All Forum Posts by: Mike Jakobczak

***Lonnie Deal Update***

Seems like the seller of the mobile home has come back around and this deal is back in the works!

Right now we are in our due diligence period with the property. Currently checking if all parks fee's are current and if the home is in the same conditions since we last seen it.

We are looking to close this deal up early next week and will keep everyone posted!

Awesome discussion, mine would have to be silence is golden rule with a long hmmm...before it.

Works even better on the phone, people tend to cave so fast on the phone, since we are so use talking back and forth on the phone. 5 seconds on the phone seems like forever.

Real Estate isn't necessary local. It's what you make of it.

But investing outside your local neighborhood is a whole new business. You need to be very organized and your profit margin must be higher then your use to, since their are extra cost involved. An example of this would be a project manager. Most people manage their own rehabs but when you are not there makes that extremely hard, or more impossible.

Some tips; Project manager is a must, usually around 10% of rehab cost.

Set up a local number to be forward to your office. This is important to give the impression you are in town and when people give you quotes, they wont try to take advantage of you.(But we all know they would never try this haha)

Partnering up with a local investor

Longer period of Due Diligence then you normally would do. This will give you the extra days to organize yourself.

A Real estate agent who works with out of town buyers. They usually will take 50+ pictures of the house, neighborhood, etc. May even take videos.

Project Managers must give the go ahead to finish a job up, once they have doubled check and taken pictures of the project. Your Due diligence becomes very very anal, compared to if you were there yourself.

Also remember materials and labor will be different then your local area so always do your research on everything.

Hope this helps!

NOPE! I stop going to some clubs because 65% of the meeting is promoting new programs etc.

good poll, looking forward to the reponses

Also sometimes I tell the agent that I will let them know by the end of Due Diligence what company I will be closing with, I just tell them I am in the middle of registering my LLC.

Sometimes works, sometimes it doesn't depends on the bank and the property.

-Thanks Kenneth!

- J Scott, not a problem, it's appreciated!

UPDATE!

Well seems like the owner is going to try and get a better price then we offered ($1500)

Since we have never done a Lonnie Deal, we are still going to look into doing our first deal regardless of this deal coming through.

We plan on updating this forum, along with our donation.

We are now starting to search for banked owned mobile homes, if anyone has any good websites to look for these types of deals, I would appreciate it!

I will keep everyone updated!

Lonnie Deal Weekend Update!!!

We took a look at the home, seems to be in decent shape.

We gave them a few numbers to feel them out, and are now waiting to hear from them. Our offer on the table is $1500.

We'll see what happens!

What is the owner's contact info?

J Scott,

I'll take this deal anyday!