Can someone explain Lonny Deals?

[Account Closed]

Can someone explain Lonny deals?

[Marc Faulkner]

Here is an example of a perfect Lonnie Deal!
A guy calls and says he want to sell his house. I ask how much and he says $600 for a 1990 3 br. single wide set up in a park. He has the title but it is in his grandma's name.
I go see the home and offer him $500 minus the taxes and give hime a $50 deposit and place my sign in the window. A few days go by and we have several calls on our sign and set up a showing with all of the potential buyers getting there at the same time. We do the walk through and narrow down the buyers to the ones that have the most cash down and can demonstrate the ability to pay. We sell the home for $7,999 with $1,000 down and payments of $184 pr. month for 48 months.
2 years go by with steady payments and then the buyers decide they need a bigger home.
I tell them I will let them out of the contract if they continue to pay the lot rent while the home is on the market. 1 month goes by and we find another buyer and this time the price is $8,979 and we get $1,500 down and cary back a 60 month note with a 10.99% rate and a monthly payment of $166.33 for 60 months!
This home has been a gift that keps on giving and I have never had a dime of our own money into this deal:)