Are “Lonnie Deals” Dead?

One of the questions I get from folks over and over again is “Are ‘Lonnie Deals’ dead?”

If you’re new to mobile home investing, you may want to read my guide “Mobile Home Investing Made Simple” to learn the ins and outs of what’s involved when investing in mobile homes.

For everyone else, I’ve finally decided to talk about this subject. And that is, the passage of the SAFE Act and Dodd-Frank…as it relates to mobile home investing.

Why Laws Change

Unfortunately, laws change when people get hurt. And the passage of the SAFE Act and Dodd-Frank was a direct result of the subprime mortgage crisis. If this never happened and people didn’t get hurt which affected the economy, then it would be business as usual.

Though, this wasn’t the case. Greed played a major factor in the global financial crisis, thus resulting in both of these laws being passed.

(Note: If you’re interested in how this crisis happened and its meltdown, I highly recommend this movie. Thanks for reading!)

What Has Changed

Under the passage of Dodd-Frank and the SAFE Act, it has changed the way mobile home investors can offer their homes for sale when using seller financing.

Before, when Lonnie Scruggs (the Godfather of mobile home investing) bought mobile homes and sold them using owner financing this wasn’t an issue. But now, it is.

Now, the government has stepped in. They are telling us, as mobile home investors, how to sell these homes using owner financing. And, requiring more paperwork and regulation to do it.

Yes, “Lonnie deals” can still be done. Though, the way they can be done under Dodd-Frank and the SAFE Act has changed.

No longer can you just put together the paperwork yourself, as Lonnie did, when buying and selling homes using owner financing. Now, there are rules and regulations you must follow when doing this to be compliant with the law.

What Can Mobile Home Investors Do?

If you’re planning to invest in mobile homes and sell them using owner financing (as Lonnie did), the best thing to do is get educated about Dodd-Frank and the SAFE Act. Read up all you can on the subject because you’ll need to do business under these laws and stay compliant.

If you’re interested in getting more information about these laws, I have been working on a course on the subject. It has taken me over a year to study and compile this information all in one place.

So, if you’d like more information about Dodd-Frank and the SAFE Act and you’d like to be the first to be notified when the course comes out feel free to check this out:

There will be a special early-bird discount for the course given to those who have signed up. Coming soon!

Moving Forward

Going forward, I’ll be putting together an episode on the subject for the podcast. It’s definitely something I want to address since I’ve received so many questions about it.

Stay tuned! 🙂