One day while playing with my computer, My wife and I stumbled on to the CRE Online website. We read everything we could on the website and chose to order the book, Deals on Wheels by Lonnie Scruggs. We figured this was a good place to start and couldn’t believe how simple the whole theory seemed to be.
Although we were armed with all the information we needed, we decided to go to Lonnie’s workshop in Virginia (October 1998). The “networking” we received was all we needed to start putting deals together.
We returned home and had our first deal a week later. We bought the home for $2,500 and sold it the next day for $4,650 with $1,000 and 22 payments of $200 a month. This deal has been our WORST deal so far!
Our second deal was a mobile home and lot combo in a large condominium park close to where we live. It was listed for $11,000 by a Realtor, owned by an out-of-state Don’t-Wanter and needed a whole lot of general cleaning. They took our first offer of $5,245. We had the mobile home sold before we closed for $6,950 and financed this one as well. They are also paying $125 lot rent on my lot. We love deals like these!
Our third deal was from a referral from the same agent who sold us the home/lot combo in our second deal. This house was spotless, a one-owner who just wanted payoff, so she could move into her “stick built” home. Purchase price $2,200. We have it sold pending a credit check by the park on my customer. Sale price $8,950, and we have it sold on a note as well.
Our final deal thus far closes later this week. It is another lot, located next door to my lot described above. We have it bought for $4,500 and will be looking for a wobbly box to put on it when the ink dries on the deal. Our banker found out how well we were doing on these deals and is financing me 100% on this lot and told us to call him on all future deals.
These deals just keep getting easier with every deal. We have made a very nice profit on every deal and really can’t see a sure fire way to mess one of these deals up if you just follow the advice offered by the many professionals who frequent this website.
From the bottom of our hearts, we would like to thank the CRE Online website and the many knowledgeable people like Lonnie Scruggs who unselfishly contribute their ideas so our road to real estate success is a faster and smoother road to travel.