Mobile Home Park Investors with Jefferson Lilly & Brad Johnson: Recent Episodes
Park Street Partners - Jefferson Lilly & Brad Johnson
The Mobile Home Park Investors Podcast is the world’s first podcast dedicated to mobile home park investing. This weekly podcast explains the intricacies of this unique real estate niche and details why an investor would want to own a mobile home park, either directly or through a real estate fund. Current manufactured housing community owners will find this podcast helpful in improving their mobile home park’s operations and profitability.
The Podcast is hosted by Jefferson Lilly and Brad Johnson who are the co-founders of Park Street Partners, a private real estate investment firm focused on mobile home parks. The company seeks to deliver its investors superior cash flow returns by acquiring and investing in undervalued mobile home parks. Park Street Partners does this while helping to solve America’s affordable housing crisis by improving communities and increasing the supply of housing in the markets it operates in.
Welcome to Episode 120 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Anna and Justin Scribner restore vintage trailers for a living at Flyte Camp. On today’s show, Anna and Justin share how they got into this line of work, some of their favorite restoration projects, and why they no longer work on trailer models that are beyond the 1964 year mark.
Key Takeaways:
[2:20] What did Anna and Justin do prior to fixing up vintage homes?
[5:45] How do Anna and Justin sell their vintage trailers?
[12:40] How does Anna and Justin find all the parts to their trailers?
[14:30] Justin shares his favorite restoration project to date.
[17:00] How much does a typical renovation cost?
[20:15] Were Spartans really built differently than other trailers back then?
[23:20] Anna and Justin don’t renovate mobile homes past the 1964 year mark. What changed after that era?
[27:40] How doe Anna and Justin find and train their employees?
[33:20] Anna shares some funny client restoration stories.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Flytecamp.com
Email: Contact@Flytecamp.com
Welcome to Episode 120 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Anna and Justin Scribner restore vintage trailers for a living at Flyte Camp. On today’s show, Anna and Justin share how they got into this line of work, some of their favorite restoration projects, and why they no longer work on trailer models that are beyond the 1964 year mark.
Key Takeaways:
[2:20] What did Anna and Justin do prior to fixing up vintage homes?
[5:45] How do Anna and Justin sell their vintage trailers?
[12:40] How does Anna and Justin find all the parts to their trailers?
[14:30] Justin shares his favorite restoration project to date.
[17:00] How much does a typical renovation cost?
[20:15] Were Spartans really built differently than other trailers back then?
[23:20] Anna and Justin don’t renovate mobile homes past the 1964 year mark. What changed after that era?
[27:40] How doe Anna and Justin find and train their employees?
[33:20] Anna shares some funny client restoration stories.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Flytecamp.com
Email: Contact@Flytecamp.com
Welcome to Episode 119 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson is back after a short podcast hiatus with some interesting updates from the latest trade show he attended. Jefferson recommends you attend the NCC trade show to learn about the latest industry news and to network with others. He’s even gotten a deal out of it himself by attending this event!
Key Takeaways:
[1:50] Who should go to the NCC trade show?
[2:50] What economic trends have been affecting the housing industry?
[7:50] Around 100,000 long-haul truck drivers will be put out of business in the next five years due to automation.
[11:45] Interest rates are predicted to keep rising and we might see a mini-recession in the second half of the year.
[15:00] A quick legislative and regulatory update.
[21:45] Roughly 12% of all housing in Georgia is manufactured.
[22:25] Nothing in section 107 of the 2155 law impacts rent-to-own agreements.
[24:15] Invite all your local representatives to come to see your park and your community. Talk to them about what you’re doing.
[24:51] The next talk was about how to properly manage your PR during a crisis.
[30:25] Think about your positive tenants. Who are your allies?
[31:35] Set Google Alerts for your name or for your park.
[35:55] What is the state of the market currently?
[39:25] Biggest challenge currently is hiring talented employees.
[42:50] Preliminary data shows that pad rents increase faster than apartment rents do.
[44:45] Have some questions or thoughts? Feel free to email Jefferson.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Meltwater.com
Chatmeter.com
Welcome to Episode 119 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson is back after a short podcast hiatus with some interesting updates from the latest trade show he attended. Jefferson recommends you attend the NCC trade show to learn about the latest industry news and to network with others. He’s even gotten a deal out of it himself by attending this event!
Key Takeaways:
[1:50] Who should go to the NCC trade show?
[2:50] What economic trends have been affecting the housing industry?
[7:50] Around 100,000 long-haul truck drivers will be put out of business in the next five years due to automation.
[11:45] Interest rates are predicted to keep rising and we might see a mini-recession in the second half of the year.
[15:00] A quick legislative and regulatory update.
[21:45] Roughly 12% of all housing in Georgia is manufactured.
[22:25] Nothing in section 107 of the 2155 law impacts rent-to-own agreements.
[24:15] Invite all your local representatives to come to see your park and your community. Talk to them about what you’re doing.
[24:51] The next talk was about how to properly manage your PR during a crisis.
[30:25] Think about your positive tenants. Who are your allies?
[31:35] Set Google Alerts for your name or for your park.
[35:55] What is the state of the market currently?
[39:25] Biggest challenge currently is hiring talented employees.
[42:50] Preliminary data shows that pad rents increase faster than apartment rents do.
[44:45] Have some questions or thoughts? Feel free to email Jefferson.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Meltwater.com
Chatmeter.com
Welcome to Episode 118 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today’s guest is Dennis Smith from Freddie Mac. Freddie Mac is considered a GSE (government-sponsored enterprise) and with that comes the Duty to Serve mandate, which focuses on three underserved markets for those who make under 80% of the median income. On today’s show, Dennis explains what the Duty to Serve initiative means and how that affects both mobile home residents and owners.
Key Takeaways:
[2:20] What did Dennis do prior to joining Freddie Mac?
[3:40] Dennis dives into a little bit of the history of Freddie Mac and what GSE (government-sponsored enterprise) is.
[4:15] Where did the ‘Duty to Serve’ mandate/regulation come from?
[6:10] Duty to serve focuses on three underserved markets; Rural housing, affordable housing, and manufactured housing. How is rural housing defined?
[7:40] How is affordable housing defined?
[10:15] What does Duty to Serve mean for the residents of mobile home parks?
[11:25] And, finally, what does Duty to Serve mean for the owners of mobile home parks?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Freddiemac.com
Freddiemac.com/about/duty-to-serve
Welcome to Episode 116 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today’s guest is the first ever historian to appear on the show! Al Hesselbart is an RV and Mobile Home historian and has some very insightful knowledge into the evolution of the camper vehicle and what it has turned into today. Find out more about their history as we go all the way back to the beginning in 1910!
Key Takeaways:
[3:05] What did Al do prior to getting into RVs and mobile homes?
[4:55] What types of RVs does Al own currently?
[10:50] The first automotive units available for camping purposes were identified in 1910.
[11:55] What did the first ‘camping car’ look like?
[15:35] What kind of features did a ‘Tin-Can Tourist’ have?
[18:25] After the war in 1945, what kind of changes were made to the ‘RV’?
[22:05] Americans saw a big shift in RVs in the 1960s and that’s how the mobile home was born!
[23:00] As big capital invests more into RVs and mobile homes, has Al seen any changes in the way they’re structured?
[25:00] What kinds of trends has Al seen in people who own RVs?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
RVHistoryprograms.com
Email Al: AlHesselbart@Aol.com
Call Al: 574-361-7061
Welcome to Episode 115 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Denny Stone is based out of San Diego, California and is the owner of So Cal Vintage Trailer, which restores vintage trailers to running and functional condition. Denny shares his restoration process, what he likes about these vintage trailers and the types of people who are most attracted to these trailers.
Key Takeaways:
[1:30] What did Denny do before he got into vintage RVs?
[2:55] How does Denny find his trailers?
[5:35] How long does it typically take to renovate a trailer?
[7:50] How does Denny find the right parts for the vintage trailers?
[10:10] Denny shares how he finds his talent and what the process looks like.
[15:20] What makes a Spartan trailer different than the ones available today?
[19:10] What other brands of trailers does Denny work on?
[20:25] How much does the average restoration cost?
[23:25] What kinds of modern upgrades does Denny add to these trailers?
[25:45] Are there some aspects of the trailers in the 40s and 50s built better than trailers today?
[28:50] Does Denny work on any mobile homes?
[30:25] There are three types of markets or people who buy these types of trailers.
[34:35] Denny shares some funny restoration stories.
[36:15] Does Denny do any modifications for pets?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Socalvintagetrailer.com
Call Denny: 619-857-1847
Welcome to Episode 115 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Denny Stone is based out of San Diego, California and is the owner of So Cal Vintage Trailer, which restores vintage trailers to running and functional condition. Denny shares his restoration process, what he likes about these vintage trailers and the types of people who are most attracted to these trailers.
Key Takeaways:
[1:30] What did Denny do before he got into vintage RVs?
[2:55] How does Denny find his trailers?
[5:35] How long does it typically take to renovate a trailer?
[7:50] How does Denny find the right parts for the vintage trailers?
[10:10] Denny shares how he finds his talent and what the process looks like.
[15:20] What makes a Spartan trailer different than the ones available today?
[19:10] What other brands of trailers does Denny work on?
[20:25] How much does the average restoration cost?
[23:25] What kinds of modern upgrades does Denny add to these trailers?
[25:45] Are there some aspects of the trailers in the 40s and 50s built better than trailers today?
[28:50] Does Denny work on any mobile homes?
[30:25] There are three types of markets or people who buy these types of trailers.
[34:35] Denny shares some funny restoration stories.
[36:15] Does Denny do any modifications for pets?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Socalvintagetrailer.com
Call Denny: 619-857-1847
Welcome to Episode 114 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson is back with another SECO Trade Show Recap. Find out more about some of the interesting things that were featured in this year’s conference and we hope to see you next year!
Key Takeaways:
[1:00] This week, Jefferson is doing a review of the SECO Conference he just attended last month.
[1:50] The conference first started off with a session on social media marketing that was very interesting and filled with some great resources.
[4:25] The next session was about five key ways to bringing in new homes.
[7:00] There’s really always a risk and that includes even doing nothing.
[8:30] Craigslist tends to attract a lower quality tenant, so it’s best to advertise on Facebook, Zillow, Instagram, and Mhvillage instead.
[12:10] The next session was about internet marketing and the importance of mobile-friendly websites.
[13:35] It is estimated that by 2020, all search will be done by voice.
[15:45] HUD has filed a complaint against Facebook for violating fair housing.
[18:25] Video media still dominates the internet!
[20:15] Credit Human was there and they directly lend to mobile home owners.
[21:10] Next session was about lessons that were learned from new park owners.
[23:55] Have conversations with your tenants! Don’t make improvements that they won’t want.
[25:15] The next talk was about determining the value of your mobile home park.
[27:00] Thinking of selling? Plan a year or two in advance.
[31:05] You should have roughly 10% of the purchase price in cash reserves when you purchase a property.
[32:25] Ozone generators are a great way to remove smells from a house as well as kill bed bugs.
[33:05] Jefferson lists some excellent resources for mobile home financing.
[34:55] Like what you heard? Please rate us on iTunes!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Secoconference.com
Mhvillage.com
Nos.twnsnd.co
Hootsuite.com
Purechat.com
Fourleafprop.com
Buy.matterport.com
Usertesting.com
Gatherup.com
Sproutsocial.com
Adespresso.com
Rightcolumn.com
Credithuman.com
Rustiquerapidwall.com
Designcrowd.com
Freelancer.com
Renttext.com
Americancommercebank.com
Vmf.com
Welcome to Episode 114 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson is back with another SECO Trade Show Recap. Find out more about some of the interesting things that were featured in this year’s conference and we hope to see you next year!
Key Takeaways:
[1:00] This week, Jefferson is doing a review of the SECO Conference he just attended last month.
[1:50] The conference first started off with a session on social media marketing that was very interesting and filled with some great resources.
[4:25] The next session was about five key ways to bringing in new homes.
[7:00] There’s really always a risk and that includes even doing nothing.
[8:30] Craigslist tends to attract a lower quality tenant, so it’s best to advertise on Facebook, Zillow, Instagram, and Mhvillage instead.
[12:10] The next session was about internet marketing and the importance of mobile-friendly websites.
[13:35] It is estimated that by 2020, all search will be done by voice.
[15:45] HUD has filed a complaint against Facebook for violating fair housing.
[18:25] Video media still dominates the internet!
[20:15] Credit Human was there and they directly lend to mobile home owners.
[21:10] Next session was about lessons that were learned from new park owners.
[23:55] Have conversations with your tenants! Don’t make improvements that they won’t want.
[25:15] The next talk was about determining the value of your mobile home park.
[27:00] Thinking of selling? Plan a year or two in advance.
[31:05] You should have roughly 10% of the purchase price in cash reserves when you purchase a property.
[32:25] Ozone generators are a great way to remove smells from a house as well as kill bed bugs.
[33:05] Jefferson lists some excellent resources for mobile home financing.
[34:55] Like what you heard? Please rate us on iTunes!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Secoconference.com
Mhvillage.com
Nos.twnsnd.co
Hootsuite.com
Purechat.com
Fourleafprop.com
Buy.matterport.com
Usertesting.com
Gatherup.com
Sproutsocial.com
Adespresso.com
Rightcolumn.com
Credithuman.com
Rustiquerapidwall.com
Designcrowd.com
Freelancer.com
Renttext.com
Americancommercebank.com
Vmf.com
Welcome to Episode 113 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Rich Voboril is the General Manager and one of the five Owners and Founders of PEP Lending; he shares how he helps tenants with bad credit get back on their feet and become a reliable and good tenant for mobile home park owners. Rich details his services and how he can help people who are looking to invest in a mobile home.
Key Takeaways:
[1:40] What did Rich do prior to joining PEP?
[4:00] What types of lending programs does Rich offer to his customers?
[4:40] Most of Rich’s customers have dealt with credit problems in the past.
[7:10] The biggest loan Rich and his team have made was around $80,000.
[7:40] Does a park owner have to become a licensed dealer in order to work with PEP?
[11:00] How are the agreements usually structured between the park owner and tenant?
[12:15] Rich explains what a typical loan structure looks like and how much a tenant pays, on average.
[14:00] Do tenants need to find their own mobile parks or does PEP handle that?
[16:30] Why does Rich not rely on bluebook mobile home values?
[17:45] Are there characteristics of a mobile home that Rich and team will not finance?
[19:35] What happens if the tenant is paying PEP but not the park owner lot rent? Or vice versa?
[22:20] What happens if a customer defaults?
[26:30] Rich prides himself and his company for being very accessible. You will always get a real, live person answering your call!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
PEPlending.com
Call Rich: 708-478-5251
Email Rich: RVoboril@PepLending.com
Welcome to Episode 112 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today’s guest brings an interesting perspective and talent to the industry. Marisa Murrow is a visual artist and painter, and her subject matter? Mobile homes! Marisa explains on today’s show why mobile homes make her feel peaceful and free on today’s episode!
Key Takeaways:
[2:25] What did Marisa do before she became a visual artist?
[5:30] What kind of paint styles does she use?
[6:30] How did Marisa get started in painting mobile home parks?
[8:15] Marisa has been making mobile home park paintings for the last 15 years.
[9:05] How many mobile homes has Marisa painted over the years?
[11:35] What is Marisa process and how does she get started on painting a mobile home?
[13:55] Marisa also does mobile home park sculptures!
[17:10] What do people think of Marisa’s work?
[22:10] How much does Marisa’s artwork sell for?
[23:05] Marisa explains how her style has evolved over the years.
[27:15] Marisa shares some funny stories about dealing with mobile home park owners and tenants.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Marisamurrow.com
Wayne Thiebaud
Welcome to Episode 112 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today’s guest brings an interesting perspective and talent to the industry. Marisa Murrow is a visual artist and painter, and her subject matter? Mobile homes! Marisa explains on today’s show why mobile homes make her feel peaceful and free on today’s episode!
Key Takeaways:
[2:25] What did Marisa do before she became a visual artist?
[5:30] What kind of paint styles does she use?
[6:30] How did Marisa get started in painting mobile home parks?
[8:15] Marisa has been making mobile home park paintings for the last 15 years.
[9:05] How many mobile homes has Marisa painted over the years?
[11:35] What is Marisa process and how does she get started on painting a mobile home?
[13:55] Marisa also does mobile home park sculptures!
[17:10] What do people think of Marisa’s work?
[22:10] How much does Marisa’s artwork sell for?
[23:05] Marisa explains how her style has evolved over the years.
[27:15] Marisa shares some funny stories about dealing with mobile home park owners and tenants.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Marisamurrow.com
Wayne Thiebaud
Welcome to Episode 111 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. In this last and final installment, Jefferson wraps up his book report on Am I Being Too Subtle? by Sam Zell. Sam has made over a billion dollars in smart investments in industries such as real estate, energy, manufacturing, healthcare, and more. Jefferson was curious to read Sam’s book for his real estate and mobile home knowledge and shares what he has learned in this 3-part series.
Key Takeaways:
[1:05] Sam noticed that young people were delaying marriage in the early 2000’s and staying in ‘24-hour cities.’ So, he redistributed his capital.
[4:15] In 2006, Sam bought the Chicago Tribune newspaper and gave his staff skin in the game.
[6:20] Sam believes in globalization and has increased his international investments over the years.
[7:20] However, Sam is not a fan of Europe due to too many pensioners, which he predicts would mean for higher taxes.
[10:40] How was Sam able to grow his business to the next level?
[11:40] Sam doesn’t want to be treated like a boss and he makes sure he is not surrounded by ‘yes men.’
[12:05] What is Sam’s hiring process?
[14:10] Can entrepreneurship be taught? Sam believes that people have an entrepreneurial gene and that it’s stronger in some than others.
[15:10] You cannot be successful without giving to others.
[16:55] Jefferson lists nine of Sam’s philosophy principles for success.
[25:45] Jefferson recommends the book! If you happen to know Sam, Jefferson would love to interview him.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Samzellbook.com
Welcome to Episode 111 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. In this last and final installment, Jefferson wraps up his book report on Am I Being Too Subtle? by Sam Zell. Sam has made over a billion dollars in smart investments in industries such as real estate, energy, manufacturing, healthcare, and more. Jefferson was curious to read Sam’s book for his real estate and mobile home knowledge and shares what he has learned in this 3-part series.
Key Takeaways:
[1:05] Sam noticed that young people were delaying marriage in the early 2000’s and staying in ‘24-hour cities.’ So, he redistributed his capital.
[4:15] In 2006, Sam bought the Chicago Tribune newspaper and gave his staff skin in the game.
[6:20] Sam believes in globalization and has increased his international investments over the years.
[7:20] However, Sam is not a fan of Europe due to too many pensioners, which he predicts would mean for higher taxes.
[10:40] How was Sam able to grow his business to the next level?
[11:40] Sam doesn’t want to be treated like a boss and he makes sure he is not surrounded by ‘yes men.’
[12:05] What is Sam’s hiring process?
[14:10] Can entrepreneurship be taught? Sam believes that people have an entrepreneurial gene and that it’s stronger in some than others.
[15:10] You cannot be successful without giving to others.
[16:55] Jefferson lists nine of Sam’s philosophy principles for success.
[25:45] Jefferson recommends the book! If you happen to know Sam, Jefferson would love to interview him.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Samzellbook.com
Welcome to Episode 110 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. In part 2, Jefferson continues his book report on Am I Being Too Subtle? by Sam Zell. Sam has made over a billion dollars in smart investments in industries such as real estate, energy, manufacturing, healthcare, and more. Jefferson was curious to read Sam’s book for his real estate and mobile home knowledge and shares what he has learned in this 3-part series.
Key Takeaways:
[1:40] Sam recognized there was an unfilled demand in secondary and tertiary markets.
