I am currently helping someone sell their mobile home. If they weren't asking so much, I would have considered doing a "Lonnie deal" with it. As it turns out, the homeowners wife is a realtor specializing in MH sales. I thought it was kind of odd that she has not done a great job at marketing her own home. Anyway, she has asked about the possibility of entering a partnership with me. I think she is under the impression that I am an experienced investor. I'm not too comfortable with the idea, since I am mostly familiar with "Lonnie" type deals. Not sure that MH investing Works in a partnership scenario. Any thoughts?
Are you asking if a partnership is a good entity to use as compared to an LLC or whether 2 people can work together to mutual benefit ? Regardless of property type it's possible to find win-win opportunities. I don't know why a MH deal would be any different. What do the parties want ? What do the parties have to bring to the table ? What's equitable ? Can you find consensus ?
Good luck !
Short answer is - Yes. You can partner on anything. Houses, businesses, etc.
I just closed today on a mobile home deal. Partnered with someone who paid the costs as an angel investor. Too busy to do anything himself due to his unrelated business, but likes side deals. So I found the deal 1/3, ran the deal and found a buyer 1/3 and he funded everything for 1/3.
Why did I do it? I can do more deals and not use my own money. OPM yes?
What kind of return? We had right at $13,500 in expenses. Sold for $25k cash. Net $11,500.
Bought April 15 sold May 13. 1 month involved.
ROI? 1000+% annualized.
For some reason he wants to do another deal. Go figure!
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