First Lonnie deal.. on the right track?

[Terry Drake]

I wanted to hear some feedback from those who have done or are doing lonnie deals and tell me if I'm on the right track. With all the action I have gotten on this thing I would have thought it would be sold already. I don't know if I'm jumping the gun or 1,000 lookie loo's is the norm for each deal. Am I being too hard on myself? Here are the details.

Well a week ago I saw a mobile on craig's list listed for $3,500. It had newer appliances, washer, dryer, countertop stove and pergo wood floors. I offered her 2k and got it under contract for $100 with a two week inspection period. Lot rent has been paid until March 1st (365/month). Right away I put a for sale sign in the yard, offering it for $189/month owner financing. I also put a sign at the intersection offering the same thing.

I have had a ton of phone calls, and a bunch of drivebys/showings. I've had a few people call back and were interested still but after that haven't heard from them again. If it wasn't getting so much action I wouldn't normally kick the can after not selling a place in a week but I thought with how much action it has gotten, the owner financing and new appliances/wood floors that it would be snapped up already.

I have seen other mobiles for sale that needed work for more then what I'm selling this one for so I thought this thing was going to pop in just a few days since it's ready to move in (there's one soft spot in teh floor.)

The terms that I have offered are 4k cash or 5k owner financed. 495/down and 189/month for 30 months.

What's the holding time for some of you guys on a 2/1? Is it normal to get that kind of action and not have it sold? I don't know if the mobile is at fault and that's why it hasn't sold or if it's a numbers game and there's usually a hundred lookie looks but it still takes a month to sell?

I don't know if I should drop my payment and make it MORE affordable or if I should sit tight and not worry about it. Thanks for any input :cool: I really don't have anyone around here to bounce ideas off of.

[Marilyn A.]

Hi Terry,
I haven't started investing yet, but will give my opinion from the viewpoint of someone who's bought several MHs in the past and lives in one now.
I think what is wrong with your advertising is that you are advertising it for $189 a month, but when they call they find out that they also have to pay lot rent, making the total monthly cost closer to $500 a month.
So the reason they're calling in the first place is they think they're going to get super cheap housing costs.
Maybe advertise the total monthly cost. Then the people that call will be the ones who can really afford to live in the home.
Congratulations on getting the super deal!! It's very nice and I'm sure it will go quickly.