[2:45] At 24 years old, Sam had already made a million dollars in today’s money.
[3:30] Sam applied to 43 law firms and got rejected at all of them. He had no idea why!
[6:15] Just off of referrals alone, Sam was making 3x what junior partners were making at a small law firm.
[7:40] Sam met billionaire real estate mogul, Jay Pritzker and Jay would later become his mentor.
[11:05] For the first 10 years of business, Sam had a relatively small team and he split profits with everyone, including the secretary.
[14:10] Sam predicted there would be a real estate crash due to how easy it was to lend money in commercial real estate.
[23:15] In the late 80’s, Sam warned that there were structural changes happening in the real estate market and predicted another crash.
[26:45] How did Sam discover mobile home parks?
[30:15] In 2005, Sam and his company began to diversity in RV parks.
[31:45] Stay tuned for part 3!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Samzellbook.com
Welcome to Episode 110 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. In part 2, Jefferson continues his book report on Am I Being Too Subtle? by Sam Zell. Sam has made over a billion dollars in smart investments in industries such as real estate, energy, manufacturing, healthcare, and more. Jefferson was curious to read Sam’s book for his real estate and mobile home knowledge and shares what he has learned in this 3-part series.
Key Takeaways:
[1:40] Sam recognized there was an unfilled demand in secondary and tertiary markets.
[2:45] At 24 years old, Sam had already made a million dollars in today’s money.
[3:30] Sam applied to 43 law firms and got rejected at all of them. He had no idea why!
[6:15] Just off of referrals alone, Sam was making 3x what junior partners were making at a small law firm.
[7:40] Sam met billionaire real estate mogul, Jay Pritzker and Jay would later become his mentor.
[11:05] For the first 10 years of business, Sam had a relatively small team and he split profits with everyone, including the secretary.
[14:10] Sam predicted there would be a real estate crash due to how easy it was to lend money in commercial real estate.
[23:15] In the late 80’s, Sam warned that there were structural changes happening in the real estate market and predicted another crash.
[26:45] How did Sam discover mobile home parks?
[30:15] In 2005, Sam and his company began to diversity in RV parks.
[31:45] Stay tuned for part 3!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Samzellbook.com
Welcome to Episode 109 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. In a first ever for this podcast, Jefferson does a book report on Am I Being Too Subtle? by Sam Zell. Sam has made over a billion dollars in smart investments in industries such as real estate, energy, manufacturing, healthcare, and more. Jefferson was curious to read his book for Sam’s real estate and mobile home knowledge and shares what he has learned in a 3-part series.
Key Takeaways:
[2:40] Jefferson shares why he decided to read Sam’s book.
[5:20] Sam basically invented business casual back in the 1970s and wore jeans to work.
[6:00] Jefferson explains the types of investments Sam has made over the years.
[8:25] Sam has lived through several real estate crises.
[11:20] A bit of background about Sam and his family.
[15:00] Sam has issues with being called ‘self-made’
[17:25] How did Sam get in real estate?
[21:50] Sam became a homeowner for the first time in 1965 at 24 years of age.
[26:25] Jefferson shares Sam’s thoughts on persistence.
[29:45] Ask the right questions to get the deal done.
[31:50] Find out more next week!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Email: andrew@keelteam.com
Samzellbook.com
Welcome to Episode 108 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. In a first ever for this podcast, Jefferson does a book report on Am I Being Too Subtle? by Sam Zell. Sam has made over a billion dollars in smart investments in industries such as real estate, energy, manufacturing, healthcare, and more. Jefferson was curious to read his book for Sam’s real estate and mobile home knowledge and shares what he has learned in a 3-part series.
Key Takeaways:
[2:40] Jefferson shares why he decided to read Sam’s book.
[5:20] Sam basically invented business casual back in the 1970s and wore jeans to work.
[6:00] Jefferson explains the types of investments Sam has made over the years.
[8:25] Sam has lived through several real estate crises.
[11:20] A bit of background about Sam and his family.
[15:00] Sam has issues with being called ‘self-made’
[17:25] How did Sam get in real estate?
[21:50] Sam became a homeowner for the first time in 1965 at 24 years of age.
[26:25] Jefferson shares Sam’s thoughts on persistence.
[29:45] Ask the right questions to get the deal done.
[31:50] Find out more next week!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Email: andrew@keelteam.com
Samzellbook.com
Welcome to Episode 108 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson invites Andrew Keel to share his story as a new park owner. Andrew discusses how he found his first mobile home, the resources he uses to find new tenants and the nitty-gritty details that go into owning and managing a park!
Key Takeaways:
[2:05] What did Andrew do prior to mobile home parks?
[5:45] Andrew explains how he found his first mobile home park.
[6:55] What kind of relationship did Andrew have with the park owner?
[10:35] What kind of diligence did Andrew do for the park before purchasing it?
[13:30] Andrew shares the business plan he had for the park.
[15:50] How did Andrew find the service providers he needed to take care of the park from a different part of the state?
[18:25] Why did Andrew decide to keep the previous property manager?
[20:00] Andrew shares why he uses Venmo and how it works with his bank accounts.
[23:15] How does Andrew market his properties?
[26:30] How many people are on Andrew’s team?
[28:30] Andrew shares lessons learned and mistakes he’s made.
[30:30] What are Andrew’s plans for the future?
[31:10] What advice does Andrew have for newbies?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Keelteam.com
Email: andrew@keelteam.com
Venmo.com
Welcome to Episode 108 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson invites Andrew Keel to share his story as a new park owner. Andrew discusses how he found his first mobile home, the resources he uses to find new tenants and the nitty-gritty details that go into owning and managing a park!
Key Takeaways:
[2:05] What did Andrew do prior to mobile home parks?
[5:45] Andrew explains how he found his first mobile home park.
[6:55] What kind of relationship did Andrew have with the park owner?
[10:35] What kind of diligence did Andrew do for the park before purchasing it?
[13:30] Andrew shares the business plan he had for the park.
[15:50] How did Andrew find the service providers he needed to take care of the park from a different part of the state?
[18:25] Why did Andrew decide to keep the previous property manager?
[20:00] Andrew shares why he uses Venmo and how it works with his bank accounts.
[23:15] How does Andrew market his properties?
[26:30] How many people are on Andrew’s team?
[28:30] Andrew shares lessons learned and mistakes he’s made.
[30:30] What are Andrew’s plans for the future?
[31:10] What advice does Andrew have for newbies?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Keelteam.com
Email: andrew@keelteam.com
Venmo.com
Welcome to Episode 106 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Patrick McKenna joins Jefferson on today’s show to share his journey into mobile home park ownership. He shares mistakes and lessons learned from buying his second park, the quality of RV tenants, and his plans to acquire a third park!
Key Takeaways:
[1:15] Patrick originally had some issues with brokers behaving unprofessionally. How did he handle that?
[3:15] How did Patrick find his second park?
[6:50] What was occupancy like when Patrick bought the second park?
[12:15] Since all the pipes need to be replaced in this second park, how did Patrick find a reliable and good contractor?
[14:35] How has Patrick been able to finance this infrastructure upgrade?
[18:05] How do Patrick and his business manage these two parks from out-of-state while also working a day job?
[19:45] Does Patrick have any plans to buy a third park?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Call Patrick: 978-204-4242
Email Patrick: PatrickMcKenna@gmail.com
Welcome to Episode 106 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Patrick McKenna joins Jefferson on today’s show to share his journey into mobile home park ownership. He discusses how he did his due diligence on his first park and why he and his business partner are a great business match. This is a two-part episode, so be sure to check back next week to find out more about Patrick’s second mobile home park!
Key Takeaways:
[2:30] What did Patrick do before he became a mobile home park owner?
[6:15] Since Patrick has a business partner helping him manage the mobile home park, how did Patrick structure that partnership?
[9:50] How did Patrick find his first mobile home park?
[13:15] What kind of due diligence process did Patrick undergo?
[17:50] How did Patrick and his business partner market their park?
[19:30] Why did Patrick decide to keep the current park manager? And how does he compensate him?
[22:40] What was the lot rent when Patrick purchased the park and what is it now?
[26:20] Patrick’s first park is on a lagoon! How was he comfortable buying that?
[29:35] Please join us next week for part two of this interview!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 105 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad Huffines is the Chief Meteorologist and VP of Risk Communication for Weathercall Services. Brad discusses the benefits of using Weathercall's product, HazardCall, and how it can inform hundreds of tenants if they're in danger within a couple of seconds.
Key Takeaways:
[2:50] What did Brad did prior to joining HazardCall?
[5:10] What is HazardCall about and why was it Founded?
[8:00] Did you know there hasn't been a mobile home manufactured in this country since 1976?
[11:25] Brad believes there are no HOA organizations as big or as successful as MHI.
[12:00] You can lower someone's risk from a level 7 to a level 5 just by equipping them with good information.
[12:40] What types of hazards will HazardCall alert tenants with?
[17:25] What other benefits can HazardCall offer tenants and park owners?
[24:40] What's the best way for a park owner to incorporate a product like this into their park?
[30:55] How many alerts has HazardCall sent out to this day?
[34:00] By telling people in one simple text to 'drip your pipes', for example, you've already saved yourself huge insurance deductibles when it gets cold at night.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Hazardcallcommunity.com
Weathercallservices.com
Brad on LinkedIn
Email: Bradh@Hazardcall.com
Call Brad: 256-682-9217
Welcome to Episode 104 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson with the Park Street Partners. Kurt Kelly joins us once again to cover all of your insurance questions. He dives into what mobile homeowners need to know about insurance, how to properly cover and insure your staff, and what to do when you have damages.
Key Takeaways:
[3:00] What do listeners need to know about insuring their rental home?
[8:55] Unfortunately, there is no perfect decision when it comes to homeowner insurance options.
[9:20] Do park owners have to pay more money for insurance on older homes than new homes?
[12:45] Does a park owner’s claim history have an impact on their insurance rates?
[18:45] What do park owners need to know about workers comp insurance?
[23:55] Is it possible to get workers comp on an independent contractor?
[26:25] How do you make sure you’re not discriminating against your tenants?
[33:15] In the state of Oklahoma, you do not want to lie about your dog being an emotional support animal. They are taking serious measures to stop people from faking it.
[38:25] Have more insurance-related questions? Feel free to reach out to Kurt!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Episode 33 with Kurt Kelly
Mobileagency.com
Email: Kurt@mobileagency.com
Call: 800-458-4320.
Welcome to Episode 104 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson with the Park Street Partners. Kurt Kelly joins us once again to cover all of your insurance questions. He dives into what mobile homeowners need to know about insurance, how to properly cover and insure your staff, and what to do when you have damages.
Key Takeaways:
[3:00] What do listeners need to know about insuring their rental home?
[8:55] Unfortunately, there is no perfect decision when it comes to homeowner insurance options.
[9:20] Do park owners have to pay more money for insurance on older homes than new homes?
[12:45] Does a park owner’s claim history have an impact on their insurance rates?
[18:45] What do park owners need to know about workers comp insurance?
[23:55] Is it possible to get workers comp on an independent contractor?
[26:25] How do you make sure you’re not discriminating against your tenants?
[33:15] In the state of Oklahoma, you do not want to lie about your dog being an emotional support animal. They are taking serious measures to stop people from faking it.
[38:25] Have more insurance-related questions? Feel free to reach out to Kurt!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Episode 33 with Kurt Kelly
Mobileagency.com
Email: Kurt@mobileagency.com
Call: 800-458-4320.
Welcome to Episode 103 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brian Trippe purchased his first mobile home park three years ago by chance phone call from the owner. Already a wholesale investor, Brian was curious to learn more about mobile homes and see what they could offer. On today’s show, Brian shares how he bought the park, cares for his tenants, and why he decided to sell it once he was done with the rehab process.
Key Takeaways:
[2:45] What did Brian do before he got into mobile home parks?
[4:35] Brian shares the story of his first real estate purchase.
[8:00] Brian wasn’t really looking for a mobile home park when he bought his first one.
[11:25] What’s was the park like when Brian first bought it?
[13:50] The newest homes in the park were in the early ’80s.
[22:15] How does Brian manage his park?
[26:55] What advice does Brian have for himself on mistakes that could have been avoided?
[31:55] Brian has not spent a dime of his own money rehabbing this park.
[32:40] What’s next for Brian?
[36:10] Brian has a new book out called, Nothing’s For Sale.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Alareia on Facebook
Nothingsforsale.com
Welcome to Episode 103 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brian Trippe purchased his first mobile home park three years ago by chance phone call from the owner. Already a wholesale investor, Brian was curious to learn more about mobile homes and see what they could offer. On today’s show, Brian shares how he bought the park, cares for his tenants, and why he decided to sell it once he was done with the rehab process.
Key Takeaways:
[2:45] What did Brian do before he got into mobile home parks?
[4:35] Brian shares the story of his first real estate purchase.
[8:00] Brian wasn’t really looking for a mobile home park when he bought his first one.
[11:25] What’s was the park like when Brian first bought it?
[13:50] The newest homes in the park were in the early ’80s.
[22:15] How does Brian manage his park?
[26:55] What advice does Brian have for himself on mistakes that could have been avoided?
[31:55] Brian has not spent a dime of his own money rehabbing this park.
[32:40] What’s next for Brian?
[36:10] Brian has a new book out called, Nothing’s For Sale.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Alareia on Facebook
Nothingsforsale.com
Welcome to Episode 102 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Sonya Salamon and Katherine MacTavish have been researching mobile home parks and the tenants in them, and now have published a book. On today’s show, Sonya and Katherine share their findings with the audience and discuss everything from quality of life, finances, tenant aspirations, and more.
Key Takeaways:
[3:20] How did Sonya and Katherine get into mobile home park research?
[5:05] How did Sonya and Katherine find people to interview and study?
[10:55] What were some of the key findings when researching the three mobile home parks in geographically and ethnically different areas?
[14:45] How does growing up in a mobile home park impact the wellbeing and career choices of the children living there?
[19:45] In what ways did the children flourish?
[21:35] How did Sonya and Katherine find these three park owners?
[24:55] Sonya and Katherine studied how each of the tenants in these mobile home parks managed their finances. What did they discover?
[27:05] Why did these folks decide to live in a mobile home park?
[31:15] Are mobile home tenants unhappy that they’re living in a mobile home?
[32:40] Can people really form a community when somebody else is forming all the rules?
[41:25] Mobile homes are a private solution to a really pressing public house need.
[43:05] Sonya and Katherine offer their final thoughts.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Todd Foster’s Podcast Interview
Sonyasalamon.com
Email Katherine: Katherine.MacTavish@oregonstate.edu
Welcome to Episode 102 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Sonya Salamon and Katherine MacTavish have been researching mobile home parks and the tenants in them, and now have published a book. On today’s show, Sonya and Katherine share their findings with the audience and discuss everything from quality of life, finances, tenant aspirations, and more.
Key Takeaways:
[3:20] How did Sonya and Katherine get into mobile home park research?
[5:05] How did Sonya and Katherine find people to interview and study?
[10:55] What were some of the key findings when researching the three mobile home parks in geographically and ethnically different areas?
[14:45] How does growing up in a mobile home park impact the wellbeing and career choices of the children living there?
[19:45] In what ways did the children flourish?
[21:35] How did Sonya and Katherine find these three park owners?
[24:55] Sonya and Katherine studied how each of the tenants in these mobile home parks managed their finances. What did they discover?
[27:05] Why did these folks decide to live in a mobile home park?
[31:15] Are mobile home tenants unhappy that they’re living in a mobile home?
[32:40] Can people really form a community when somebody else is forming all the rules?
[41:25] Mobile homes are a private solution to a really pressing public house need.
[43:05] Sonya and Katherine offer their final thoughts.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Todd Foster’s Podcast Interview
Sonyasalamon.com
Email Katherine: Katherine.MacTavish@oregonstate.edu
Welcome to Episode 101 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. On today’s podcast, Jefferson shares his first-hand experience at buying an ‘easy-to-fill’ mobile home park. It was his second mobile home park that he had bought and he ended up walking away with a lot of wise experience from that purchase.
Key Takeaways:
[1:20] Jefferson shares a story of what happened in the due diligence process when he bought his second mobile home park.
[1:45] How do you fill your park with new tenants?
[4:25] By not running a background check, the previous owner was allowing a very rough tenant base.
[6:00] Beware of the very easy-to-fill mobile home park. It could be a warning sign.
[7:45] Make sure the previous owner is running a background check on their tenants and accepting safety deposits.
[8:35] When Jefferson bought that park, it was 100% full. However, it had a lot of unsavory types in it and about 50% of the tenants turned over during the first 12 months.
[10:30] As part of your due diligence, always ask for at least a year’s worth of bank statements.
[11:05] You want tenants with skin in the game.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 101 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. On today’s podcast, Jefferson shares his first-hand experience at buying an ‘easy-to-fill’ mobile home park. It was his second mobile home park that he had bought and he ended up walking away with a lot of wise experience from that purchase.
Key Takeaways:
[1:20] Jefferson shares a story of what happened in the due diligence process when he bought his second mobile home park.
[1:45] How do you fill your park with new tenants?
[4:25] By not running a background check, the previous owner was allowing a very rough tenant base.
[6:00] Beware of the very easy-to-fill mobile home park. It could be a warning sign.
[7:45] Make sure the previous owner is running a background check on their tenants and accepting safety deposits.
[8:35] When Jefferson bought that park, it was 100% full. However, it had a lot of unsavory types in it and about 50% of the tenants turned over during the first 12 months.
[10:30] As part of your due diligence, always ask for at least a year’s worth of bank statements.
[11:05] You want tenants with skin in the game.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 100 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson is celebrating the big 100th episode by giving you a quick and helpful guide to the last 99 episodes. He lists some of his top favorite/most useful podcasts for someone who might be in the beginning stages of buying a park all the way to someone getting ready to sell their park.
Key Takeaways:
[1:30] Thank you for listening! This is episode 100! Let’s do a quick recap of the past 0-99 episodes for those first-time listeners out there.
[3:15] If you’re an investor or considering on investing in mobile home parks, listen to episode 1-3, 19-20, 74-76.
[5:25] Want to buy your own mobile home park? Listen to the first 20 episodes, then 23-24, 90.
[7:25] When you’re about to scale up and have to manage employees, listen to episode 56, 73, 79-80, 93-94, 97-99.
[12:15] If you’re a park owner and thinking about selling, listen to episodes 52-53, 66-67.
[14:00] Know of a mobile home park for sale? Give Jefferson a call and listen to episode 14.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 100 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson is celebrating the big 100th episode by giving you a quick and helpful guide to the last 99 episodes. He lists some of his top favorite/most useful podcasts for someone who might be in the beginning stages of buying a park all the way to someone getting ready to sell their park.
Key Takeaways:
[1:30] Thank you for listening! This is episode 100! Let’s do a quick recap of the past 0-99 episodes for those first-time listeners out there.
[3:15] If you’re an investor or considering on investing in mobile home parks, listen to episode 1-3, 19-20, 74-76.
[5:25] Want to buy your own mobile home park? Listen to the first 20 episodes, then 23-24, 90.
[7:25] When you’re about to scale up and have to manage employees, listen to episode 56, 73, 79-80, 93-94, 97-99.
[12:15] If you’re a park owner and thinking about selling, listen to episodes 52-53, 66-67.
[14:00] Know of a mobile home park for sale? Give Jefferson a call and listen to episode 14.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 99 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Spencer Roane is the Founder of SECO, a mobile home park conference that caters to expert mobile home parks owners and novices. This is interview part two so be sure to listen to last week’s show (if you haven’t already) to find out more about Spencer. Today, Spencer shares details about his SECO (South East Community Owners) Conference and why he is starting a community chattel finance program.
Key Takeaways:
[1:25] Why did Spencer start SECO?
[3:25] How many SECO Conferences has Spender held so far?
