Posted by Ernest Tew on May 01, 2000 at 06:10:14:
Unless you can personally oversee the operation or have a local person you know you can depend on, investing in out of town homes can be a problem and wouldn’t be recommended.
However, if you are willing to share the profits, you might consider a joint venture with someone else who is in the business. You could provide the money and the other person (who lives or works near the homes) could do the work. In that case, you might want a preferred interest. For example, you get your money back first and then split any profits equally.
Out-of-Town MHs - Posted by Kristine
Posted by Kristine on May 01, 2000 at 01:23:45:
I live in Santa Barbara, California, where mobile homes sell anywhere between $75 - 300K. Obviously, I want to work the Lonnie deals out of my area. I have some good out-of-state and out-of-town leads. Wondering if anyone else has experience doing this kind of business far away from home. Any commentary/experience appreciated. Thanks–Kristine
Re: Out-of-Town MHs - Posted by CH-San Diego, CA
Posted by CH-San Diego, CA on May 01, 2000 at 11:19:38:
Ok, this might be a dumb question, but I was wondering if it would be smart to use an equity line of credit to fund my deals (or others? deals)? I have about $25K to use, if I want to. To me, it seems almost the same as partnering with an investor or selling a partial. Actually, maybe better with the interest rate and payback terms.
Is anyone out there doing this? Any feedback? I just want to make sure I’m not missing something here.
Thanks for your input,
CH
Re: Out-of-Town MHs - Posted by JHyre in Ohio
Posted by JHyre in Ohio on May 01, 2000 at 05:57:33:
I drive 1.25 hours to my parks because the local parks are not suitable for Lonnie type deals. It’s a pain but worth the hassle. I get results when I’m physically present, which harder to do because of the distance. Fortunately, the park managers are very cooperative- which is why those parks are worthwhile, distance and all. I’ve managed to delegate all my tasks except the actual decision to buy and sell.
John Hyre
Re: Out-of-Town MHs - Posted by CH - San Diego, CA
Posted by CH - San Diego, CA on May 01, 2000 at 11:20:43:
Oops!!! Sorry about posting in the wrong place!! (:
CH