Many of you, who have read my postings on this website, know that I have successfully invested in ‘debt instruments’ over the years and my favorite product is mobile homes…also known as low cost housing. One of my customers defaulted and so I released them from their contract to get rid of them as they were not paying anymore.
Although I’ve collected over the past years more than I’ve paid on this mobile home, I invested another $2,000.00 in renovations that I contracted a local tradesman to repair…and so, now, I have a $2,000.00 investment again.
I just received a promissory note and contract for the lot rent which yields me $11,900 principal at 8.88% for 10 years at $150.00/month plus $100/month in lot rent. IF all goes well, my $2,000 investment will yield me $18,000 in payments on the note plus another $12,000 in lot rent (although I do reserve the right to raise the lot rent each year by a certain percentage.
This is not an uncommon example of why I like to keep my deals small and it results in very high yields. I wrote a book about this call Debt for Profit© and have shared some of the chapters and stories on my youtube channel, which anyone can access by clicking on my link below.
There are two additional books which can direct you to do the same written by two old friends; Deals on Wheels by Lonnie Scruggs and Invest in Debt by Jimmy Napier…both books are interesting, informative, and will make you fortunes if you take those winning strategies written about and employ the same strategies.
Hope this helps.
Rob