[5:50] Spencer has already sold out all the exhibit space for 2018.
[6:45] How does Spencer manage the conferences?
[7:55] Spencer shares how he markets the conference.
[10:35] Spencer is working on a community chattel finance program. What is it about?
[16:40] When does this program take place?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Secoconference.com
Email Spencer: SpencerRoane@SECOConference.com
Call Spencer: 678-428-0212
Rentmanager.com
Welcome to Episode 99 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Spencer Roane is the Founder of SECO, a mobile home park conference that caters to expert mobile home parks owners and novices. This is interview part two so be sure to listen to last week’s show (if you haven’t already) to find out more about Spencer. Today, Spencer shares details about his SECO (South East Community Owners) Conference and why he is starting a community chattel finance program.
Key Takeaways:
[1:25] Why did Spencer start SECO?
[3:25] How many SECO Conferences has Spender held so far?
[5:50] Spencer has already sold out all the exhibit space for 2018.
[6:45] How does Spencer manage the conferences?
[7:55] Spencer shares how he markets the conference.
[10:35] Spencer is working on a community chattel finance program. What is it about?
[16:40] When does this program take place?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Secoconference.com
Email Spencer: SpencerRoane@SECOConference.com
Call Spencer: 678-428-0212
Rentmanager.com
Welcome to Episode 98 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Spencer Roane is the Founder of SECO, a mobile home park conference that caters to expert mobile home parks owners and novices. Spencer owns four communities with 450 spaces and shares his experience of how he manages his parks as well as shares timeless advice for those who are looking to jump in and become a mobile home park owner.
Key Takeaways:
[2:50] What did Spencer do before he got into mobile home parks?
[7:05] When Spencer invested in his first mobile home park, what were some of his first reactions to the park?
[14:35] For Spencer, he has not had a default payment for double wide mobile homes.
[17:30] How does Spencer manage his four communities?
[22:30] How does Spencer find his properties?
[24:15] Spencer shares how he markets his properties.
[26:10] Spencer uses Rent Manager to track the financials on his properties.
[27:30] Does Spencer have plans to grow his park?
[28:55] Spencer is thinking of passing his properties down to his employees, not his sons.
[32:15] What do newbies need to know about the mobile home park business?
[34:55] Should you be new homes vs. old homes?
[37:10] There are a lot of park owners that are more than happy to help a newbie out.
[37:55] Tune in next week to find out what it’s like to run a mobile home park trade show!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Secoconference.com
Rentmanager.com
Welcome to Episode 98 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Spencer Roane is the Founder of SECO, a mobile home park conference that caters to expert mobile home parks owners and novices. Spencer owns four communities with 450 spaces and shares his experience of how he manages his parks as well as shares timeless advice for those who are looking to jump in and become a mobile home park owner.
Key Takeaways:
[2:50] What did Spencer do before he got into mobile home parks?
[7:05] When Spencer invested in his first mobile home park, what were some of his first reactions to the park?
[14:35] For Spencer, he has not had a default payment for double wide mobile homes.
[17:30] How does Spencer manage his four communities?
[22:30] How does Spencer find his properties?
[24:15] Spencer shares how he markets his properties.
[26:10] Spencer uses Rent Manager to track the financials on his properties.
[27:30] Does Spencer have plans to grow his park?
[28:55] Spencer is thinking of passing his properties down to his employees, not his sons.
[32:15] What do newbies need to know about the mobile home park business?
[34:55] Should you be new homes vs. old homes?
[37:10] There are a lot of park owners that are more than happy to help a newbie out.
[37:55] Tune in next week to find out what it’s like to run a mobile home park trade show!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Secoconference.com
Rentmanager.com
Welcome to Episode 97 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Todd Foster currently owns six parks and has an interesting management philosophy that makes his parks easier to deal with, especially on the tenants’ side. Tenants feel empowered in Todd’s parks and Todd shares why in today’s episode.
Key Takeaways:
[1:40] What did Todd do prior to getting himself into mobile home parks?
[2:40] Todd actually grew up in a park back in Washington.
[4:10] After taking over his father’s parks, how did Todd grow from two to six parks?
[6:00] How has Todd’s management style evolved over the years?
[9:15] Todd has attended plenty of seminars and they all have an undertone theme of how to fight, and win, with their tenants/local government. Why does it have to be that way?
[9:45] Todd set out to fix this problem. He wanted to make homeownership a pleasant experience for everyone.
[10:05] None of Todd’s rental agreements say the word ‘tenant’ on them. Why is that?
[12:35] Todd makes it a point to take a bit of time before enforcing the rules. He likes to give three warnings before taking action and going to court. However, once he goes to court, it’s over.
[19:05] Todd has allowed his residents to set up a rules committee. How does he prevent abuse of the rules from happening?
[21:55] How big are Todd’s parks?
[27:15] There is no law against renting to a person who is not a U.S. citizen in Oregon or Washington.
[27:55] Todd shares some advice for fellow park owners out there.
[30:45] Remember to always hire good people. Managing a park is a lot of work, even if you live in town.
[33:00] Todd is more than happy to help. Email him and let him know you heard him on this podcast.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Email Todd: OrrenFoster@comcast.net
Welcome to Episode 96 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Michael Hughes was the head professor overseeing a unique project involving a trailer park home in Boulder, Colorado. Michael and a team of 50 students over the course of 2 years completed this project back in the early 2000s! On today’s show, Michael discusses the ins and outs of how the project came to be and the work involved behind the scenes.
Key Takeaways:
[2:25] What is Michael’s background and what did he do before getting involved with mobile homes?
[6:40] How did the Trailer Wrap project get started?
[13:50] What did Michael’s students think about Michael’s crazy trailer idea?
[20:55] How did Michael structure his team for a project like this?
[25:00] Did the end-design change from what was originally on paper?
[30:50] Since the park has now been sold, is Michael aware of any future plans the current owner has with the property?
[36:40] What is Michael up to these days?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Trailerwrap.net
Email Michael: MHughes@aus.edu
Call Michael: 479-422-0133
Welcome to Episode 95 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today’s guest is Mike Johnson. He is a mobile home park owner and early retirement expert. Mike knew that if he wanted to retire early, he needed a passive income. He got creative with how he structured his deals and now owns three parks. Find out more about Mike and his story on this week’s podcast!
Key Takeaways:
[2:45] Who is Mike and what did he do before owning his mobile home park?
[6:00] How did Mike find his first mobile home?
[11:50] How does Mike market his property?
[13:15] How does Mike manage the mobile home park?
[16:25] Mike discusses how he handles all the paperwork for the property.
[18:25] What’s it like managing Mike’s other parks?
[21:20] In 15 years of owning parks, Mike has only had to go to court twice. What’s his philosophy on tenants who do not pay?
[25:30] What retirement advice does Mike have for others?
[28:40] There’s only so much you can read. Stop dragging your feet and take action.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Rich Dad Poor Dad, by Robert Kiyosaki and Sharon Lechter
Making Money with Mobile Homes, by Lonnie Scruggs
Creonline.com
Perpetualsaturday.com
Welcome to Episode 95 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today’s guest is Mike Johnson. He is a mobile home park owner and early retirement expert. Mike knew that if he wanted to retire early, he needed a passive income. He got creative with how he structured his deals and now owns three parks. Find out more about Mike and his story on this week’s podcast!
Key Takeaways:
[2:45] Who is Mike and what did he do before owning his mobile home park?
[6:00] How did Mike find his first mobile home?
[11:50] How does Mike market his property?
[13:15] How does Mike manage the mobile home park?
[16:25] Mike discusses how he handles all the paperwork for the property.
[18:25] What’s it like managing Mike’s other parks?
[21:20] In 15 years of owning parks, Mike has only had to go to court twice. What’s his philosophy on tenants who do not pay?
[25:30] What retirement advice does Mike have for others?
[28:40] There’s only so much you can read. Stop dragging your feet and take action.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Rich Dad Poor Dad, by Robert Kiyosaki and Sharon Lechter
Making Money with Mobile Homes, by Lonnie Scruggs
Creonline.com
Perpetualsaturday.com
Welcome to Episode 94 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today’s guest is DJ Pendleton, the Executive Director of the Texas Manufactured Housing Association. DJ discuss the behind-the-scenes of what goes into lobbying for the manufactured housing industry in Texas and what kinds of things the Association pushes for in the legislature.
Key Takeaways:
[3:15] What did DJ do prior to getting into the mobile home park industry?
[6:10] What is the main mission or objective of the Texas Manufactured Housing Association?
[9:05] The Texas MHA has both annual and quarterly meetings with the members.
[10:45] What kind of data does the Texas MHA collect among its members?
[12:45] How does DJ prioritize what to lobby against?
[18:15] In what areas is Texas leading the charge in legislature compared to other states?
[22:15] What kind of legislature wins has Texas had over the years?
[29:30] DJ discusses how the Texas MHA was able to get rid of over a million tax liens on mobile homes.
[37:25] What are some of the Texas MHA goals for this year?
[41:05] If a septic field fails, you can not rebuild it in Texas if it’s within 50 ft of a property line. Is this true?
[44:15] What happens to the victims of the hurricane disaster who were living in mobile homes? Will they be able to move back into their homes?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Texasmha.com
Email DJ: dpendleton@texasmha.com
Welcome to Episode 94 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today’s guest is DJ Pendleton, the Executive Director of the Texas Manufactured Housing Association. DJ discuss the behind-the-scenes of what goes into lobbying for the manufactured housing industry in Texas and what kinds of things the Association pushes for in the legislature.
Key Takeaways:
[3:15] What did DJ do prior to getting into the mobile home park industry?
[6:10] What is the main mission or objective of the Texas Manufactured Housing Association?
[9:05] The Texas MHA has both annual and quarterly meetings with the members.
[10:45] What kind of data does the Texas MHA collect among its members?
[12:45] How does DJ prioritize what to lobby against?
[18:15] In what areas is Texas leading the charge in legislature compared to other states?
[22:15] What kind of legislature wins has Texas had over the years?
[29:30] DJ discusses how the Texas MHA was able to get rid of over a million tax liens on mobile homes.
[37:25] What are some of the Texas MHA goals for this year?
[41:05] If a septic field fails, you can not rebuild it in Texas if it’s within 50 ft of a property line. Is this true?
[44:15] What happens to the victims of the hurricane disaster who were living in mobile homes? Will they be able to move back into their homes?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Texasmha.com
Email DJ: dpendleton@texasmha.com
Welcome to Episode 93 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson sits down with Brandon Turner and Ryan Murdock. They’re both experienced real estate investors, but they recently purchased their first mobile home park in Maine. Brandon and Ryan give details on what their business partnership looks like, their due diligence process, and also share some of the challenges they had to face while owning and renovating this ‘new’ park.
Key Takeaways:
[3:00] How did Brandon and Ryan first meet?
[5:10] How did Brandon get into mobile home park investing?
[7:50] What kind of partnership agreement did Brandon and Ryan agree on?
[9:25] To be fair, Brandon and Ryan aren’t technically partners. They both own a piece of the mobile home park, separately.
[14:35] What kind of challenges have Brandon and Ryan experienced on the mobile home property so far?
[20:25] What was the due diligence process like?
[26:45] Did Brandon and Ryan run test ads before buying the park?
[33:35] How does a mobile home park compare to other properties Brandon and Ryan have owned in the past?
[38:50] What kind of financial goals do Brandon and Ryan have with this park?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Biggerpockets.com
Brandon on Biggerpockets.com
Brandon on Instagram
Ryan on Biggerpockets.com
Ryan on the Biggerpockets.com podcast
Welcome to Episode 93 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson sits down with Brandon Turner and Ryan Murdock. They’re both experienced real estate investors, but they recently purchased their first mobile home park in Maine. Brandon and Ryan give details on what their business partnership looks like, their due diligence process, and also share some of the challenges they had to face while owning and renovating this ‘new’ park.
Key Takeaways:
[3:00] How did Brandon and Ryan first meet?
[5:10] How did Brandon get into mobile home park investing?
[7:50] What kind of partnership agreement did Brandon and Ryan agree on?
[9:25] To be fair, Brandon and Ryan aren’t technically partners. They both own a piece of the mobile home park, separately.
[14:35] What kind of challenges have Brandon and Ryan experienced on the mobile home property so far?
[20:25] What was the due diligence process like?
[26:45] Did Brandon and Ryan run test ads before buying the park?
[33:35] How does a mobile home park compare to other properties Brandon and Ryan have owned in the past?
[38:50] What kind of financial goals do Brandon and Ryan have with this park?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Biggerpockets.com
Brandon on Biggerpockets.com
Brandon on Instagram
Ryan on Biggerpockets.com
Ryan on the Biggerpockets.com podcast
Welcome to Episode 92 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson sits down with Jill Denlea, who is in the process of buying her first mobile home park. On the show, she discusses her experiences and what kind of lessons she’s learned so far about buying her first mobile home park!
Key Takeaways:
[2:30] Who is Jill and what is her background?
[8:15] Jill recently got into mobile home parks. How did Jill find her first park and how big is it?
[13:05] How did Jill get her legal contract?
[14:55] What kind of due diligence did Jill do before purchasing the property?
[16:55] How is Jill best finding her inspectors?
[20:15] What are Jill’s plans for the property?
[23:00] The mobile park does not have a website nor are they in the yellow pages.
[26:55] Will Jill be needing to enforce the rules in this park?
[29:35] It’s important to really educate yourself about this space because it’s a completely different animal than traditional real estate.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Jill on LinkedIn
Email Jill: JPDenlea@comcast.net
Welcome to Episode 92 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson sits down with Jill Denlea, who is in the process of buying her first mobile home park. On the show, she discusses her experiences and what kind of lessons she’s learned so far about buying her first mobile home park!
Key Takeaways:
[2:30] Who is Jill and what is her background?
[8:15] Jill recently got into mobile home parks. How did Jill find her first park and how big is it?
[13:05] How did Jill get her legal contract?
[14:55] What kind of due diligence did Jill do before purchasing the property?
[16:55] How is Jill best finding her inspectors?
[20:15] What are Jill’s plans for the property?
[23:00] The mobile park does not have a website nor are they in the yellow pages.
[26:55] Will Jill be needing to enforce the rules in this park?
[29:35] It’s important to really educate yourself about this space because it’s a completely different animal than traditional real estate.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Jill on LinkedIn
Email Jill: JPDenlea@comcast.net
Welcome to Episode 90 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson attended for the very first time TEXCO18, which is their 2nd annual event. On the show, Jefferson does a quick highlight of the two-day event and some of the interesting things he learned while there.
Key Takeaways:
[1:35] Jefferson highly recommends going to trade shows.
[2:15] This is the second year the TEXCO conference has been running, but this was the first time Jefferson attended.
[3:35] The guys over at Sunstone MHC highlighted the importance of keeping your books separate.
[6:00] You can buy real estate through your self-directed IRA.
[7:10] There are actually seven different types of IRAs and all of them can be used to buy real estate.
[9:15] On Wednesday, Jefferson learned about the process of lobbying the government when it comes to bad mobile home park policies.
[12:10] Non-lawyers can now handle evictions. Before, it was illegal for a park owner to represent himself in court during an eviction.
[13:25] The biggest pitfalls of both buyers and sellers.
[21:00] Grandfathering mobile home parks is now being upheld for up to 5 times!
[25:20] Would you buy a park in a 100-year flood zone?
[26:15] Should you attend TEXCO next year?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Sunstonemhc.net
julie@sunstonemhc.com
QuestIRA.com
Anne Marie from QuestIRA on LinkedIn
Newportpacific.com
Northmarq.com
Welcome to Episode 90 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson sits down with Daniel Din in San Francisco to discuss what park owners need to know about Freddie Mac’s lending opportunities. Daniel is the perfect guest for this week’s show because he has been with Freddie Mac since 2007 and oversaw the development of the manufactured housing lending department in 2014.
Key Takeaways:
[2:00] What’s Daniel’s background and what did he do before he joined Freddie Mac?
[2:45] Daniel shares a little bit of the history of Freddie and how they got into lending.
[6:00] How can mobile park owners borrow money from Freddie?
[7:10] What’s the difference between Fannie Mae and Freddie’s business model?
[9:45] How long does it take the average park owner to get approved?
[11:35] What’s the smallest loan will Freddie make?
[17:45] Daniel shares the history behind opening a manufactured housing lending department in 2014.
[24:50] Does Freddie make the distinction between ‘true’ rentals vs. homes on a rent-to-own agreement?
[26:45] Is it true that mobile home parks have the lowest default rate of any class?
[29:15] Daniel explains a bit more what Freddie’s ‘Duty to Service’ initiative is about.
[36:00] What do park owners need to know about Freddie’s supplemental program?
[39:40] Freddie’s balance sheet is around $250 Billion. How does Freddie decide what to keep on their balance sheet vs. what to sell?
[43:15] Will there be any regulations coming down the pike in 2018?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Freddiemac.com
Daniel on LinkedIn
Welcome to Episode 90 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson sits down with Daniel Din in San Francisco to discuss what park owners need to know about Freddie Mac’s lending opportunities. Daniel is the perfect guest for this week’s show because he has been with Freddie Mac since 2007 and oversaw the development of the manufactured housing lending department in 2014.
Key Takeaways:
[2:00] What’s Daniel’s background and what did he do before he joined Freddie Mac?
[2:45] Daniel shares a little bit of the history of Freddie and how they got into lending.
[6:00] How can mobile park owners borrow money from Freddie?
[7:10] What’s the difference between Fannie Mae and Freddie’s business model?
[9:45] How long does it take the average park owner to get approved?
[11:35] What’s the smallest loan will Freddie make?
[17:45] Daniel shares the history behind opening a manufactured housing lending department in 2014.
[24:50] Does Freddie make the distinction between ‘true’ rentals vs. homes on a rent-to-own agreement?
[26:45] Is it true that mobile home parks have the lowest default rate of any class?
[29:15] Daniel explains a bit more what Freddie’s ‘Duty to Service’ initiative is about.
[36:00] What do park owners need to know about Freddie’s supplemental program?
[39:40] Freddie’s balance sheet is around $250 Billion. How does Freddie decide what to keep on their balance sheet vs. what to sell?
[43:15] Will there be any regulations coming down the pike in 2018?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Freddiemac.com
Daniel on LinkedIn
Welcome to Episode 89 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. On this week’s show, Jefferson welcomes Charles Becker and Brenda Garcia-Lemus from Duke University. They have both done extensive research and have collected data on manufactured housing rents and home values. They dive in and discuss what their data can tell us about both the west and east coast markets and give us valuable insights on how we can plan for the future.
Key Takeaways:
[1:30] Charles has appeared on the show before, so Brenda gives a quick introduction about herself!
[3:00] In person, Charles and Brenda have some slides showcasing some data. They discuss what the data means for those who are just listening to the show!
[5:10] How did Charles and Brenda capture the data of how much rents vary by each state?
[6:35] In Texas, they have homes that average around 17 years old and California, for example, has homes that are in the 32-year range. This indicates Texas is building new homes and California is not.
[8:20] Did Charles and Brenda cross-reference and compare their data to see if there was any correlation between apartment rents and manufactured housing rents?
[12:55] Half of the value is in land and the other half is in structure.
[13:45] Charles and Brenda used apartment prices to compare the data they received from mobile home parks.
[18:35] Charles and Brenda foresee more and more people renting manufactured homes instead of buying. When do they think that trend will change?
[25:35] How will inflation affect mobile home park owners and renters?
[28:35] Charles and Brenda were able to get data down to the county in North Carolina. What did they find on the county level?
[34:15] What else can we learn from the data Charles and Brenda have curated?
