Getting started !!

[Howard]

I just finished reading both of Lonnie Scrugg's books and I've put a to do list together. I think I may be the only person in the Omaha NE or Lincoln NE areas that my be starting on "Lonnie deals." Here's my list:

1) Come up with $2000 or more asap

2) Place a TEST ad: "WE BUY, SELL AND FINANCE USED MOBILE HOMES. AFFORDABLE PRICES-FLEXIBLE TERMS, NO BANKS." XXX-XXXX HOWARD.
A. Make sure to get info on all my callers (buyers and sellers)name, number, type of home looking for/selling, price, down payment, monthly payment, etc....

3) Bet business cards made: "USED MOBILE HOMES-BOUGHT SOLD FINANCED-AFFORDABLE PRICES-FLEXIBLE TERMS, NO BANKS-STOP RENTING, START BUYING" XXX-XXXX HOWARD

4) Visit parks and park managers/owners: Explain to them that I'm looking for homes to buy and sell in their park that don't need to be moved. Ask them If I brought my potential buyers to them to be approved to rent the lot would they be ok with me buying and selling homes in their park/lot. And if they are ok with this, let them know that I do pay a $100.00 referral fee for every home that I buy that they refer to me.

a) also talk to residents that live in the homes, ask if they know of any homes for sale and also let them know that I do pay a $100.00 referral fee for every home that I buy that they refer to me.


Someone please let me know how that sounds, and if I've missed anything. Now on to my questions:

1) How do you determine a fair amount to sell a home for once you buy one?

2) How do you determine the yield on a deal?

3) How do you figure in the interest on a deal or what a fair interest rate to charge is?

4) Will I need a dealers license in start & how would I find out?

5) Anyone familiar with know of anyone dealing in the Lincoln/Omaha Nebraska, and Council Bluffs/Carter Lake Iowa areas? Thanks in advance....

[Kevin]

If you were not aware of it, there is a whole forum at the link below dedicated to "Lonnie Deals".

http://www.real-estate-online.com/mobilehomes/

Kevin