Lonnie Scruggs - Deals on Wheels

[Demjan Van Der Kach]

I am reading the book now and it is lots of fun. I have no experience in mobile homes whatsoever and really wonder: - Are there still Lonnie deals out there? - when he talks about buying single wides for $2,000-3,000 - are we taking modern era or it was 20 years ago???:). Are these deals realistic now? - is sellers financing on mobile homes dead because of new regulation? SAFE act/Dodd Frank.

[Rick Pozos]

When you read ANYTHING, you have to adapt it somewhat to your area and your expertise. 10+ years ago I read Deals on Wheels. I did some of those deals. Made some cash flow for some years. I am still looking for 5k to even 20k mobiles that I can sell for 2x, 3x or even 4x the purchase price because they are owner financed to the buyer. I clean them up some and make sure everything is working. Everybody needs to live somewhere and if you can give them a modestly priced home that is in decent shape, why not?? Believe it or not, some people can not get financing but they also want to own a home. There is a void that needs filling, step in the real estate investor.

If you take the same concept to site built homes, you purchase something that maybe needs a little work but at a significant discount, owner finance it for 20k or 30k more you can have a decent return on your money. This works best with properties under 100k.

ps You can do an owner finance every year without all the Governmental regulations. Everybody wants to say why you CANT do something. I like to find out how I CAN do it.