[40:00] Want to help Charles and Brenda with their research? Feel free to email them!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Duke.edu
Email Charles: CBecker@Duke.Edu
Email Brenda: BG83@Duke.Edu
Brenda on LinkedIn
Welcome to Episode 89 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. On this week’s show, Jefferson welcomes Charles Becker and Brenda Garcia-Lemus from Duke University. They have both done extensive research and have collected data on manufactured housing rents and home values. They dive in and discuss what their data can tell us about both the west and east coast markets and give us valuable insights on how we can plan for the future.
Key Takeaways:
[1:30] Charles has appeared on the show before, so Brenda gives a quick introduction about herself!
[3:00] In person, Charles and Brenda have some slides showcasing some data. They discuss what the data means for those who are just listening to the show!
[5:10] How did Charles and Brenda capture the data of how much rents vary by each state?
[6:35] In Texas, they have homes that average around 17 years old and California, for example, has homes that are in the 32-year range. This indicates Texas is building new homes and California is not.
[8:20] Did Charles and Brenda cross-reference and compare their data to see if there was any correlation between apartment rents and manufactured housing rents?
[12:55] Half of the value is in land and the other half is in structure.
[13:45] Charles and Brenda used apartment prices to compare the data they received from mobile home parks.
[18:35] Charles and Brenda foresee more and more people renting manufactured homes instead of buying. When do they think that trend will change?
[25:35] How will inflation affect mobile home park owners and renters?
[28:35] Charles and Brenda were able to get data down to the county in North Carolina. What did they find on the county level?
[34:15] What else can we learn from the data Charles and Brenda have curated?
[40:00] Want to help Charles and Brenda with their research? Feel free to email them!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Duke.edu
Email Charles: CBecker@Duke.Edu
Email Brenda: BG83@Duke.Edu
Brenda on LinkedIn
Buying the first mobile home is the easy part, it’s getting the second one that gets a bit tricky!
Welcome to Episode 88 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This episode is a continuation of last week’s interview with Ralf Gomm. Ralf discusses how he markets his parks, manages his parks remotely, and how he builds a good rapport with his tenants. Find out more about Ralf’s mobile home park journey on this week’s show!
Key Takeaways:
[1:15] How does Ralf market his parks?
[2:40] When Ralf finds a park he’s interested in buying, what kind of marketing did the seller do?
[4:35] Ralf is thinking about doing drone footage on one of his properties. Jefferson chips in on his experience with it.
[6:45] How does Ralf manage his homes remotely?
[10:45] Ralf credits his wife for remembering every little detail about the tenants, all the way down to what their dogs and cats’ names are. This helps Ralf build better rapport with everyone.
[11:50] How much does Ralf pay his managers?
[14:00] When Ralf started getting bigger, he made the switch from traditional spreadsheets to RentManager — best thing he ever did.
[17:45] What does the future hold for Ralf and his wife? Does he plan to quit his day job anytime soon?
[21:00] How has Ralf found a reliable crew to do maintenance work on the homes?
[25:55] What is it like working with a spouse on the parks?
[30:45] What advice does Ralf have for new investors interested in getting into mobile park homes?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Trailer Cash, by Jamie Smith
Rentmanager.com
Email Ralf: JuliReality@Gmail.com
Welcome to Episode 87 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson interviews Ralf Gomm, who has been a mobile home park owner for the last 4 years. Ralf currently has 100 pads right now. Ralf really likes mobile homes because he’s able to passively invest in property while he is working a full-time job. However, Ralf does see himself leaving his job when he eventually obtains more pads! Find out about Ralf’s journey and how he got started buying his first park on this week’s episode, and also don’t forget to tune in next week to hear the second part of Ralf’s interview.
Key Takeaways:
[3:05] What did Ralf do prior to getting into mobile home parks?
[4:00] Ralf wanted to start his own business, but the ‘traditional’ methods didn’t make sense to him.
[4:25] Ralf even looked at real estate investing in Europe, but the numbers for it just weren’t good.
[5:00] When Ralf discovered mobile home parks, things finally made sense for him. He could get into this business part-time while he works at his full-time job.
[5:35] Ralf has four parks right now and he’s still not quite ready yet to quit his job and work on this business full time, which is what he eventually wants to do. Maybe a park or two extra will finally tip him over to the dark side.
[6:00] How did Ralf get educated in this market?
[7:30] When Ralf was first getting started in this business, he had no idea what a ‘good’ park looked like, so he just started making calls and shopping around.
[11:10] Buying the first mobile home park was easy. The second one was a bit harder to obtain. 50-100 pad parks are much more competitive.
[15:00] With one of Ralf’s pads, he’s been able to obtain 100% occupancy over the last four years.
[18:05] How did Ralf financially structure himself to buy these mobile homes?
[24:05] Of the 100 pads Ralf has, how many of those are park-owned homes vs. resident-owned homes?
[27:10] It is so, so, so critical to do business with the right people. Ralf has even passed on deals because he didn’t get a good vibe from the seller. Be cautious about whom you work with, especially as a small investor. Bad mistakes are way more costly than for a big-timer!
[28:30] Ralf currently has 20 vacant pads. How does he plan to fill them?
[30:00] Tune in next week for part 2!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Trailer Cash by Jamie Smith
Welcome to Episode 86 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This episode is a continuation of last week’s interview with Ben Braband, a park owner who owns 2,300 pads and has been in business for the last 12 years. On the show, Ben shares how he organizes and manages his mobile homes and where he sees his business heading in the future.
Key Takeaways:
[1:40] With 2,300, how does Ben keep organized?
[5:20] How empowered are Ben’s managers? What do they handle?
[7:45] How does Ben compensate his managers?
[16:40] Would Ben like to grow and expand his business in the next couple of years?
[17:45] How does Ben approach his deal sourcing opportunities?
[18:55] Does Ben plan on selling anytime soon?
[20:40] How has Ben involved his kids in the business that they may inherit one day?
[22:25] What advice does Ben have for those who want to get into the business?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
MobileHomeUniversity.com
Dave Reynolds, MHP Funds
Waste Water Treatment Plant
WWTP Inspections and Reporting
CAPEX
Saddlebackcommunities.com
Welcome to Episode 86 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This episode is a continuation of last week’s interview with Ben Braband, a park owner who owns 2,300 pads and has been in business for the last 12 years. On the show, Ben shares how he organizes and manages his mobile homes and where he sees his business heading in the future.
Key Takeaways:
[1:40] With 2,300, how does Ben keep organized?
[5:20] How empowered are Ben’s managers? What do they handle?
[7:45] How does Ben compensate his managers?
[16:40] Would Ben like to grow and expand his business in the next couple of years?
[17:45] How does Ben approach his deal sourcing opportunities?
[18:55] Does Ben plan on selling anytime soon?
[20:40] How has Ben involved his kids in the business that they may inherit one day?
[22:25] What advice does Ben have for those who want to get into the business?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
MobileHomeUniversity.com
Dave Reynolds, MHP Funds
Waste Water Treatment Plant
WWTP Inspections and Reporting
CAPEX
Saddlebackcommunities.com
Welcome to Episode 85 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Ben Braband is a fellow park owner who owns 2,300 pads. On the show, Ben shares some of his personal experiences about park ownership and what he’s learned about being a park owner for the last 12 years.
Key Takeaways:
[1:20] What did Ben do before buying his first mobile home park?
[5:35] What kind of seminars did Ben attend to help him with his mobile home park?
[7:00] How did Ben find his first park?
[10:30] At about 12 years in this business so far, Ben has a total of 2,300 pads.
[12:40] What are Ben’s acquisitions criteria and how have they evolved over the years?
[21:00] The bulk of Ben’s properties rely on city water and sewer, but they do have parks that rely on well-water also.
[21:35] How did Ben do his due diligence on his wastewater treatment plant?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
MobileHomeUniversity.com
Dave Reynolds, MHP Funds
Waste Water Treatment Plant
WWTP Inspections and Reporting
CAPEX
Welcome to Episode 85 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Ben Braband is a fellow park owner who owns 2,300 pads. On the show, Ben shares some of his personal experiences about park ownership and what he’s learned about being a park owner for the last 12 years.
Key Takeaways:
[1:20] What did Ben do before buying his first mobile home park?
[5:35] What kind of seminars did Ben attend to help him with his mobile home park?
[7:00] How did Ben find his first park?
[10:30] At about 12 years in this business so far, Ben has a total of 2,300 pads.
[12:40] What are Ben’s acquisitions criteria and how have they evolved over the years?
[21:00] The bulk of Ben’s properties rely on city water and sewer, but they do have parks that rely on well-water also.
[21:35] How did Ben do his due diligence on his wastewater treatment plant?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
MobileHomeUniversity.com
Dave Reynolds, MHP Funds
Waste Water Treatment Plant
WWTP Inspections and Reporting
CAPEX
Welcome to Episode 84 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Crystal Adkins is the Founder and Editor of Mobile Home Living. The website was inspired when she was unable to find any remodeling ideas for her recently bought a mobile home. So, she decided to take matters into her own hands and start her own online magazine!
Key Takeaways:
[2:40] What did Crystal do before joining Mobile Home Living?
[4:15] When Crystal first owned a mobile home, there weren’t any websites out there that had any mobile home remodeling ideas, so she decided to create her own website.
[5:20] What is Crystal’s online magazine about?
[7:15] Crystal wasn’t a writer when she first started her website. After 6 years of being in business, she decided it was time to hire extra help this year.
[10:25] What kind of feedback has Crystal received over the years?
[11:45] What are the top 3 most read articles on Crystal’s site?
[15:25] Does Crystal write articles catering specifically to mobile home park owners?
[18:20] Does Crystal ever want to be a park owner?
[20:35] Crystal shares her final thoughts about mobile home parks and the people who live in them.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Mobilehomeliving.org
Crystal on LinkedIn
Welcome to Episode 84 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Crystal Adkins is the Founder and Editor of Mobile Home Living. The website was inspired when she was unable to find any remodeling ideas for her recently bought a mobile home. So, she decided to take matters into her own hands and start her own online magazine!
Key Takeaways:
[2:40] What did Crystal do before joining Mobile Home Living?
[4:15] When Crystal first owned a mobile home, there weren’t any websites out there that had any mobile home remodeling ideas, so she decided to create her own website.
[5:20] What is Crystal’s online magazine about?
[7:15] Crystal wasn’t a writer when she first started her website. After 6 years of being in business, she decided it was time to hire extra help this year.
[10:25] What kind of feedback has Crystal received over the years?
[11:45] What are the top 3 most read articles on Crystal’s site?
[15:25] Does Crystal write articles catering specifically to mobile home park owners?
[18:20] Does Crystal ever want to be a park owner?
[20:35] Crystal shares her final thoughts about mobile home parks and the people who live in them.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Mobilehomeliving.org
Crystal on LinkedIn
Welcome to Episode 83 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson sits down to do a quick recap of the 2017 National Communities Council that he attended in Chicago. It’s a great place to get industry-related news as well as to network!
Key Takeaways:
[1:35] Around 400-500 attendees showed up at this years NCC trade show.
[3:00] Hopefully we will see less regulation in the next couple of years.
[5:15] Jefferson attended a seminar about using technology tools (ManageAmerica) to better manage your mobile home park.
[7:25] ManageAmerica, like RentManager, works with cheque scanners!
[9:55] There was a panel on how you can better manage natural disasters.
[12:25] If you want to help the victims of East Texas, please use a reputable charity that’s helping those in need.
[14:55] It is estimated that Florida has had over 2.5m claims for assistance, and 1/3 of those have been served. 2/3 of people who have been hit by hurricane Irma are still waiting for government assistance.
[15:50] The government (Florida and Texas) is being extremely incentive towards mobile home tenants who have recently been knocked on their backs from the hurricane.
[18:25] Encourage your residents to get flood insurance. Most mobile home insurance plans don’t come with flooding.
[19:00] Jefferson recommends you attend next year’s NCC event, especially for networking!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Manageamerica.com
Rentmanager.com
Welcome to Episode 82 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Michael Montiero and his co-founder founded Buildium in 2004 after being unable to see the exact amount their tenants were paying in rent each month. Their product fixed a critical pain point for them and they have since branched out to help other small to medium business owners in the same position. Find out how a product like Buildium can help you keep track of your rents!
Key Takeaways:
[3:25] What did Michael do before joining Buildium?
[6:35] Did Michael ever raise VC money for Buildium or has it always been bootstrapped?
[7:25] What problem did Buildium first solve when it was built in 2004 and how has the product evolved today?
[9:40] Who primarily uses this product? Property managers?
[12:30] Does Buildium have late notices with the right legal language in them based on the state the customer is in?
[14:40] How does Michael get feedback from the customers who use his product?
[17:55] Michael does a quick case study on how a product like his can benefit mobile home park owners.
[21:00] How does Buildium handle meter readings?
[23:55] Michael’s product can actually get you leads. He explains how!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 82 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Michael Montiero and his co-founder founded Buildium in 2004 after being unable to see the exact amount their tenants were paying in rent each month. Their product fixed a critical pain point for them and they have since branched out to help other small to medium business owners in the same position. Find out how a product like Buildium can help you keep track of your rents!
Key Takeaways:
[3:25] What did Michael do before joining Buildium?
[6:35] Did Michael ever raise VC money for Buildium or has it always been bootstrapped?
[7:25] What problem did Buildium first solve when it was built in 2004 and how has the product evolved today?
[9:40] Who primarily uses this product? Property managers?
[12:30] Does Buildium have late notices with the right legal language in them based on the state the customer is in?
[14:40] How does Michael get feedback from the customers who use his product?
[17:55] Michael does a quick case study on how a product like his can benefit mobile home park owners.
[21:00] How does Buildium handle meter readings?
[23:55] Michael’s product can actually get you leads. He explains how!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 81 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This week, Jefferson interviews Rich Rice, the CEO of Adventure Homes. Rich discusses their custom building process, what’s different about their homes today vs. four years ago, and how a mobile home owner can work with Rich!
Key Takeaways:
[2:15] What did Rich do before he joined the mobile home manufacturing industry?
[5:15] In 2017, Adventure Homes should exceed $47 million in total sales with close to an 8% net profit.
[6:45] What’s different about the mobile home parks Rich and his team produce today vs. the first four years of Adventure’s existence?
[9:55] The important thing to remember is Adventure is a production facility, just like GM or Ford.
[12:05] When Rich is designing these mobile homes, does he use an interior designer of sorts?
[14:30] Rich talks about the quality of their mobile homes.
[18:05] How long does it take to get a mobile home approved through HUD?
[23:10] What kinds of trends has Rich noticed in the manufacturing home industry? What should people be prepared for in the next five years?
[26:10] Baby boomers are looking to downsize their houses and manufactured houses have been an excellent option for them.
[27:55] What happens if there’s a community owner that wants a mobile house but is not affiliated with one of Rich’s dealers (who he only works with)? How would they acquire houses from him?
[29:35] Does Rich work with people all over the U.S. or just in certain states? What is his shipping range?
[30:40] Does Rich provide financing options or does the owner need to come up with their own financing?
[33:10] Rich discusses the work that he did with the Paralympic Goalball USA team. He is very proud that his company could help them with their housing needs.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Adventurehomes.net
Goalball — Wikipedia
Welcome to Episode 81 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This week, Jefferson interviews Rich Rice, the CEO of Adventure Homes. Rich discusses their custom building process, what’s different about their homes today vs. four years ago, and how a mobile home owner can work with Rich!
Key Takeaways:
[2:15] What did Rich do before he joined the mobile home manufacturing industry?
[5:15] In 2017, Adventure Homes should exceed $47 million in total sales with close to an 8% net profit.
[6:45] What’s different about the mobile home parks Rich and his team produce today vs. the first four years of Adventure’s existence?
[9:55] The important thing to remember is Adventure is a production facility, just like GM or Ford.
[12:05] When Rich is designing these mobile homes, does he use an interior designer of sorts?
[14:30] Rich talks about the quality of their mobile homes.
[18:05] How long does it take to get a mobile home approved through HUD?
[23:10] What kinds of trends has Rich noticed in the manufacturing home industry? What should people be prepared for in the next five years?
[26:10] Baby boomers are looking to downsize their houses and manufactured houses have been an excellent option for them.
[27:55] What happens if there’s a community owner that wants a mobile house but is not affiliated with one of Rich’s dealers (who he only works with)? How would they acquire houses from him?
[29:35] Does Rich work with people all over the U.S. or just in certain states? What is his shipping range?
[30:40] Does Rich provide financing options or does the owner need to come up with their own financing?
[33:10] Rich discusses the work that he did with the Paralympic Goalball USA team. He is very proud that his company could help them with their housing needs.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Adventurehomes.net
Goalball — Wikipedia
Welcome to Episode 80 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This is a part 2 of a 2-part interview, so if you missed the first episode, be sure to listen to that one first! Jefferson showcases the talk he did at the SECO conference and continues his discussion about how he structures his accounting for his business and more!
Key Takeaways:
[1:25] Jefferson discusses why he likes to use Rent Manager.
[5:35] Jefferson has been using Dropbox as well to keep track of any documents for each property.
[9:05] Jefferson and his team are also developing an operations manual to help document how they do things internally.
[10:15] Another product the team uses is Grasshopper, which is a virtual phone software.
[10:45] The great part of using these products is that most of it is free and a smaller company can use these tools to their advantage.
[11:40] What is Jefferson’s vision for the organization?
[14:00] Jefferson really wants his team to feel like they’re franchisees — like they own the park themselves. This gives them more incentive to take care of it.
[15:15] That concludes Jefferson’s talk for today! Jefferson now answers the audience’s questions.
[18:50] Jefferson still needs to know how to budget for a park a bit better.
[22:40] How does Jefferson compensate his park managers?
[24:35] What does Jefferson think of third-party managers?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Asana.com
Rentmanager.com
Dropbox.com
Rentertext.com
Grasshopper.com
Welcome to Episode 80 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This is a part 2 of a 2-part interview, so if you missed the first episode, be sure to listen to that one first! Jefferson showcases the talk he did at the SECO conference and continues his discussion about how he structures his accounting for his business and more!
Key Takeaways:
[1:25] Jefferson discusses why he likes to use Rent Manager.
[5:35] Jefferson has been using Dropbox as well to keep track of any documents for each property.
[9:05] Jefferson and his team are also developing an operations manual to help document how they do things internally.
[10:15] Another product the team uses is Grasshopper, which is a virtual phone software.
[10:45] The great part of using these products is that most of it is free and a smaller company can use these tools to their advantage.
[11:40] What is Jefferson’s vision for the organization?
[14:00] Jefferson really wants his team to feel like they’re franchisees — like they own the park themselves. This gives them more incentive to take care of it.
[15:15] That concludes Jefferson’s talk for today! Jefferson now answers the audience’s questions.
[18:50] Jefferson still needs to know how to budget for a park a bit better.
[22:40] How does Jefferson compensate his park managers?
[24:35] What does Jefferson think of third-party managers?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Asana.com
Rentmanager.com
Dropbox.com
Rentertext.com
Grasshopper.com
Welcome to Episode 79 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. On today’s show, Jefferson plays the talk he did at the SECO conference about how you can take your mobile home investing to the next level and scale up! This is a part 1 of a two-part interview, so keep your eyes peeled for the second recording coming out soon!
Key Takeaways:
[7:25] Jefferson will discuss today how he’s grown from being a sole proprietorship to running an organization that runs parks, buys parks, and produces financial reports for his investors.
[11:00] When Jefferson first started Park Street Partners, he was working 3 jobs.
[14:20] Jefferson discusses the staff he’s brought on and the kinds of responsibilities they each have.
[20:15] Jefferson discusses the growth his company has had over the last 3 years.
[20:45] If Jefferson had to do it all over again, the first person he should have brought on should have been the asset manager.
[22:15] If you have over 1,000 pads, that’s when you should consider finding someone to help manage deal flow.
[24:40] Jefferson uses a project management software called Asana to help keep track of each property.
