Anyone doing long distance investing - Posted by Bill Blanton

Posted by Sailor on December 16, 2006 at 12:23:44:

Tip for searching the Archives–find a good poster & search for
that name. You’ll find things you wouldn’t otherwise.

I have bought long distance, but it was either raw land or w/a mgt
co. in place. The latter properties were stick-built.


Anyone doing long distance investing - Posted by Bill Blanton

Posted by Bill Blanton on December 16, 2006 at 09:27:34:

I am presently a Business Ed teacher and plan on retiring in about eight years as a teacher. After that, I am going to drive a school bus to build my retirement years and keep my benefits.

I bought a mobile home/land deal in the area in which I want to retire/work. I am renting the mobile home and have been successful. I have bought another unit and have been very successful. The area is about 250 miles away. We average traveling down there about once a month for business and pleasure.

I would like to hear from others about their successes and failures in doing long distance deals. As I stated before in this forum, I have the cash but no deals. I want to do it on my own, so no solicitations – just advice. After Christmas, I plan on visiting every MH park and talking to the PM’s. This is fun.

Love the forum. Hope to hear from someone doing the same. Email me if you want to talk privately.

Re: Anyone doing long distance investing - Posted by osupsycho (OK)

Posted by osupsycho (OK) on December 18, 2006 at 11:17:20:

I have been doing a bit of distance investing but no where near that distance as mine are about an hours drive away. I would say that there are some real challenges that come up but it sounds like you have the stuff in place to overcome this.

For me the biggest issues have been the following:

-Government offices only open during hours I can’t get there.
-Not being able to go and show a home at the times available for the possible buyer.
-Emergency repairs
-Utilities setup
-missed opportunities

I have found ways to overcome most all of these in that I have a handyman who does most of the things on this list (including bringing me opportunities), gettting a lockbox for the homes for sale (thanks to SteveWa’s idea), and building contacts in the places that are closed when I am up there so I can get stuff done over the phone (IE the tax assessor, title people, etc).

It can be challenging at times and I think it does slow down the amount of deals I could be doing but it also makes me get things setup on a system and I end up running a better business because of it.

Just my thoughts,

Re: Anyone doing long distance investing - Posted by Gary

Posted by Gary on December 16, 2006 at 11:22:15:

Bill, Make sure you write off those business trips. Last year I deducted near $13,000 on one vehicle, actual expenses on the old dump truck, and we will next year add the older car as my wife will be full time as property manager. It’s sweet.
Speaking of taxes, anyone up to speed on this vacation home purchase deduction that must be used by 12-31-06? I haven’t had time to research. We’ve had our money pit lake cottage 4 years and am hoping it qualifies somehow.


Re: Anyone doing long distance investing - Posted by Tony Colella

Posted by Tony Colella on December 16, 2006 at 10:15:50:

I personally have not been a fan of long distance investing as I find the tenant and buyer base that we market to needs more personal contact than most long distance deals allow.

With that said, if you are visiting that area once a month anyways then this is a unique long-distance deal as that visit is probably all you would need to keep the deals performing.

Honestly with 8 years to go you could very well invest in these deals so that you never need to drive a bus or take another job to provide benefits. Don’t get me wrong if you still enjoy that work and the kids then even better!

There has been a lot of discussion about long distance deals here in the archives that may also be of interest to you (although, as I stated your deal is somewhat unique).


Re: Anyone doing long distance investing - Posted by Bill Blanton

Posted by Bill Blanton on December 16, 2006 at 10:58:10:

I would move now if it was not for infant grandchildren. Grandmom would not be happy. I may start driving the bus at my present home next year due to the situation at school. I think I can replace my income if I have a good six months in 2007.

I forgot to mention that I am renting my units due to a tremendous tax break. Later as the units get older, I plan to sell them with owner finance.

Also, I have built a good team of people who will handle things down there if necessary. These are friends who either handle things for nothing or a small stipend.

If I could find the units to rent, the money would flow. There are two problems: MH parks that will not allow renters and strict local regulations to get a permit to put a MH on a piece of land due to hurricanes.

I am trying to find deals where I do not have to deal with moving the MH.

Keep the suggestions coming.

P.S. What topics should I research in the archives?