All Forum Posts by: Philip Bourdon

Hi 727. Thanks for the courteous replies. However, if you notice what I said, I am buying older mobile homes for cash and selling them by holding the note ("Lonnie Deals"). So, the buyers are folks not with much money who will live in them and not investors. I'm also not doing any rentals.

Thanks again for the courteous reply.

Hi. I understand the importance of LLC's with rentals and the such. If I have a number of Mobile Home Lonnie Deals where I am carrying notes, what then would the LLC be doing? Is it buying and selling property?

Hi. In September I'll start buying "Lonnie Deals." How soon before should I start advertising for buyers? If the advice is "right away," then when I have some homes for sale in September, won't that list be more or less outdated? Thanks!

Thanks, Tyler

Hi. Here I was feeling excited about doing Lonnie deals in the Fall when I have access to 80+K, and then I read about the SAFE act. There have been many helpful comments about it, but there has also been much confusion.

If anyone here can tell us how to operate as a Lonnie dealer and still be compliant, please tell us. My questions are:

-Who can are the Mortgage Originators (hopefully I have the right term)?
-How much does it cost?
-How long does it take?

Namely, let’s hear what the process entails. I’m sure many will just crank out the buy/sells, but that’s taking a big chance without compliance.

Thanks,

Philip

Thanks, mark for that feedback. I have read many of your forum comments and appreciate your insight and experience.

How does one find the owners outside of asking the managers who they are?

Yes, I wanted to offer at least $100 to the managers since money motivates.

Your perspective on the managers does make sense. I realize that all are not the same, but at least if I have that awareness of the way many are, it can only help.

Thanks again for the thoughtful comments and taking the time; I appreciate it.

Coffee and donuts is an intelligent approach. Thanks for that.

Yes, I will.

Hi. When Lonnie Scruggs talks to MHP managers he often claims heis trying to help a young couple buy a home; I'm not comfortable with that. Eventually, the odds are that the manager will find out that you lied and what does that make you in his/her eyes?

What's wrong with being upfront right from the beginning, stating that you desire to purchase older homes for cash and intend to keep them in the park. Then, telling him/her that you will "spruce up" some and sell others "as is." Then, simply say that you will bring in buyers (that must "pass" the application process).

I will be using retirement money in the Fall to start my business. In the meantime, I want to talk to as many managers as possible. I simply want to build trust and feel that Lonnie's story is not a good way for me.

Thanks,

Philip