[26:50] How does Jefferson manage the accounting side of things?
[27:55] Stay tuned to the second part of this talk to hear more of what Jefferson has to say about Rent Manager!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Asana.com
Rentmanager.com
Welcome to Episode 79 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. On today’s show, Jefferson plays the talk he did at the SECO conference about how you can take your mobile home investing to the next level and scale up! This is a part 1 of a two-part interview, so keep your eyes peeled for the second recording coming out soon!
Key Takeaways:
[7:25] Jefferson will discuss today how he’s grown from being a sole proprietorship to running an organization that runs parks, buys parks, and produces financial reports for his investors.
[11:00] When Jefferson first started Park Street Partners, he was working 3 jobs.
[14:20] Jefferson discusses the staff he’s brought on and the kinds of responsibilities they each have.
[20:15] Jefferson discusses the growth his company has had over the last 3 years.
[20:45] If Jefferson had to do it all over again, the first person he should have brought on should have been the asset manager.
[22:15] If you have over 1,000 pads, that’s when you should consider finding someone to help manage deal flow.
[24:40] Jefferson uses a project management software called Asana to help keep track of each property.
[26:50] How does Jefferson manage the accounting side of things?
[27:55] Stay tuned to the second part of this talk to hear more of what Jefferson has to say about Rent Manager!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Asana.com
Rentmanager.com
Welcome to Episode 78 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Rick Cheek has been working for Home Depot for the last 20 years. Rick oversees the renovation division of Home Depot. On today’s show, Rick discusses some of the ways mobile home park owners can benefit from Home Depot’s service and also discusses some of the things you can expect from working with them.
Key Takeaways:
[1:05] Did you know Home Depot has an entire division that helps rehab mobile homes?
[2:35] What did Rick do before he joined Home Depot?
[5:10] The renovation division was originally created to serve single-family homes, but over the years the division has expanded into the mobile home park industry.
[7:30] In the last three years, Home Depot has rehabbed roughly around 3,000 mobile homes.
[9:40] What kinds of markets is Home Depot serving and where can owners find this service?
[12:50] How turnkey is the service? What kinds of things will Home Depot do vs. won’t do?
[20:35] Once the rehab job is done, what kind of inspection period does the homeowner have?
[21:40] Home Depot will stand by the work they do for a year after once they’ve finished with the property.
[22:45] Home Depot vets their service providers really well. It takes roughly 120 days for them to fully vet someone and very few people are accepted.
[24:55] How did this division even get started?
[28:00] How big is this division?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
HomeDepot.com
Email Rick: Richard_Cheek@HomeDepot.Com
Welcome to Episode 78 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Rick Cheek has been working for Home Depot for the last 20 years. Rick oversees the renovation division of Home Depot. On today’s show, Rick discusses some of the ways mobile home park owners can benefit from Home Depot’s service and also discusses some of the things you can expect from working with them.
Key Takeaways:
[1:05] Did you know Home Depot has an entire division that helps rehab mobile homes?
[2:35] What did Rick do before he joined Home Depot?
[5:10] The renovation division was originally created to serve single-family homes, but over the years the division has expanded into the mobile home park industry.
[7:30] In the last three years, Home Depot has rehabbed roughly around 3,000 mobile homes.
[9:40] What kinds of markets is Home Depot serving and where can owners find this service?
[12:50] How turnkey is the service? What kinds of things will Home Depot do vs. won’t do?
[20:35] Once the rehab job is done, what kind of inspection period does the homeowner have?
[21:40] Home Depot will stand by the work they do for a year after once they’ve finished with the property.
[22:45] Home Depot vets their service providers really well. It takes roughly 120 days for them to fully vet someone and very few people are accepted.
[24:55] How did this division even get started?
[28:00] How big is this division?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
HomeDepot.com
Email Rick: Richard_Cheek@HomeDepot.Com
Welcome to Episode 77 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson recently attended the Southeastern Community Owners Trade Show, which is a smaller version of the NCC Show. There were only about 300 people who attended this year, which makes it a great place to meet fellow homeowners and industry professionals. Jefferson does a recap of some of the key takeaways he’s learned while he attended the conference.
Key Takeaways:
[:50] Just a quick update on the SECO conference.
[1:25] SECO was held on the 11th and 12th of October in Atlanta.
[1:45] Jefferson recommends owners should attend next year’s SECO conference.
[2:50] Jefferson recently learned that you are 50% less likely to close a sale if you take more than 5 minutes to return a call to a tenant.
[5:50] Next Step Homes is trying to help more people qualify to buy a mobile home.
[8:20] Tenants equate cleanliness to a higher rate of safety in your park. So keep that place clean!
[12:00] At the conference, they raffled off a brand new $30,000 home! Unfortunately, Jefferson did not win it this time.
[15:10] Credit Human will now lend to mobile home owners directly. Minimum score has to be 700.
[18:35] Jefferson also did a presentation at the conference. His talk was titled, “Mobile Home Park 2.0.”
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Seco2017.com
Mhvillage.com
Nextstepus.org
Rentertext.com
Credithuman.com
This episode is Part three of a three-part series. On this week’s show, Ryan continues his discussion on how the two publically traded companies, ELS and SUI, are doing in the market, where they’re headed long- and short-term, and what kind of events in the world need to happen for the industry to disappear.
Key Takeaways:
[1:25] Who wants to be in just ‘average’ real estate?
[2:05] How do the two management teams, ELS and SUI, treat each other?
[5:50] These teams have very little control over how strong the NOI growth is and what happens with cap rate.
[8:25] Where does Ryan see ELS and SUI going both long term and short term?
[10:40] Jefferson loves Equity Lifestyle and has been very happy with the return over the last few years.
[11:55] Most people don’t realize it but manufactured homes comprise about 7% of the total housing stock in the U.S.
[16:45] Unfortunately it’s hard to see bubbles until they’ve viciously popped. They’re difficult to predict. However, there are some current indicators that suggest we’re not in a bubble just yet.
[18:55] What’s Ryan’s opinion of mobile home park investors? He thinks they’re extremely smart!
[21:25] What kinds of books does Ryan recommend to people who want to learn more about real estate?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Greenstreetadvisors.com
Email: Inquiry@Greenstreetadvisors.com
Welcome to Episode 75 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Ryan Burke is a Wall Street Analyst for Green Street Advisors. This episode is Part two of a three-part series. On the show, Ryan discusses why there isn’t new park development in the mobile home park industry, what kind of returns you can expect from a mobile home park, and how they’re faring with publicly traded companies like ELS and SUI.
Key Takeaways:
[1:25] What kinds of things or factors inhibit the construction of new parks?
[4:00] Why are there not a lot of third-party managers in this industry?
[6:15] On average, what type of return could you achieve if you were to buy a manufactured home and hold it forever?
[7:50] What are the average premiums to property value right now?
[10:15] How does Ryan conduct his research on this industry?
[13:10] What kind of differences are there between the publicly traded companies like ELS and SUI?
[18:20] Rental homes are like kryptonite in this business. How do companies like ELS and SUI manage their rental home numbers and are they making money?
[21:20] What percentage of home rents are ELS and SUI having to spend to maintain their homes? Curious about this answer? Tune in next week for part 3!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 74 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Ryan Burke is a Wall Street Analyst for Green Street Advisors. This episode is Part 1 of a three-part series. On the show, he discusses where the future of manufactured housing is headed. There is a strong manufactured housing demand from baby boomers and millennials, and since nothing new is getting built, we are seeing the strongest revenue growth upcycle that the sector has ever seen.
Key Takeaways:
[3:40] What did Ryan do before he joined Green Street Advisors?
[6:05] What is Green Street Advisors and what does Ryan do for them?
[9:05] To remain conflict-of-interest-free, Green Street Advisors do not engage in investment banking activities nor do they own any properties.
[11:35] What kind of clients does Green Street Advisors have?
[12:55] When looking at the bigger picture, where does Ryan see the manufactured housing business going?
[14:00] Baby boomers and their children, millennials, are keeping manufactured housing in high demand.
[16:00] Ryan believes these demands drivers will be in place for the next 10 years, if not more.
[16:15] What’s going on when it comes to the supply of manufactured housing?
[17:25] Why has supply become so constricted over the years?
[18:20] What is Ryan seeing when it comes down to property-level characteristics?
[22:20] This episode is the first of three parts! Tune in next week for the second part.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 73 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Kurt Kelley is the CEO of Mobile Insurance, a family insurance business based out of Texas since 1991. On the show, Kurt discusses what kinds of insurance you need to best protect yourself against hurricanes and other natural disasters. No one loves paying premiums for their insurance, but subpar insurance can hurt you a lot more in an unexpected situation.
Key Takeaways:
[1:15] How can park owners properly prepare for a hurricane? That’s the subject for this week’s show!
[1:55] How bad is the flooding in Houston right now?
[4:25] What can park owners physically do to prepare their park for an oncoming hurricane?
[7:25] What’s the best way to prep tenants for the hurricane?
[8:25] What kind of park insurance should homeowners have?
[11:10] What kind of debris is covered in ‘debris clean up’ coverage?
[14:45] With the two recent hurricanes, how busy is Kurt at the office right now?
[18:10] What is FEMA doing both in Texas and in Florida right now?
[19:30] What can park owners do to help their tenants get assistance from FEMA?
[21:10] Take it upon yourself to know what your insurance covers and what it does not.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Mobileagency.com
Call Kurt: 800-458-4320 ext 17
Email Kurt: Kurt@MobileAgency.com
Welcome to Episode 73 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Kurt Kelley is the CEO of Mobile Insurance, a family insurance business based out of Texas since 1991. On the show, Kurt discusses what kinds of insurance you need to best protect yourself against hurricanes and other natural disasters. No one loves paying premiums for their insurance, but subpar insurance can hurt you a lot more in an unexpected situation.
Key Takeaways:
[1:15] How can park owners properly prepare for a hurricane? That’s the subject for this week’s show!
[1:55] How bad is the flooding in Houston right now?
[4:25] What can park owners physically do to prepare their park for an oncoming hurricane?
[7:25] What’s the best way to prep tenants for the hurricane?
[8:25] What kind of park insurance should homeowners have?
[11:10] What kind of debris is covered in ‘debris clean up’ coverage?
[14:45] With the two recent hurricanes, how busy is Kurt at the office right now?
[18:10] What is FEMA doing both in Texas and in Florida right now?
[19:30] What can park owners do to help their tenants get assistance from FEMA?
[21:10] Take it upon yourself to know what your insurance covers and what it does not.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Mobileagency.com
Call Kurt: 800-458-4320 ext 17
Email Kurt: Kurt@MobileAgency.com
Welcome to Episode 72 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Dawn Highhouse is the Vice President of Customer Care at MHVillage. On the show, Dawn discusses how mobile homeowners can benefit from using a website like MHVillage and how you can also find properties on the website to buy. There are lots of features on the MHVillage website that saves homeowners a lot of time as well!
Key Takeaways:
[2:55] What is Dawn’s background and how did she get started at MHVillage?
[5:50] How does Dawn help park owners?
[8:30] How does the park owner get notified on MHVillage that they have an interested tenant?
[11:50] MHVillage can also help park owners with appraisals.
[15:15] How does MHVillage compare to the Kelley Blue Book?
[16:35] How many homes get appraised/sell on the MHVillage website?
[18:45] How does the website help people buy mobile home parks?
[20:45] How much does the website cost to a park owner?
[23:45] Rent Manager works closely with MHVillage. What other third party apps can users benefit from by using MHVillage?
[26:40] What terminology does MHVillage use when referring to mobile home parks? Trailers?
[28:15] Has Dawn ever spent a night in a manufactured home?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Mhvillage.com
Call MHVillage: 800-397-2158.
Call Dawn: 877-460-0259
Email Dawn: Dawn@MHVillage.com
Rentmanager.com
Dawn on LinkedIn
Welcome to Episode 71 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Drew Babin is an equities analyst for Robert W. Baird & Co. Today’s show primarily focuses on Equity Lifestyle Properties and Sun Communities and how these two companies are performing in the marketing from a Wall Street perspective. Jefferson, Brad, and Drew discuss same-store sales, how Wall Street views certain revenue streams differently, and more!
Key Takeaways:
[3:35] How did Drew first get started in this industry?
[5:10] How does a company like Baird decide which stocks to follow and why?
[6:25] For Equity Lifestyle and Sun Communities stocks, what are the ratings on these stocks?
[9:25] Sun has not been as aggressive with acquiring properties over the last two years because they bought Green Courte Partners and CareFree Communities.
[12:40] How does Wall Street view the rental business vs. owning land as revenues streams? Do they see it the same way as the public firms do?
[17:15] Same-store sales are not a topic real estate people are very familiar with, but it is used as a metric for a company with already-existing assets vs. acquisitions.
[20:25] As there is no new competition in the mobile home park sector, what else drives the industry?
[23:00] Drew has noticed that there’s a bit of a misconception on what an RV really means vs. a mobile home park.
[26:30] Sun has a $6 million credit facility. How are they using/lending those funds?
[33:25] When analyzing these two companies, does Drew see how these stocks compare to the overall market? Any correlations?
[37:20] What are some of the risks to the industry?
[42:50] Park Street Partners uses a cash program from a Berkshire Hathaway subsidiary. Do Equity Lifestyle and Sun also use cash programs, or how are they filling in vacancies?
[46:50] If Drew had to retire in the next 30 years, which stock would he pick?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
RWBaird.com
Email Drew: DBabin@Rwbaird.com
Equitylifestyleproperties.com
Suncommunities.com
Welcome to Episode 70 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Steve Case has had a long history in the mobile home park industry. He cites guys like Dyches Boddiford and Ernie Tew who have helped mentor him throughout the years, and made him a smarter and wiser investor. On today’s show, Steve talks about MobileHomeUniversity.com (now being run by Frank Rolfe and Dave Reynolds), the SECO Conference hosted by Southeast Community Owners Symposium, and the best way newbies can enter into the market.
Key Takeaways:
[2:05] Who is Steve and how did he get into mobile home parks?
[2:45] Steve met a man named Ernie Tew who explained to him what mobile home parks were all about.
[3:50] Who is Ernie Tew?
[7:25] Steve and his business partner Corey Donaldson started hosting conferences in 2004 to help people get familiar with the industry.
[8:45] What was the purpose of Mobile Home University and why did Steve and Corey create it?
[10:15] Frank Rolfe and Dave Reynolds are now managing Mobile Home University. This is because Steve was starting to get burned out.
[12:50] Steve cites Dyches Boddiford as one of his mentors and a very knowledgeable man in real estate.
[14:15] How does Steve typically structure his joint ventures?
[18:00] What’s the best way for a newbie to get started in this industry?
[22:10] Why does Steve like self-storage facilities/properties so much?
[27:00] How does Steve market his self-storage facilities?
[29:00] What was the biggest mistake Steve made, when he first got into the mobile home park industry?
[31:10] What is the SECO Conference about?
[41:45] To be honest, Steve thought he’d be a pilot for all of his life. Sometimes, life throws you curveballs!
[42:55] Associate with successful people. Find the guys and gals who are successful in the industry you want to be in, and learn under them. Pay them or work under them for free!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.com
Deals on Wheels: How to Buy, Sell & Finance Used Mobile Homes for Big Profits and Cash Flow, by Lonnie Scruggs
Mobilehomeuniversity.com
SECOconference.com
Welcome to Episode 70 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Steve Case has had a long history in the mobile home park industry. He cites guys like Dyches Boddiford and Ernie Tew who have helped mentor him throughout the years, and made him a smarter and wiser investor. On today’s show, Steve talks about MobileHomeUniversity.com (now being run by Frank Rolfe and Dave Reynolds), the SECO Conference hosted by Southeast Community Owners Symposium, and the best way newbies can enter into the market.
Key Takeaways:
[2:05] Who is Steve and how did he get into mobile home parks?
[2:45] Steve met a man named Ernie Tew who explained to him what mobile home parks were all about.
[3:50] Who is Ernie Tew?
[7:25] Steve and his business partner Corey Donaldson started hosting conferences in 2004 to help people get familiar with the industry.
[8:45] What was the purpose of Mobile Home University and why did Steve and Corey create it?
[10:15] Frank Rolfe and Dave Reynolds are now managing Mobile Home University. This is because Steve was starting to get burned out.
[12:50] Steve cites Dyches Boddiford as one of his mentors and a very knowledgeable man in real estate.
[14:15] How does Steve typically structure his joint ventures?
[18:00] What’s the best way for a newbie to get started in this industry?
[22:10] Why does Steve like self-storage facilities/properties so much?
[27:00] How does Steve market his self-storage facilities?
[29:00] What was the biggest mistake Steve made, when he first got into the mobile home park industry?
[31:10] What is the SECO Conference about?
[41:45] To be honest, Steve thought he’d be a pilot for all of his life. Sometimes, life throws you curveballs!
[42:55] Associate with successful people. Find the guys and gals who are successful in the industry you want to be in, and learn under them. Pay them or work under them for free!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.com
Deals on Wheels: How to Buy, Sell & Finance Used Mobile Homes for Big Profits and Cash Flow, by Lonnie Scruggs
Mobilehomeuniversity.com
SECOconference.com
Welcome to Episode 69 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Pat has bought and sold 250 communities over the last 37 years. Everytime he thinks he knows it all, he learns something new. That’s how diverse this industry can be! On the show, Pat discusses what RenterText can do for mobile home park owners and how it makes their lives just a little bit easier.
Key Takeaways:
[1:50] Who is Pat and how did he get in the mobile home park industry?
[5:35] Some may not know that a F4 tornado in January (of this year) tore through a town in Albany, Georgia, and completely wiped out one of Pat’s communities, along with causing massive destruction to other communities. Pat discusses some of the lessons he learned from this.
[10:45] What is Pat’s business, RenterText, about?
[15:10] How does Pat get ads posted on Craigslists in an automatic way?
[19:20] How does a mobile home park owner typically use Pat’s service? Via email? Website? What’s the process involved?
[23:55] It’s a neat tool that will make your managers and leasing agents accountable... month after month.
[25:25] What else do listeners need to know about RenterText?
[27:15] Remember, let the money follow the mission.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.com
RenterText.com
Look out for the app, “Tornado Free” when it launches!
Welcome to Episode 68 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, our two hosts bring on Ryan Howerton from 21st Mortgage to discuss how more park owners can help their residents become owners themselves. Ryan explains that there is a ‘free’ way how you can do this!
Key Takeaways:
[2:30] Who is Ryan and how did he get his start at 21st Mortgage?
[5:00] 21st Mortgage has a CASH program, how does this help both the park owners and tenants?
[8:35] Every year Ryan and his partner Lance looked at how they could improve this CASH program.
[13:35] The benefits of working with 21st Mortgage’s CASH program is that you also get access to a wide variety of expertise all across the nation. Ryan and his team have learned from their mistakes, and it makes no sense why you should start from zero.
[14:30] Ryan’s main focus for the customer is affordability. He aims to get the best setup as possible at the best price possible.
[19:00] Why does Ryan deny certain applicants? What do tenants need to know before they apply with 21st Mortgage?
[21:35] What are some the reasons why park owners are denied from the CASH program?
[26:55] How long does it take to get a mobile home park from 21st Mortgage?
[36:40] How has 21st Mortgage changed since Warren Buffett of Berkshire Hathaway has bought the company?
[40:35] At the end of the day, it’s all about the people. 21st Mortgage wouldn’t have seen the growth that they’ve seen without their dedicated and hardworking team.
[43:00] Does 21st Mortgage finance tiny homes as well?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
21stmortgage.com
Call Ryan: 866-727-4733
Email Ryan: RyanHowerton@21stMortgage.com
Welcome to Episode 67 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This week’s episode is a continuation of Craig’s interview on 1031 exchanges. Craig discusses ways you can defer, and hopefully avoid, taxes (the legal way!) on buying and selling real estate. Be sure to listen to last week’s episode, if you haven’t already!
