the shock of seeing the condition of what was once a real nice home, he asked Lee if he was interested in buying it. After a good bit of looking and commenting on the condition of the home, Lee asked “Did you bring your check-book?” The owner said “Huh?’ Lee repeated “Did you bring your check-book?” The owner said “Why would I need my check-book? Lee said, “Because I usually get paid for taking homes like this. Are you willing to pay me for taking this mess off your hands?”
After some “serious” negotiations, the owner asked Lee if he would give him $300 (That’s three hundred, not thousand). After some more discussions, Lee agreed to pay him $300. After Lee paid him and got the title, the owner shook his hand and said “God Bless You. I don’t know what I would have done if you hadn’t taken this off my hands.” (Lee said he’s bought many mobile homes, but this was the first time anyone ever shook his hand and said “God Bless You.”
OK, I know you’re wondering how Lee made out with this home, so I’ll tell you. Lee wound up with $3,000 in the home after fix-up. He sold the home for $12,900, $900 down and 84 monthly payments. Not too shabby.
I first met less about 4 years ago when he attended one of my seminars. Since then, he’s done 141 MH deals, and has over $25,000 monthly income from the notes. He’s also bought two parks. (And people still ask “Does this stuff really work”).
Folks, if you want to hear more real deals from real people, join us in Dallas in September. And if you hang around after class, and spring for a drink, you might hear some stories that won’t be told in class. That’s when you hear the good stuff that won’t be told from the podium. And there are always “Lonnie Dealers” at every seminar who have a good story to tell.
Jackie will be posting the details on this seminar soon, so stay tuned. And make plans to be there!
Happy Investing,
Lonnie
