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Forums » Mobile Homes & Mobile Home Park Investing » Absentee Lonnie Deals

Absentee Lonnie Deals Subscribe to Absentee Lonnie Deals

9 posts by 5 users

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J A


Forum_avatar_avatar-j_a_

Dec 22 '10, 09:42 PM

Anyone have any luck doing lonnie deals via a 3rd party? I'm currently stationed abroad, and trying to find a way to make this work.

Thanks,
JA


Rachel H.


Forum_avatar_avatar-mobilehomegurl

Dec 22 '10, 10:03 PM

I do not know anyone doing this personally. Though, I have heard of others who lend funds to others to do "Lonnie" deals from other areas. Hope that helps!


Mike Matthews

Real Estate Investor · Houston, Texas


Forum_avatar_avatar-mystic_realty

Jan 04 '11, 10:14 AM

Originally posted by J A
Anyone have any luck doing lonnie deals via a 3rd party? I'm currently stationed abroad, and trying to find a way to make this work.

Thanks,
JA

Heck YEA, when I was in Afghanistan I was lending Dealers on short term loans of 60 days for 12 points.

Meaning they burrow $10,000. I made back $1,200.00. They had a maximum of 60 days to perform or I would make a Role Over Payment on the home. They paid me the $1,200.00 and the same loan started again. I made an extra 50 k a year doing this. I wish I would have never bought mobile homes now and just kept repeating this process. I do miss CASH.


Dale Osborn

Mobile Home Investor · Spanaway, Washington


Forum_avatar_avatar-realtyman

Jan 04 '11, 01:18 PM

Mike - what is stopping you from going back to your old way of doing business?


J A


Forum_avatar_avatar-j_a_

Jan 04 '11, 03:01 PM

Mike, how would one get started lending to "dealers"? I assume you mean other investors doing lonnie deals?


J A


Forum_avatar_avatar-j_a_

Jan 04 '11, 03:01 PM

Mike, how would one get started lending to "dealers"? I assume you mean other investors doing lonnie deals?


Mike Matthews

Real Estate Investor · Houston, Texas


Forum_avatar_avatar-mystic_realty

Jan 06 '11, 07:10 AM

Originally posted by Realtyman
Mike - what is stopping you from going back to your old way of doing business?

Simple, Now I burrow private money for all the homes I buy. I am not going to spend my money on anything again except for myself.


Mike Matthews

Real Estate Investor · Houston, Texas


Forum_avatar_avatar-mystic_realty

Jan 06 '11, 07:14 AM

Originally posted by J A
Mike, how would one get started lending to "dealers"? I assume you mean other investors doing lonnie deals?

No my loans were for 60 days, those are not Lonnie deals. I loaned to dealers.

Every state should have a list of their licensed dealers. I mailed all of them in the area I had family close by. That way my family could repo the homes for me if I needed.

I never had to Repo, thank goodness.


Marc Faulkner

Note Investor · Kalamazoo, Michigan


Forum_avatar_avatar-notebuyers

Pro Basic

Jan 16 '11, 10:27 AM

We partner with hands off investors on Lonnie Deals and other seller financed property sales quite often. Our notes are then serviced by a third party servicer who handles collections, distributions of funds and reporting. If there is a problem we do all of the leg work to keep the note performing or what ever is required to take back the property and re sell. I am always looking to network with like minded investors in creating win win situations for all parties.




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