Key Takeaways:
[1:20] How do you insure a home under a 1031 exchange?
[3:30] 1031 exchanges are regulated on both a federal and state level.
[3:50] How can mobile home park owners best do their due diligence when looking into a company that handles 1031 exchanges?
[7:30] Will President Trump get rid of 1031s?
[9:50] What should folks do if they’re worried they won’t make the 1031 timeline?
[16:30] Can you do a 1031 on real estate into a real estate fund? How does that work?
[20:35] Have your CPA onboard when you’re considering doing a 1031 exchange. If not, you could get into some trouble with the IRS.
[21:35] Craig and his company also do something called a construction exchange and explains what that means to you.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Starker.com
Call Starker: 800-332-1031
Call Craig: 916-261-1031
Welcome to Episode 66 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, we’re going to learn how to pay no taxes! Craig Procter of Starker 1031 Exchange Services explains to Jefferson and Brad how you can structure things (legally) on your real estate and save some money. Keep in mind that this interview is part one of a two-part episode. Tune in next week to hear more from your hosts and Craig!
Key Takeaways:
[2:45] Who is Craig and how did he get started in real estate?
[8:10] Technically, when you’re doing a 1031 exchange on your property, what you’re doing is deferring your taxes, but you’re not avoiding them. However, you can defer your taxes indefinitely.
[10:20] This applies to all types of properties, not just mobile home parks.
[15:15] What is the purpose of doing a 1031 exchange?
[17:45] Can people exchange/buy property that’s less in value than their original property value?
[21:45] What happens when you’re trading your mobile home park for another mobile home park a couple of years later? What kind of filings would you have to do?
[26:00] If Jefferson wants to work with Craig’s firm (or similar companies) what are some of the steps he needs to take to begin the process?
[31:15] Want to know more? Tune in next week for the second part of this interview!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Starker.com
Welcome to Episode 65 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. As Brad is off this week, Jefferson interviews Gerry DiMarco from Security Mortgage Group. Gerry’s company is a full-service mortgage brokerage firm that specializes specifically in financing mobile home communities. On this week’s show, Gerry goes into depth on what kind of debt you can take out on your mobile home park, and how he helps ease the process between banker and lender.
Key Takeaways:
[1:15] Who is Gerry and how did he get involved with mobile home parks?
[5:05] How did Gerry and his father grow the family business?
[6:35] What’s going on in the mobile home park industry when it comes to financing a mobile home?
[10:55] What kind of star rating do you need to qualify for a 3 Max loan from either Fannie Mae or Freddie Mac?
[14:40] How does Gerry search for good financing deals?
[19:00] Gerry and his brother are able to condense a complex transaction’s terms, and turn it into a two-page summary for their lenders, making it easy and concise to understand.
[19:55] Does Gerry go on site to any of the parks he brokers?
[21:55] What kind of financing can park owners expect, based on the state of their park?
[27:35] How do most of Gerry’s clients structure their loans?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Securitymortgagegroup.net
Call Gerry: 585-423-0230
Email Gerry: Gerry@Securitymortgagegroup.net
Welcome to Episode 64 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. As Brad is off this week, Jefferson interviews Matt Cohen from Gama Sonic Solar Lighting, based out of Atlanta. On today’s show, Matt discusses the benefits of using solar lights vs. traditional lights in your mobile home park. Aside from the obvious reduction in your electricity bill, solar lights also require less maintenance.
Key Takeaways:
[1:55] Who is Matt and what does he do for Gama Sonic Solar Lighting?
[4:25] How many solar lights does the average mobile home owner need to successfully light their park?
[6:15] These lights are also automatic! You do not need to rely on the manager to turn them all and off.
[8:50] The batteries need to be replaced roughly every 36 months. Where can you buy the batteries?
[11:20] Jefferson already has these solar lights in two of his mobile home parks.
[15:25] The highest pole you want to use for these lights is a 10ft pole.
[17:35] How much do these solar lights cost?
[20:15] What do the tenants think about these lights?
[22:25] How easy is it to order replacement parts?
[23:55] What’s the best way to install these lights?
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Gamasonic.com
Call Matt: 727-688-5030
Email Matt: Matt@Gamasonic.com
Welcome to Episode 63 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. As Brad is off this week, Jefferson interviews Justin Powell of Streamline Automation Systems. Justin discusses the benefits of using technology and helpful products that make your property maintenance duties go by so much faster.
Key Takeaways:
[2:40] How did Justin first get started with Streamline Automation Systems?
[5:55] What kinds of products does Streamline Automation Systems have, and how does he help park owners?
[9:55] The product only runs on iOS right now, but they’re making an Android and Windows version. Coming soon!
[11:35] The cool thing about this product is that your property manager can use it to inspect your property’s structure and make the necessary work orders to get it repaired/cleaned.
[18:40] The great part about is that you don’t have to recreate the wheel. This product is specifically designed for mobile home park owners and their needs.
[20:40] Can tenants log in too and flag certain things for the park manager?
[22:15] Justin shares a quick client case study.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Streamlineas.com
Welcome to Episode 62 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This is the second episode to Erik Hanson’s interview. Be sure to the listen to the first part to get a full view of what kinds of things go into an appraisal report. On this episode, Erik discusses how you can increase your property value and get more bang for your buck.
Key Takeaways:
[1:15] Erik continues his discussion on what goes into an appraisal report.
[4:25] On the report, there are some things you just have to include in there that the government requires. They don’t mean much to the buyer personally, though. Erik and other appraises call this the ‘Fluff.’
[7:30] There are two terminologies you should be aware of that appraisers use when discussing a park status, but what happens if your park doesn’t fall into these two?
[10:00] What kinds of things can a park owner do to increase their property value?
[11:40] What kind of amenities can you add to increase rent?
[14:30] How does Erik value the amenities?
[17:10] What states are Erik and his team currently active in?
[17:55] How do the park valuations change based on the different locations?
[20:55] Erik shares a quick funny story on an appraisal he did.
[24:30] Erik offers tips on how to find the right appraiser.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
MHPappraisal.com
Email Erik: erik@mhpappraisal.com
Call Erik: (608) 279-1164
Welcome to Episode 61 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad is off this week, which leaves just Jefferson as today’s host. How do mobile home park owners increase the value of their property? That’s exactly the topic that Eric Hanson, MAI will be discussing on today’s show. Erik is the Executive Vice President of Midwest Appraisal Group, and works specifically in appraising the mobile home park industry. Listen in as Erik has some advice for all you park owners out there on how to retain, and increase, your park value.
Key Takeaways:
[2:40] How did Erik Hanson first get involved in mobile home park appraisals?
[8:20] Erik has MAI in his official title, what do those letters mean and how does someone get that type of certification?
[10:45] When evaluating properties, do the banks ever try to influence Erik into giving them a higher value estimate (so that they can charge more interest)?
[13:15] What are some of the steps to appraise a mobile home park?
[18:45] Erik runs a ‘potential gross income’ report to see what’s the maximum amount of income the property can make.
[20:25] Since Erik has appraised a lot of parks, he typically can see right off the bat where all the mobile home park expenses should be.
[23:45] Join us next week for part 2 of this interview!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to Episode 60 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This episode is a continuation of Dick Ernst’s interview from last week. If you haven’t heard Part 1, be sure to check it out before listening to this episode! Dick continues his discussion on what it takes to help people buy mobile homes, and discusses in detail how the Dodd-Frank regulation has helped/hurt families.
Key Takeaways:
[1:30] Has the Dodd-Frank regulation helped families making 30K a year get mobile homes or has it hurt them?
[8:45] Lenders in the industry don’t want to make high-cost loans because they’ll become branded as a predatory lender.
[9:45] What’s happening with the CFPB (Consumer Financial Protection Bureau) right now?
[14:30] In an attempt to get Fannie and Freddie to be investing more into mobile home parks, who is leading the lobbying efforts in this?
[17:40] What can listeners do to help support this cause?
[22:35] Have more questions for Dick? You can give him a call!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Mfghome.org
Finmarkusa.com
Email: Dick@FinMarkUSA.Com
Dick’s Cell Phone: 214-335-2708
Dick’s Office Line: 972-503-3201
Welcome to Episode 59 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Dick Ernst has been involved with the Manufactured Housing Institute (MHI) for the last 25 years, and currently serves on the board of directors. On the show, Dick discusses MHI’s financial lobbying efforts, and offers a behind-the-scenes look at what it takes to help people buy mobile homes.
Key Takeaways:
[1:20] Who is Dick, and how did he get into manufactured housing?
[5:45] How did Dick end up on the board of directors for MHI?
[9:05] What’s MHI’s vision for mobile home park financing?
[13:40] The whole reason banks and mortgage companies are not in this business right is because they don’t have any place to sell their loans. However, that’s about to change.
[16:10] Fannie & Freddie have dipped their toes in manufactured housing, and it has not ended well for them.
[18:30] The industry continues to grow every year at about an 8% annual rate.
[23:00] Dick believes that direct lending is the best way to deal in the manufactured housing business.
[26:25] Join us next week to listen to part 2 of Dick’s interview!
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Mfghome.org
Finmarkusa.com
Welcome to Episode 58 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This episode is a continuation of last week’s interview with Donald Westphal. Jefferson, Brad, and Donald discuss how older mobile home parks change overtime as the city grows bigger, creating a good image for mobile home parks, and what it takes to make a community as a whole look good.
Key Takeaways:
[3:15] What kind of land makes it difficult to build a mobile home park?
[6:15] As the city gets built up around mobile home parks, the industry begins to lose a lot of older mobile home communities to higher density and higher value property development.
[7:35] How many mobile home parks got re-development last year?
[10:25] How many new mobile home pads or mobile home park expansions were added last year?
[14:35] Donald tries hard to inform people in the community of the benefits of a new mobile home park in the area.
[16:30] What do the conversations look like when speaking one-on-one to a mobile home park owner?
[21:55] Donald shares a funny story that have happened to him while on the job.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
DCWestphal.com
Email Donald: Don@DCWestphal.com
Call Donald: 248-651-5518
Jefferson and Brad interview Donald Westphal for this week’s episode. This show is part one of a two-part interview. The men discuss zoning restrictions, what it takes to take a raw piece of land and turn it into a mobile home park, and all the red tape that’s associated with government bureaucracies.
Key Takeaways:
[2:25] How did Donald get into designing mobile home parks?
[6:45] A quick plug for State Associations. They really help give the mobile home park industry a good image.
[8:15] What’s the process towards taking a piece of land and turning it into a mobile home park?
[16:25] Why has it become difficult to build affordable housing?
[20:40] Most people think zoning is a frivolous activity. It’s not!
[22:15] Townships, councilmen, and mayors often do not approve of the ‘trailer trash’ image. This is why it’s important that Donald get to work earlier, rather than later, on developing a good reputation and image when he begins building a new mobile home park.
[26:25] You have do your research and look very professional while giving a presentation on why mobile home parks are good for the community.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
DCWestphal.com
Jefferson and Brad interview Donald Westphal for this week’s episode. This show is part one of a two-part interview. The men discuss zoning restrictions, what it takes to take a raw piece of land and turn it into a mobile home park, and all the red tape that’s associated with government bureaucracies.
Key Takeaways:
[2:25] How did Donald get into designing mobile home parks?
[6:45] A quick plug for State Associations. They really help give the mobile home park industry a good image.
[8:15] What’s the process towards taking a piece of land and turning it into a mobile home park?
[16:25] Why has it become difficult to build affordable housing?
[20:40] Most people think zoning is a frivolous activity. It’s not!
[22:15] Townships, councilmen, and mayors often do not approve of the ‘trailer trash’ image. This is why it’s important that Donald get to work earlier, rather than later, on developing a good reputation and image when he begins building a new mobile home park.
[26:25] You have do your research and look very professional while giving a presentation on why mobile home parks are good for the community.
Mentioned in This Episode:
Park Street Partners
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
DCWestphal.com
Welcome to Episode 56 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. As Brad is off this week, Jefferson offers a case study on his recent park manager hire. This is a complementary show to Episode 45: How to Hire the Right Manager, which you can listen to on iTunes. Jefferson discusses the ins and outs of how he found his most recent manager for his new park.
Key Takeaways:
[1:30] Jefferson and Brad recently made an acquisition in Florida. The park came with the manager, and although the guys usually keep the manager, this one unfortunately did not fit the bill.
[4:15] In fact, some of the manager’s billing was a bit of a red flag.
[6:45] The manager was also very unprofessional and sent some nasty emails.
[8:40] Jefferson sent out a flyer notifying the residents in their 80 space park that they were hiring, but only 5 responded to it, and only 1 of them seemed qualified.
[9:40] The ad Jefferson placed in Craigslist pulled around 40 applicants.
[11:05] By this point, Jefferson already knew he was not going to be working with the current manager.
[13:20] Former park owners will try to encourage you to hire their manager, because of course, they often think very highly of them. Jefferson recommends that you cut through the noise and do what you think is best.
[19:45] Jefferson honestly has no idea what the manager was doing. She was never around!
[23:20] Jefferson has hired a new park manager for $1200 a month.
Mentioned in This Episode:
Park Street Partners
Mobile Home Park Investors
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to Episode 55 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. What do mortgage bankers bring to the table? Well, in this episode, Jefferson and Brad bring on Andy Margolis, a mortgage broker from Draper & Kramer. Andy explains in detail what a mortgage broker can do for you when it’s time to borrow money.
Key Takeaways:
[3:10] How did Andy become a mortgage broker?
[5:00] Why should somebody use a mortgage banker?
[9:15] Andy highlights an example of how he saved a client money, and even noticed some things in the loan docs that his attorney missed.
[10:45] How does Andy work with mobile home park lenders, especially when it comes to park and home percentages?
[11:45] Why would you do a life insurance loan vs. a CMBS loan vs. a bank loan?
[13:55] When somebody comes to Andy with a deal, does he shop it around to life companies, CMBS, etc. for the best deal?
[17:30] If somebody were to buy a $500,000 park, what would that financing structure look like?
[21:10] Andy shares some examples of what some of his deal structures looked like with his most recent clients.
[28:20] When would a non-recourse lender come after you personally?
[32:30] Find a lawyer who is familiar with CMBS loans. If you’re working with an attorney who has never done one before, your legal bill will double.
[35:35] Mortgage brokers typically cost about 1% of the loan amount, which typically gets paid out on closing.
Mentioned in This Episode:
Park Street Partners
Mobile Home Park Investors
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Draperandkramer.com
Email Andy: Margolis@Draperandkramer.com
Call Andy: 312-795-2507
Welcome to episode 54 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad is off on this week’s episode. Jefferson does a quick recap of the MHI Show that was hosted in Vegas this year, and shares some of the useful technologies he found out about while at the tradeshow.
Key Takeaways:
[1:25] Jefferson ended up getting a handful of deals at the tradeshow.
[2:45] What kind of technological tools did Jefferson see?
[6:15] Jefferson would like to have several of these tech founders on the show to get a deeper dive on the tech.
[10:00] Gama Sonic Lights can help light up your park for free through the use of solar power.
[11:00] Moving away from tech, let’s talk about some of the useful credit companies your tenants can benefit from.
[12:25] Jefferson saw a booth there that almost brought tears to his eyes. Yes! Need mobile home park renovations done? Home Depot has a specific branch about it now!
[15:45] Should you attend MHI next year? Yes. Even beginners can benefit a lot from a trade show like this.
[17:15] Want to know what other cool events Jefferson and Brad are attending this year? They now have a calendar listing them all on the website!
Mentioned in This Episode:
Park Street Partners
Mobile Home Park Investors
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Streamline App
Quotepro.com
Slcmeter.com
Shorebreakenergy.com
Gamasonic.com
Credithuman.com
Welcome to episode 53 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad and Jefferson are joined by Paul Bradley, the Founding President of ROC USA. The guys continue last week’s conversation about how mobile home park residents are able to go from rentee to owner. If you hadn’t had the chance to listen to part one, be sure to listen to that episode first!
Key Takeaways:
[1:30] When it comes to sign for the big bank loan, how many tenants are in charge of signing it?
[2:30] If you’re working with a company like ROC USA, their minimum membership requirement is 51% of owner-occupied homes must be members of the co-op.
[7:00] Many residents are willing to invest in the property when they’ve lived there for 10+ years or more. Residents who have only been there for 2 or so years are more likely to oppose to the co-op.
[9:15] To be clear, Paul’s company is not just a brokerage or lending operation. His team focuses on helping tenants with the purchasing process before and after the deal has been made.
[14:50] How does Paul make money on these deals?
[17:05] Once the tenants have acquired the property, how does the park get managed?
[22:05] Paul offers post-purchase education to the residents. What does that training entail?
[24:30] Have any questions? Feel free to reach out to Paul and his team!
Mentioned in This Episode:
Park Street Partners
Mobile Home Park Investors
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Rocusa.org
Brad and Jefferson are joined by Paul Bradley, the Founding President of ROC USA. Paul helps tenants acquire their mobile home parks, and explains in detail the steps residents need to take to go from rentee to owner. This episode is part one out of a two part interview, so be sure to come back next week and hear more from Paul!
Key Takeaways:
[1:10] Last week Brad was hacking through the Everglades of North Carolina, looking for good mobile home park deals.
[1:30] Paul and his company help tenants buy their mobile home parks from their park owners.
[2:35] Who is Paul, and how did he get involved with ROC?
[6:10] Paul spent 2006-2007 writing a business plan for ROC USA.
[6:40] Is it true that 20% of all mobile home parks in New Hampshire are owned by the residents?
[7:10] In what states is the ownership by residents high/low, and why?
[9:00] What does a limited equity model mean, and how does it work?
[12:30] Homeowners benefit from this model by essentially borrowing equity at market rates.
[15:25] How does Paul generate his deal flow?
[17:20] How do residents buy a park?
[24:15] The first due diligence loan typically runs between $20,000-30,000.
[25:40] Paul and his team have a $12 million dollar balance sheet in assets, which is why they are able to hold, retain, and position themselves well, in these loans.
Mentioned in This Episode:
Park Street Partners
Mobile Home Park Investors
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Rocusa.org
Welcome to episode 51 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad is off this week looking at houses in North Carolina! Instead, Jeferson invites four people, probably the most he’s ever had on a single podcast episode, from the Tric Tools team to discuss their pipe bursting technology. On this show, you’ll hear CEO Ward Carter, CFO Michael Lien, Director of Marketing, Tech Support John Rafferty, and Market Strategist Eli Nir on the call!
Key Takeaways:
[2:20] Ward’s grandfather was an inventor, and invented the Coleman stove, among other things!
[6:25] Jefferson had a problem with one of his mobile parks. He had an infiltration problem as well as some old sewer pipes, but according to the guys at Tric Tools, they’ve got a way to fix this cost effectively without replacing the pipes.
[11:25] Ward discusses his second client ever, who was a lawyer, and some of the challenges his client had.
[14:00] What kind of equipment do the guys at Tric Tools work with?
[17:00] This new technology can help save you around 50% off the standard cost.
[20:20] This is why Tric Tools tagline is, “You couldn’t even tell we were here.”
[25:00] Tric Tools machines give off a very small footprint!
[30:45] What does Tric Tools do when a homeowner has a blocked up sewer or water pipe?
Mentioned in This Episode:
Park Street Partners
www.parkstreetpartners.com
Mobile Home Park Investors
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Tric Tools
Call the toll free Tric Tools number: 888-883-8742
Welcome to episode 50 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson and Brad interview Mike Renz, an environmental geologist & consultant. Mike’s clients hire Mike to test the soil of properties and sites prior to purchase. Mike talks in detail about the type of work he does for property investors, and why it’s so important to understand what kinds of toxins are in your soil.
