Posted by cory on April 13, 2008 at 17:01:47:
Yes we do have a s-corp and the sba says we are investors and they dont loan on investments.
looking for ideas - Posted by cory
Posted by cory on April 12, 2008 at 20:05:34:
Hello, newbie from Texas and in need of direction. My partner and I purchased 12.5 acres with 4 older mobiles a year ago. We decided to build a duplex to up the value of the land and eventually weed out the trailers and build more duplexes.
Now one year later, three diffrent contractors, little money left, and a duplex thats is almost done we we need a new plan. We will never build again, its been a nightmare from the day we got the money.
We have about 11 acres left to do something on, but not sure which way to go. We both work full time and the 4 older Mh’s can sometimes keep us pretty busy on our days off, fixing floors, leaks, septic problems, mowing, ect.
We thought maybe throw in some storage buildings and put in some nicer mobiles that we dont have to work on as much. Banks around here dont like to loan on mobiles and the sba says we’re not a business so we dont know were to get the money for homes, roads,and septics. We live in an area where rent houses are hard to comeby due to 6 prisons and a wal-mart warehouse, and a small school district everyone wants there kid to attend. All suggestions we be appreciated.
Re: looking for ideas - Posted by Dr. B(OH)
Posted by Dr. B(OH) on April 13, 2008 at 14:41:39:
Cory,
First of all, congrats on getting in the game.
I don’t understand why you are “not a business” If you and your partner have not formed an LLC or similar entity, I suggest you do so ASAP. Otherwise, some folks might say “your underwear is showin’.” Without some sort of entity the liability risks you run are high.
I understand you are asking where to get the money but it appears you need a well-thought out plan. Once you have a plan in place it will be much easier to get money or a money partner. I’d be looking for a more experienced individual who can mentor me or buy into my company and help roll this along.
Have you been to Mobile Home Millions? It is right in your back yard next week!
Steve
Re: looking for ideas - Posted by cory
Posted by cory on April 13, 2008 at 17:02:42:
Yes we do have a s-corp and the sba says we are investors and they dont loan on investments.