My First Lonnie Deal - Two Weeks After His Boot Camp
First, thanks to folks like Terry Drake, J Scott and some others who have been an inspiration to me. Here's what happened.
Lonnie had what might be his last Boot Camp in Norfolk, VA at very end of Oct. Actually, Jackie Lange from Cash Flow Depot organized it, but Lonnie was incredible. Some fellow student even made a deal one of the evenings we were there.
What I started to do was to contact (as Lonnie STRONGLY suggests) Park Managers (around Pittsburgh it's mostly owners). A couple were not interested in working with me but several were. I also drove around just getting familiar with the parks and talking it up (oh, you can learn much that way). I'm at a point where I have no problem just knocking on a door or just chatting it up.
I also responded to a variety of ads (but always talking it up with the owners). Today I bought an older (1969) 2/1 for 42750. Outside of needing an exterior paint job, it's in great shape. It has a large shed, AC, includes frig, stove and stackable washer/dryer, has tip-out which makes a large living room, two car parking port and carpet less than two years old. Overall, it's in very nice shape.
The lady is moving in a month and started at $3500 (she paid over $4200 two years ago). We got down to $2750. It's a 14'x56'.
Of course, a la Lonnie, I kept asking questions and did my best to listen. It was important to hear why she was moving and what her plans were. It's good that I genuinely enjoy hearing what people share, so my interest authentic. I believe people will know when you care and when you don't. For instance, she did share that the photo on the wall (when I asked about it) was of her late husband. I knew from my own girlfriend (who lost her husband about 4 years ago) that it takes a long time to "move on." I was able to address that issue with her with authenticity and sympathy. THAT KIND OF LISTENING AND CARING BUILDS TRUST.
I was also honest with her regarding my intentions as well as the fact that I was new to this and wasn't real experienced at negotiating. Being authentic and honest and being a shady wheeler dealer is the best way.
I learned that she was, in her words, willing to "negotiate " and be "flexible." In Lonnie's words, I told her that I knew she could do better and wondered how better. She did go down to 3k. I suggested with cash $2500. She said nothing for awhile and looked like she was "shutting down". I simply responded spontaneously and said, "Why don't you give me a counter-offer." At this point she said $2750 and we had a deal.
I know that I will get better at this, so I'm not worried that I might have gotten her down lower. I'm confident that with financing this is a very good deal. It's a solid, well-kept home that is a true turn-key.
Enough already. To the rest of you who have not done a deal. You have to get oit there consistently and see the aprks, talk to the people, talk to managers/owners and respond to ads. MOST PEOPLE WHO CALL ON ADS NEVER GET THERE BACKSIDES OUT TO THE PARKS!!!Be proactive. Make this part of your schedule. Pretend that it's your part-time job that will make you a great career. Lonnie didn't make his fortune by watching football Sundays or wasting time on his day off. This is essentially a numbers game. Do the work of research. Get out there and do it. Blessings to you.
Hopefully I will have photos soon. I'm already working on marketing it and will be able to show it before she leaves. I'm hoping to get around $200 or so per month for about 36 months. I am being VERY CAREFUL about advertising it since we all must be careful regarding fair lending laws (I won't even go into the Safe Act here). AS Lonnie suggests, I'll be saying nothing more than "reasonable and negotiable terms."