Key Takeaways:
[1:35] Mike takes long motorcycle rides just to go look at rocks.
[2:45] How did Mike into this work?
[6:25] Jefferson and Brad call in Mike and he usually does a ‘Phase 1’ on the property. What does that entail?
[12:50] For Phase 1, some of the work can be done remotely.
[20:55] It takes Mike around 2-3 weeks to do both the onsite and offsite work.
[21:35] When does a phase 2, 3, 4, or 5 happen? Is there a phase 11?
[26:45] Mike’s goal with his clients is to discover the property’s deal breaker as quickly and as cheaply as possible.
[28:25] What’s the worst ’bad stuff’ Mike has ever found on a property?
[30:45] Once it’s been established the soil has been contaminated, who removes the toxins from the ground?
[33:55] What advice does Mike have for a new investor?
Mentioned in This Episode:
Park Street Partners
Mobile Home Park Investors
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Renzandassociates.com
Renz on LinkedIn
Welcome to episode 49 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. March 2nd marks Jefferson’s 10th year in the mobile home park industry! As Brad is off this week, Jefferson reflects on the many, many lessons he’s learned over the years.
Key Takeaways:
[1:00] Jefferson has been in the business for 10 years!
[2:15] Jefferson never would have been able to predict everything that’s happened over the last 10 years. He thought that after he spent a year in this business, he was going to go back to his ‘day job.’
[3:00] How did Jefferson get into this business?
[5:45] Jefferson found his first property on eBay!
[7:45] Jefferson decided to do this full-time, but only for a year. He really wanted to double his assets before going back to his day job.
[8:25] After around the 4 year mark, Jefferson bought his second mobile home park.
[10:50] If you’re still working a day job and looking to invest in your first park, pay for value.
[13:55] If you have to pick between cheap and speed, always pick quality work. Never go for cheap!
[14:15] Jefferson was around 39 years old when he bought his first park. He wishes he got involved sooner!
[16:55] Keep your day job!
[17:05] Take your time in finding your first park. Pay for quality and don’t do anything rash.
[19:45] Jefferson owns around 18 parks, but you don’t have to personally own that many to have a nice side income.
[21:55] Jefferson is excited for the next ten years in this industry!
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.com
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 48 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad is off on this week’s episode, but Jefferson has a powerful tip that took him nearly ten years to figure out! If you’re looking for a creative way to reduce that costly electric bill, then this is an episode you surely do not want to miss!
Key Takeaways:
[1:15] Today’s podcast is going to be like an espresso — very concentrated!
[2:00] It took Jefferson nearly 10 years to figure out this trick to save on his electric bill.
[2:20] After having over 117 electric bills pass through Jefferson’s desk, he finally took a look at one.
[3:55] Service availability charge. Look out for those words!
[5:10] Jefferson was getting charged $279 a year for both bills!
[7:25] Remember, a penny saved is a penny earned!
[7:45] If you have multiple bills, take a look at them carefully.
[8:45] Shoutout: Thank you Pastor Joshua for listening to this podcast!
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.com
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 47 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson and Brad continue their discussion about CMBS financing, and outline what you need to know before you get one! Be sure to listen to last week’s episode to get caught up to speed.
Key Takeaways:
[2:15] What third party documents/reports do you need in order to apply for CMBS financing?
[5:45] What do you know about zoning restrictions/requirements?
[9:55] Brad has never seen a survey done for CMBS under $10,000.
[10:35] You're going to need a minimum of 45 days to get the loan done.
[12:00] Tip: Plan for margin of error.
[12:50] What does the seller need to know, if the buyer is applying for CMBS financing?
[15:30] How do you find out what interest rate you’re going to be paying?
[20:00] Remember, you want to be sure you have enough money in order to see the loan through. It can be expensive and time consuming!
[21:30] Brad does a quick recap.
[24:45] With a CMBS loan, you can’t just ‘pay it off,’ like any other loan. Brad explains further.
[30:00] If you’re a fix and flip kinda of guy, then this is not the loan you should have.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 46 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson and Brad explain everything you need to know about Commercial Mortgage-Backed Securities (CMBS), and when it’s the right time to get one. Is CMBS financing right for you? Get a crash course on it in this week’s episode!
Key Takeaways:
[2:20] How does CMBS work?
[7:05] Most commercial mortgage brokers deal with CMBS loans.
[8:15] If your mobile home park’s purchase price is just above $2 million, that’s when you’ll be getting a bit of CMBS attention.
[12:40] Who ends up owning this debt? Individual investors or institutions?
[14:15] You definitely want to go with a mortgage broker that has experience with CMBS and mobile home parks. If not, the process might be tougher for you to acquire the loan.
[16:30] Another thing, be sure to have your lawyers present when applying for CMBS financing.
[20:40] Try to keep your entity structure as simple as possible.
[22:35] What does the ‘springing lockbox’ term mean in this context?
[25:15] Brad gives some advice about finding the right lawyer.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.com
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 45 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson and Brad dive right in on how to hire the right property manage for your mobile home park. What do Jefferson and Brad look for in a manager? Find out today!
Key Takeaways:
[2:00] You have to hire somebody with integrity.
[2:25] When Jefferson and Brad acquire a new property, they’re open to keeping the same manager.
[5:30] Jefferson dives into how he finds good talent.
[7:15] Despite looking for new managers, Jefferson and Brad decided to keep the current one for this particular property, because she had fire in her belly and knew the properties well.
[8:15] Managers who are in charge of the checkbooks can be dangerous.
[8:45] You can tell a lot about somebody based on the condition of their house. Managers with well-kept homes know what to look for.
[11:10] Jefferson and Brad don’t usually have full-time managers, but some parks do need them.
[15:30] Very few mobile home parks need a dedicated office for the manager.
[16:40] Jefferson likes it when a manager has good tech on them.
[19:20] Managers don’t need to have deep experience in order to be qualified.
[20:00] Basic people skills, common sense, and a good work ethic is all you need in a manager.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.com
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 44 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson and Brad welcome listeners to the new year! They do a quick year-end wrap-up of 2016, and discuss the future of mobile home parks, on this week’s episode. What can we look forward to in 2017? You’ll have to listen in!
Key Takeaways:
[:55] Happy New Year, everybody!
[1:25] Jefferson and Brad have been busy during the month of January and are getting ready to close on their second deal for the New Year.
[1:45] Jefferson has already completed 3 of his 5 New Year’s Resolutions - from 2012!
[2:10] The Park Street Partners 'Mobile Home Park Investors' podcast series is slightly over a year old! Jefferson and Brad do a year-end wrap up.
[4:15] Hi mom!
[4:45] Got some good deals in your area? Let Jefferson and Brad know! They’ll either partner with you or pay you a referral fee.
[8:15] There’s still a big stigma about mobile home parks.
[9:10] Will the mobile home park industry be affected by President Trump?
[13:35] Brad isn’t worried about the next four years.
[19:10] Brad discusses the benefits of getting a CMBS loan.
[22:40] Last year, Jefferson and Brad put some systems in place to make the business more efficient.
[28:25] Jefferson and Brad and still tweaking some of the outsourcing that they’re doing.
[32:45] Jefferson and Brad give a shout out to their lovely wives who support them.
Mentioned in This Episode:
Park Street Partners, www.parkstreetpartners.com
Mobile Home Park Investors, www.mobilehomeparkinvestors.net
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 43 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This episode is a continuation of last week’s podcast, where Jefferson walks Robert Nelson through the math and money behind purchasing his first mobile home park. What are some telltale signs that Robert needs to look out for? Find out today!
Key Takeaways:
[1:45] It’s a good thing Robert’s first prospect park is not listed in the yellow pages.
[3:05] Jefferson is now looking up on Google Earth where the nearest Walmart is.
[7:35] Jefferson talks about a red flag he just spotted with the property.
[8:35] When looking at locations, Jefferson tries to find properties where the unemployment in the area is under 7%.
[9:40] In this area, homeownership is about 63%.
[11:35] Lot rents can go to about half of what an average 2-bedroom apartment goes for in the area.
[14:40] What does Jefferson look for in the last 12 months of bank statements?
[17:50] This property is being poorly managed.
[22:50] Jefferson recaps what he would improve upon.
[24:15] Although this property is a bit highly priced, it doesn’t look like it’s a complete disaster, in terms of repairs.
[25:25] What does Jefferson think about seller finance options?
[28:05] Interested in investing with Jefferson and Brad? Feel free to contact them today!
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Rentometer.com
Contact Robert: DivergentProperties@Hotmail.com
Call Robert: 972-742-0079
Welcome to episode 42 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson Lilly invites Robert Nelson on to the show to discuss the first mobile home park Robert found, and does an analysis on the property. Jefferson walks Robert through the process, and the math, to help him come to the conclusion whether the mobile park home he found is worth the hefty price tag.
Key Takeaways:
[2:55] How did Robert first get involved with mobile home parks?
[7:10] How did Robert find his first park?
[8:05] Robert thought the park he found was a good park, but then he listened to episode 14 of this podcast show!
[12:55] The park Robert is looking at currently has five occupied trailers, four unoccupied trailers, and three empty pads.
[15:25] One of the unoccupied trailers has been trashed, and the owners are using it for supplies.
[17:30] Jefferson is going to assume those 5 occupied trailers do not need extra work.
[18:35] If Robert were to buy this property, he should have an extra $20,000 prepared to invest in remodeling the four empty trailers.
[23:40] Jefferson believes the price for this property is worth $215,000.
[24:45] Don’t be afraid to make offers that make sense to you. Sellers might get upset, but hey!
[26:00] Let’s look this property up on yp.com
[27:50] Join us next week for part two of this show!
Mentioned in This Episode:
Park Street Partners
parkstreetpartners.com
Mobile Home Park Investors
mobilehomeparkinvestors.net
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Rich Dad Poor Dad, by Robert Kiyosaki
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.com
Welcome to episode 41 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This week’s episode covers Jefferson and Brad’s deal flow, along with the properties that they have in their fund right now. They discuss a little bit about the inner workings of each mobile home park, and share their expert advice to you!
Key Takeaways:
[1:00] Jefferson and Brad give an update on how their portfolio is doing right now.
[1:40] The first mobile home park property is located in Hillsborough, North Carolina.
[6:05] The second mobile home park property is in Port Huron, Michigan.
[8:55] Brad discusses the deals that are currently in progress.
[11:55] Next up, Jefferson discusses the property he acquired in the upper midwest.
[17:50] Brad talks about a mobile home park located in a fairly large metropolitan statistical area.
[20:15] Whenever you see greater than $100,000 average house prices, that's a good sign that a trailer park will do well in the area.
[22:10] Park Street Partners’ deal flow this year is better than in previous years.
[22:15] Is it too late to enter the market? No!
Mentioned in This Episode:
Park Street Partners
www.parkstreetpartners.com
Mobile Home Park Investors
www.mobilehomeparkinvestors.net
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 40 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson records this quick 9-minute episode to discuss in detail the things you can do in 30 seconds or less, to find out whether you’ve got a good mobile home park deal on your hand. As you look at more deal flow, you can’t afford to waste time on bad properties!
Key Takeaways:
[1:40] As you start seeing more deal flow, it’s very important to start separating wheat from chaff.
[2:25] Spend the first 15 seconds just seeing if the property is listed on the Yellow Pages website.
[3:15] Half of the deals that both Jefferson and Brad make are not listed in the Yellow Pages.
[3:25] This is a good thing. It means the owners are mom-and-pop places.
[4:10] You have a huge advantage if the owners aren’t advertising.
[5:45] Jefferson guesses that you can increase your cashflow by 10-20%, just because the owners haven’t reached these key advertising areas.
[6:05] Once done, take your next 15 seconds and head on over to Google Maps.
[6:25] You want to be located within 5 miles of a Super Walmart.
[7:55] If a Walmart is not in your area, it indicates the town isn’t doing that well economically.
[8:10] Jefferson and his team are actively raising money right now! Go to the website to find out more!
Mentioned in This Episode:
Park Street Partners
www.parkstreetpartners.com
Mobile Home Park Investors
mobilehomeparkinvestors.net
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Yellowpages.com
Welcome to episode 39 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad is off this week, but this means that Jefferson gets to interview David Protiva. David and two other co-founders, Chuck Meek and Mark Titshaw, have been hosting the ‘Trailer Park Kings’ event every year since 2006. As Jefferson attends this event, he also gets a behind-the-scenes looks at David’s investment strategy, and how he got started in this industry.
Key Takeaways:
[1:50] David explains how these meetups at his house got started.
[2:25] How did David get into mobile home parks?
[3:50] How did David break the news to his girlfriend at the time, now wife, that he owned a couple of mobile home parks?
[5:45] David tries to buy his mobile home parks close to where he’s currently living.
[6:30] David recognizes you can not grow quickly with his strategy. He purchases homes about every 3–4 years.
[6:50] How does David find his parks?
[9:00] What works for David when he’s trying to find mobile home parks in the Greater Atlanta, Georgia area?
[11:15] Over the last couple of years, David has only purchased brand new homes.
[12:10] How does David find new tenants? What does he do in terms of marketing?
[13:15] David has had great success with Mobile Home Village, but he understands not many people do.
[15:20] What mistakes has David made over the years?
[16:45] David talks on how he sets up the loan structure with his banks.
[18:30] David encourages other mobile home park owners to take advantage of seller financing.
Mentioned in This Episode:
Park Street Partners
www.parkstreetpartners.com
Mobile Home Park Investors
mobilehomeparkinvestors.net
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Secoconference.com
Homeforlife.net
Mhvillage.com
Welcome to episode 38 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad is off this week, so it’s just your co-host Jefferson! Today, in this quick 12-minute episode, Jefferson goes through the steps he takes -- what a typical diligence trip looks like for him.
Key Takeaways:
[1:00] On today's show, Jefferson will cover what a typical diligence trip looks like for him.
[2:15] Jefferson flew into Detroit, and made it a point to see the property while the sun was still up.
[4:40] Jefferson also didn’t let the manager know he was coming.
[5:20] Before leaving this part of Michigan, Jefferson visited other mobile home parks in the area to do a comparison.
[6:20] Jefferson drove to Dayton, Ohio to visit another property. Again, he didn’t tell the manager he was coming.
[8:40] Jefferson asked one of the tenants what he thought of the manager.
[9:30] It’s important to capture video on all of these properties, so you can remember them at a later time.
[9:55] Jefferson went to Michigan, Ohio, accidentally drove to Kentucky, and then onward to Indiana, before going back home.
[10:45] Only do these types of trips when you have properties under contract.
Mentioned in This Episode:
Park Street Partners
www.parkstreetpartners.com
Mobile Home Park Investors
mobilehomeparkinvestors.net
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Ideal MHP
Welcome to episode 37 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson from Park Street Partners. Jefferson is flying solo as a host today! On November 1st - 3rd, Jefferson attended the Manufactured Housing Institute (MHI) meeting in Chicago, IL, and has some thoughts to share on what he learned. If you weren’t able to attend the meeting, you can get a quick recap of the event right here!
Key Takeaways:
[1:00] Jefferson does a recap of the latest MHI meeting in Chicago.
[1:35] This event is really focused on mobile home park owners.
[2:20] The November 2nd event kicked off with breakfast and an overview of the industry.
[2:55] The event even shared thoughts about the Presidential election.
[5:10] It’s a very mixed year so far, but by the time this podcast publishes, we will all know the Presidential results.
[5:50] In 2007, pre-recession, the average household net worth was $137,000. It’s now down to $82,000.
[7:15] At the event, there was a presentation on some of the worst deals ever.
[11:55] An update on the economy in 2016, and other projections.
[14:15] Who is this event for, and why should you attend next year’s event in April?
Mentioned in This Episode:
Park Street Partners - parkstreetpartners.com
Mobile Home Park Investors - mobilehomeparkinvestors.net
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Manufactured Housing
Welcome to episode 36 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. It’s just Jefferson on this week’s podcast, as Brad is out of the office. Jefferson does a quick recap of the SECO (Southeast Community Owners Symposium) conference he attended in Atlanta. It’s a three-day conference jammed pack with helpful information for mobile home park owners. If you’re a mobile park owner located in the Southeast, or hoping to become a mobile home park owner, please be sure to check out the details for next year’s conference!
Key Takeaways:
[1:55] John writes in and asks, “How much do you pay your on-site managers?”
[3:45] Jefferson believes there were about 250 people who attended the SECO conference.
[7:00] The first session talked about how to sell homes and what kind of homes you should put in your park.
[10:10] Jefferson discovered the company Renter Text, which will help you qualify your tenants for $195 a month. Jefferson expands a bit more on this.
[12:00] Another service that was mentioned at the conference was called Roof Wrap, which offers a dense rubber ‘wrap’ to put on your leaky mobile home roof.
[14:25] The Manufacturing Housing Association is a great resource for new mobile park owners.
[16:10] When you move into a new mobile home park, make sure you use a licensed bonded mover from your state. It will save you a lot of hassle.
[17:50] Towards the end of the conference, Jefferson attended a panel that discussed what your mobile home park is worth in today’s market.
[19:40] There you go! That was the SECO conference in a nutshell.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
SECO Conference
Renter Text
Roof Wrap
ABT Water
EWelcome to episode 35 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This is episode part 2 of the interview with Charles Becker, a professor in the economics department at Duke University. Charles discusses why corporate buyers tend to get the better deal, his research on the amount of rent being charged, and much more, on this week’s episode!
Key Takeaways:
[1:35] What kind of park buyers get the best deals?
[3:45] What are Charles’s thoughts on the mobile home park rent amount? Is it too little, is it too high?
[7:50] What will the rate of growth be in the next ten years?
[11:00] The nation needs to see this as affordable housing.
[11:25] Will financing options change for mobile home park buyers?
[12:50] Manufactured housing parks do not make neighbors richer.
[16:25] When Charles started off researching this industry, he was a bit skeptical, but the numbers clearly show that it’s a viable option for many people.
[17:40] Charles is always looking for new data, and he is currently very interested in turnover rates.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Charles Becker
Welcome to episode 34 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners.Charles Becker is a professor in the economics department at Duke University. Charles somehow convinced Duke University to take a bigger interest in the economics of trailer parks. Why does it make sense for a tenant to live in a mobile home park? Charles has studied the dynamics of the trailer park industry and is here to share his insights in a 2-part interview.
Key Takeaways:
[1:55] Charles is an expert in ‘Trailer Park Economics’.
[2:15] How did Charles convince Duke University that being a professor in trailer park economics was a good idea?
[4:45] Why does it make sense for a tenant to live in a mobile home park?
[10:35] Charles believes (although it hasn’t been proven yet) that well-run manufactured housing parks are likely to be associated with lower crime.
[14:00] Charles talks about the supply and demand dynamics of the mobile home park industry.
[19:00] Mobile home parks tend to have about a 50-year life span.
[19:55] Thanks for listening to the first half of Charles’s interview. Stay tuned next week for the second half!
Mentioned in This Episode:
Park Street Partners
www.parkstreetpartners.com
Mobile Home Park Investors
www.mobilehomeparkinvestors.net
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Charles Becker
Welcome to episode 33 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Joining Jefferson and Brad on this episode is a special guest, Kurt Kelly, Owner and President of Mobile Insurance based in Texas. Listen in to learn about animal management and rental management from a leader in property and liability insurance for the mobile home industry.
Key Takeaways:
[1:31] Kurt is all about helping park owners be safe rather than sorry!
[2:30] What park owners need to know about animal management for mobile home park communities.
[4:38] Basic and general rules insured individuals need to follow regarding animals, according to Mobile Insurance.
[8:19] Animal bite liability insurance coverage for mobile home park owners, and mobile home buyer’s insurance.
[13:28] What mobile home park owners need to know about the process and legitimacy of the certificate of emotional support for an animal.
[15:35] Find out about rental home management for mobile home park owners.
