Hello everybody! I’m a “tire kicker” as Perry would say. Been formulating MHP plans ever since I was walking through one in Michigan and thought, ‘whoever owns this, gets $70K in revenue and doesn’t do hardly anything’! (lots were mostly full with ALL tenant owned homes, good utility set up, and close to a prospering city of 50,000.)
Q1: What business entity would work best for plans to have multiple owners? My idea is to be the only owner with decision/management power but possibly own less than 50% (is that even possible?). My draw for investors would be the cash flow of their investment combined with growing asset value for any future sale.
Q2: Where are some good places to look for additional money only partners? (other than my Christmas card list, family, business contacts, etc.) Are there online forums with folks looking to invest cash who don’t want to be involved with operations?
(I have 7 years experience in operations. Initially managing Nursing Homes and currently a private boarding academy with 450 acres that includes a farm operation, 11 SFH rentals, 1 duplex and $10M worth of school property). Advice from forums such as this (and the quality materials from Dave and Frank) and a competent attorney should be all I need for management consulting. But I need more cash since the banks seemed to be “closed” lately.)
Thanks for any and all input.