How to Create a Mobile Home Money Machine by Lonnie Scruggs
[pic][pic][pic]My ad read "Mobile Home For Sale--Will Finance" and the phone was ringing off the hook. Some of the callers didn't even bother to ask what the selling price was, or the interest rate. Most of them were interested in only two things: "How much down and how much a month"?
These are the type of people that will make you rich if you understand notes and seller financing. The financing alone will make you rich. But if you under- stand how to buy a product for wholesale, then sell that product retail and finance it, you will get rich much faster and easier. I've been doing this very thing with mobile homes for 19 years.
Making A Fortune With No Competition
According to the Bureau of Census Report, there are over 9 million mobile homes in this country. And because the used mobile home business is so unrecognized by most entrepreneurs and investors, the ones who do understand the business are making a fortune with little or no competition.
When you can buy a used mobile home for $3,000, sell it for $6,000 - $9,000, finance it and have the buyer send you a check for 2-3 three years, my calculator says that's GOOD ENOUGH. Mobile homes are the only affordable housing left for many people in this country, and the new homes are priced way out of the range of many who want to buy. High prices and the lack of financing is creating a tremendous demand for used mobile homes with seller financing. I've discovered the world is full of people who want to buy things but, since many of them don't have any financial discipline, the only way they can buy what they want is to find someone that will offer financing. And this is especially true for housing. Some people will never save $1,000. But if you set them up on a monthly payment plan, they can make you a payment for life. Let me illustrate by sharing a case history on an actual deal I did.
A 96% Yield
This couple owned and lived in a 16...
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