[23:45] How comprehensive is the general rental home liability insurance coverage?
[25:14] How Kurt and his team keep current on all of the evolving law suits across 50 states.
Mentioned in This Episode:
www.parkstreetpartners.com
www.mobilehomeparkinvestors.net
Park Street Partners
Mobile Home Park Investors
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group on LinkedIn
Email your deals: deals@parkstreetpartners.net
Insurance Forms on Mobileagency.com
Loss Control Section on Mobileagency.com
Rental Home Move In Checklist on Mobileagency.com
Performance Agreement for Rental Home Contractors on Mobileagency.com
Welcome to episode 32 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson with the Park Street Partners. In this episode, Jefferson and Brad discuss many aspects of mobile homes, including stories and practical tips on how to find a mobile home, how to buy a mobile home, and how to move a mobile home. If you’re in the mobile home park business, it’s inevitable that you’re going to have to buy some mobile homes and transport them into your parks. Listen in to find out about diligence and what you need to know before moving a mobile home into your park.
Key Takeaways:
[1:52] Jefferson and Brad have bought some mobile homes using the 21st Mortgage cash program, which gets a brand new house delivered into the park.
[2:21] Tips on finding and moving a used mobile home that you can purchase off craigslist as well as some of the wholesale lists, including Greentree, Vanderbilt and 21st Mortgage.
[3:56] How to get your mobile home inspected and what to look for to inspect for water damage and other structural issues.
[8:59] Some features that swing the value of a mobile home include a new/working central heat and air system, window units, a central air conditioning system, kitchen appliances, etc.
[11:19] Be careful if moving a really old mobile home — Jefferson and Brad had a 25-year old house split in half on the road while being transported!
[12:40] Tips for dealing with and getting bids from movers before moving a mobile home.
[15:11] Jefferson shares another moving story which speaks to how it’s a bit of a red flag whenever you have a house that’s on a permanent foundation.
[18:44] How to make sure that your mobile home park lots are big enough for the mobile house before having the house moved to your lot.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Craigslist
Green Tree
Vanderbilt Wholesalers
21st Mortgage
KILZ Paint
Welcome to episode 31 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad is back on this episode, which is all about how Jefferson and Brad use technology in their mobile home park business. Listen in to learn which technology to use while doing diligence on a mobile home park, as well as find out what tech tools are available to help you manage the day-to-day activities of your mobile home park.
Key Takeaways:
[1:36] Apple MacBook and iPhone — The only technology that Jefferson and Brad actually use.
[2:21] Google Map and/or Google Earth — Helpful for doing upfront diligence on a mobile home park.
[4:31] Burner and Craigslist — To test the buyability and level of domain in a given market.
[6:39] UberConference — A free call service for setting up conference calls.
[9:54] Squarespace — Dummy proof and easy to use service for making a good website.
[13:25] Email — How to use it wisely to manage your mobile home park.
[14:06] Dropbox — Helps to communicate and share information without worrying about storing paperwork.
[16:22] GoDaddy — To set up email, register URLs for each MHP property, and connect a domain to a Squarespace site.
[17:50] Grasshopper — A virtual phone system for managing calls online.
[20:02] Asana — A project management tool to keep track of various tasks at both the property and corporate levels.
[20:48] Slack — An instant messaging app to keep in touch with people in your business.
[22:18] Avidpay — An automated bill payment service that is handy if you outsource your accounts payable.
[25:02] Rent Manager — A property management software.
[27:28] Video recordings — Video inspections can help you manage your mobile home park.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Cherrywoods.net
Google Map
Google Earth
Burner App
Dropbox
Squarespace
WordPress
GoDaddy
Grasshopper
Asana
Slack
Avidpay
Rent Manager
Welcome to episode 30 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson and Brad are joined by a very special guest, John Hurd, on this episode. John is a mobile home park owner, broker, fee manager as well as turnaround expert for parks for other owners. John’s favorite quote is, “When in trouble, make more money”. Listen in to discover John’s experiences and insights on running a successful mobile home park business.
Key Takeaways:
[1:40] How did John get into the business of mobile home parks?
[4:16] How to go about sourcing the best mobile home park deals―John shares his experiences.
[8:15] True Blood, gunshots, a lost baby, and other creepy stuff―John has seen a fair share of horror stories when turning around some parks.
[12:03] What are some of the most difficult problems to deal with? A park with a drug problem? High vacancy? Tenants that culturally don’t think they have to pay rent?
[12:57] Cleaning out a meth house is a seriously tough business.
[14:11] How do you know if there’s a meth house in a park?
[15:46] How to effectively deal with a meth problem to ensure a safer park for tenants.
[17:25] Not all parks have a meth problem and John has seen a dramatic drop in the last couple of years.
[17:55] How to avoid making some common due diligence mistakes made by mobile home park buyers.
[22:26] Why Managing mobile home parks is John’s favorite part of his business.
[26:25] How did John find the asset managers and book keepers working at his headquarters?
[27:28] How to find houses when you’ve got vacant lots to infill―Do you buy new or used homes for your park?
[30:16] Has John seen any material change in valuations of parks over the last couple of years?
[32:17] What is John’s compensation for taking over a turnaround park vs. a more stabilized park?
[33:24] John tells us more about his 38 foot mobile home and how he got it tricked out!
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Investment Opportunities
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
John’s website: Johnhurd.com
Email John: john@johnhurd.com
Call or Text John: 361-522-5564
Welcome to episode 29 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly, as Brad Johnson is off this week. This week, Jefferson dives into three hypothetical scenarios and offers practical math on whether you should build your mobile park home from scratch or purchase a pre-existing mobile home park. And he covers using Berkshire Hathaway's 21st Mortgage CASH program (or equivalent) to infill your mobile home park with mobile homes. Find out more by listening to Jefferson's detailed analysis.
Key Takeaways:
[1:10] Today's topic is about why you should never build a mobile home park from scratch!
[3:05] Do you want to buy an up and running property or build it? Jefferson goes through three different scenarios.
[4:35] Let's talk numbers with these three hypothetical scenarios.
[13:00] What would your first year of business look like if you built from scratch?
[21:10] What happens if you pay for your mobile homes using Berkshire Hathaway?
[27:00] If you bought an already established mobile home business, what would the cost come out to be?
[32:50] Being generous with the numbers, if you try to sell your mobile home property after 5 years, your IRR will be -9% every year.
[36:15] If you bought an already established mobile home business, you would have made 23% per year.
[38:40] What's the liability if you were to use Berkshire Hathaway?
[45:45] When would it make sense to buy a mobile home from scratch?
[47:15] There's a big difference in being in the affordable housing business vs. being in the construction business.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors
Mobile Home Park Investors Group on LinkedIn
Email your deals to: deals@parkstreetpartners.net
Welcome to episode 28 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly, as Brad Johnson is off this week. This episode is quick but informative. We get a lot of questions, at Park Street Partners, about whether Section 8 is something that people should accept. In a nutshell, the answer is that it varies, based on where your mobile home park is. Listen in to find out if it makes sense for you to accept Section 8.
Key Takeaways:
[1:13] Jefferson has been accepting Section 8 vouchers for ~ 7 years, in Oklahoma, and it’s worked out quite well. Find out why!
[2:23] Jefferson has heard that section 8 tenants are really rough in the Southeast.
[2:50] Great tips on whether it makes sense for you to accept section 8, but don’t rule it out.
[4:28] Quick little tidbit on the H.R. 3700 legislation. Find out what the significance of this legislation is in relation to Section 8.
[6:34] Jefferson speaks on his experiences for those who may actually start accepting Section 8.
[9:55] Some reasons why you would want to accept Section 8.
[11:51] Couple of caveats to be aware of with respect to Section 8.
[16:16] How to best connect with the Park Street Partners if you’re interested in co-investing in a mobile home park.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors
Mobile Home Park Investors Group on LinkedIn
Email your deals to: deals@parkstreetpartners.net
Welcome to episode 27 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. Dyches Boddiford, real estate investor and educator, shares his wealth of knowledge with Jefferson and Brad in a two part interview. If you missed the first part of the interview, check out episode 26, where Dyches talks about his background, having nearly 4 decades of experience investing in real estate, and how he uses land trusts and personal property trusts to protect his assets. Today, in the second part of the interview, you’ll hear more about how Dyches uses tax-advantaged accounts such as self-directed IRAs, health savings accounts and educational savings accounts to own real estate, and more.
Key Takeaways:
[2:02] The best ways to buy real estate using more tax-advantaged accounts such as IRAs, solo 401(K), Coverdell ESA, and HSA.
[2:55] You’ve got to understand the prohibited transaction and disqualified party rules before starting to do self-directed investments.
[7:59] Dyches talks on rules pertaining to the Coverdell savings account.
[10:23] Discover more tax saving advice from Dyches.
[13:14] Dyches shares some major lessons learned from his nearly 4 decades of experience in real estate investment.
[15:37] Contact information for Dyches Boddiford.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors
Mobile Home Park Investors Group on LinkedIn
Email your deals to: deals@parkstreetpartners.net
Dyches Boddiford
Welcome to episode 26 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. Real estate investor and educator, Dyches Boddiford, shares his wealth of knowledge with Jefferson and Brad in a two part interview. Listen to part one to hear about buying real estate (including mobile home parks), how to protect that real estate by using land trusts and personal property trusts, how to form entities properly, how to protect your assets, and more. Make sure to listen to the second part of the interview next week, to discover ways to own real estate that are more tax-advantaged such as using a self-directed IRA or an educational savings account, and more.
Key Takeaways:
[2:09] Interview with Dyches Boddiford, real estate investor and educator.
[4:21] Find out why Dyches saw mobile home parks as an investment opportunity back in the 80’s.
[5:22] Land trusts, liability protection, and 3 types of statutory entities: LLCs that hold the land, LLCs that hold the homes, and the S Corporation that holds the management of the property.
[7:36] Benefits of structuring your entities properly. Meaning, not co-mingling funds, not co-mingling assets, and treating each entity as totally separate from each other.
[9:20] Insurance is always your first line of defense.
[10:09] Dyches’ recommendations on insurance for mobile homes and mobile home parks.
[15:04] Another reason to have LLC as the beneficiary of the land trust.
[18:05] Find out why Dyches says “You won’t get a bank to agree to finance property that’s had a land trust.”
[21:43] Discover how land trusts provide anonymity and estate planning benefits.
[25:15] Hear more about successor or alternate trustees that have the ability to step in for the trustee if something happens to them.
[26:59] How to find a trustee that you can trust.
[28:55] Tune in next week for part 2 of the interview to hear about self-directed IRAs, health savings and educational accounts, other ways to own real estate, and more.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors
Mobile Home Park Investors Group on LinkedIn
Email your deals to: deals@parkstreetpartners.com
Dyches Boddiford
Welcome to episode 25 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. In today’s episode, Jefferson and Brad talk about a necessary but not always pleasant topic: how to hire and work with contractors. Whether you have a clean park and just own the land or you own any mobile homes, you’re bound to deal with contractors sooner or later. Listen in to find out how to navigate conflicts that may arise, mitigate losses, get contractors to perform, manage their expectations, and to deliver on time/on budget.
Key Takeaways:
[2:32] Discover tips and resources on finding the contractor for your newly purchased Mobile Home Park.
[6:39] What are the next steps after finding/hiring a contractor?
[8:20] Do pay the contractor upfront for all the material. Do pay them after the job is done for the labor. Do NOT pay them for the tools they should already have for the job.
[10:50] How exactly do you pay for the materials when you’re living thousands of miles away from your mobile home park?
[13:07] Find out why it’s beneficial to get a general contractor to get the bids from subcontractors.
[16:15] Problems that pop up with independent contractors and how to manage their expectations upfront.
[22:17] You can get workers comp on an independent contractor.
[23:20] Jefferson shares a story about one of the best contractors he’s ever had. Listen in to find out what things to look for in a good contractor.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors
Mobile Home Park Investors Group on LinkedIn
Email your deals to: deals@parkstreetpartners.net
Craigslist
Home Depot
Welcome to episode 24 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. This is the sequel of the interview that began on episode 23 with MJ Vukovich of Bellwether Enterprise. Tune in for the remainder of Jefferson and Brad’s discussion with MJ on various options for financing a mobile home park.
Key Takeaways:
[1:18] Find out what makes conduit loans so interesting.
[2:40] What insurance companies look for in a borrower.
[5:07] The kind of insurance companies MJ is referring to include, All State, Nationwide, MetLife, John & Cook’s, Lincoln Financial Group, American Equities, etc.
[6:31] Do mobile home park mortgages ever get placed directly with some of the CalPERS or big pensions?
[7:49] What CMBS lenders look for and what might disqualify a loan, either on the property side or the borrower side?
[10:07] CMBS lenders, park-owned homes and the metro area population.
[14:54] Non-recourse loans, bad-boy carve-outs and what CMBS lenders look for in a borrower.
[17:18] CMBS and mixed-use properties.
[22:03] Chattel financing or chattel loans for mobile homes.
[27:58] MJ gives a shout out to his dad, uncle and the great people at Acentia who taught him everything he knows about mobile home parks.
[30:09] MJ signs off by sharing one last story.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors
Mobile Home Park Investors Group on LinkedIn
Email your deals to: deals@parkstreetpartners.net
Acentia
CMBS
Fannie Mae & Freddie Mac
All State
Nationwide Insurance
MetLife
John Cook and Associates
Lincoln Financial Group
American Equities
Clayton Bank
PEP Lending
Welcome to episode 23 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. This is part 1 of a 2 part series, where Jefferson and Brad are joined by MJ Vukovich of Bellwether Enterprise, which is a nationwide brokerage firm. MJ is out of their Minneapolis office and specializes in financing mobile home parks. Tune in as MJ shares insider tips on how to finance mobile home parks, getting into conduit financing, CMBS, and bank financing.
Key Takeaways:
[0:51] Quick shout out to the show’s listeners for helping us reach about 3,500 downloads a month!
[2:41] MJ is a 3rd generation in the mobile home park business. He shares the story of how his family got into the business.
[8:50] The former Colorado Real Estate Investment Company currently has 7,000+ sites across 7 states: Colorado, Wyoming, Nebraska, Nevada, New Mexico, Texas, and North Carolina.
[10:09] Why did MJ decide to leave the family business and move on to the mortgage brokerage side of things? MJ shares the story which involves his wife.
[20:37] What are the financing options for mobile home park owners? MJ explains.
[24:34] Freddie & Fannie’s rates are very attractive but they tend to be a little less risky in their under-riding, they want higher occupancy, higher quality properties, etc.
[27:24] There are some terms that you get on a Fannie & Freddie that are unique to them and that you don’t get with CMBS. Listen in for details here.
[31:18] There’s a tough balancing act you have to do as you’re buying property. MJ provides suggestions.
[33:12] MJ compares the level of paperwork and legal opinions required by Fannie & Freddie vs. CMBS lenders.
[35:09] Where would CMBS be pricing their loans right now?
[35:48] A new regulation called Regulation AB has come to effect this year. MJ elaborates.
[39:54] MJ has one more piece of advice on MBS products from an under-riding/insider perspective.
[41:54] Tune in next week for episode 24 to continue getting mobile home park financing insights from MJ Vukovich.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors
Mobile Home Park Investors Group on LinkedIn
Send your deals to: deals@parkstreetpartners.com
www.ascentia.us
CMBS
Fannie Mae & Freddie Mac
City Group
J.P. Morgan
Bank of America
Starwood Mortgage Capital
Welcome to episode 22 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. Today, Jefferson and Brad share a host of funny and true stories about things they’ve heard brokers say. Obviously, these are things that are generally not true or somewhat misleading, so you should be aware of them. Tune in for a light and fun episode that will also help you get prepared for the sort of things you may hear from real estate brokers sitting across the table from you.
Key Takeaways:
[1:32] Caveat - the Park Street Partners love the brokers that they deal with, but they have also been told things like, “sewage lagoons are wonderful”, by brokers.
[3:51] Don’t let any broker tell you that anything other than City Water and City Sewer is somehow better.
[5:35] When you find red flags during diligence and a broker says, “Don’t worry about that, you’ll run the property much, much better than he will”.
[7:14] “If you don’t hurry up and buy this park…I’ve got another buyer who’s gonna snap it away from you” - said by a broker.
[9:20] One broker sent Brad an off-market deal with few details about the area it was located in - turns out it was located in a 250 person town with no county and in the middle of nowhere.
[10:31] When you ask if a deal meets all your criteria and a broker says, “Well, I think it’s gonna be right at the edge of your criteria”.
[11:40] A broker once pitched 10 million bucks for a 10-pad mobile home park located in the Canadian oil sands.
[13:27] Brokers have said, “There has never been a plumbing expense, that’s why that line item doesn’t appear”, but that’s almost never the case.
[14:27] Brad shares a few more of the funny broker stories he has heard.
[15:30] “This is a 10, 12 cap on paper - easy.”
[17:34] Any broker that’s listening to this podcast - “we are not talking about you”.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors
Mobile Home Park Investors Group on LinkedIn
Send your deals to: deals@parkstreetpartners.com
Welcome to episode 21 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. Today, Jefferson and Brad talk about the Manufactured Housing Institute (MHI), which is the mobile home park industry’s chief nationwide lobbying group. They work to fend off government regulation that's “suppose to help” the industry and try to get some helpful regulations in place. MHI holds the two big annual meetings in the mobile home park industry. Tune in to hear the highlights of the MHI meeting in Las Vegas and learn more insider tips on doing business in the mobile home park industry.
Key akeaways:
[0:56] Quick shout out to MHPI podcast listeners - Thank you for listening to the show!
[3:07] What’s so great about attending MHI trade shows?
[5:25] Are you a newbee & considering going to MHI? Jefferson has some great tips to share.
[7:25] What’s so valuable about spending a great amount of time with brokers and other industry professionals?
[9:44] Aim to get invited to the dinner & cocktail parties. That’s where you get to know the folks that can be showing you deal flow or arranging financing, and get to meet other owners.
[11:26] Also try to meet some of the mortgage brokers.
[12:20] Listen to episode 20 to hear the interview with ndustry legend Jim Clayton, which was recorded at the MHI meeting in Las Vegas.
[13:00] What did Jefferson & Brad do after recording last week’s podcast at the MHI
conference?
[13:29] You’ll find insurance brokers and mobile insurance companies at MHI.
[15:27] On future podcasts, we’ll do some deeper dives into real estate brokerage, insurance, and water meters.
[15:39] You will also find water meter companies at MHI.
[18:00] Brad speaks to the industry lobbying part of MHI.
[20:28] There was a funny discussion about what to call this business. Thoughts on Land Lease Lifestyle Community?
[22:10] Check out an MHI meeting at least once if you plan on getting into the mobile home park business.
[23:23] NCC which is mainly about owners, is a subgroup of MHI. Jefferson & Brad will be attending the upcoming NCC meeting in November in Chicago.
Mentioned in his Episode:
Park Street Partners
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
deals@parkstreetpartners.com
Mobile Home Park Investors
Mobile Home Park Investors Group on LinkedIn
Send your deals to: deals@parkstreetpartners.net
Manufactured Housing Institute (MHI)
Security Mortgage Group
Wells Fargo
Greenfelder Insurance
Mobile Insurance by Kurt Kelley
Welcome to episode 20 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. Today we have a very special podcast, because not only we have the first interview on the show but also because it’s with industry legend Jim Clayton. The interview was recorded live at the Annual Manufactured Housing Institute Show in Las Vegas last week. Stay tuned to hear what Jim had to say about the future of mobile home park investing, estate planning, ESOP, the competitive advantage offered by Clayton Bank and Trust, the future of manufactured housing, and even Jim's thoughts on Donald Trump vs. Hillary Clinton!
Key Takeaways:
[1:06] Jim started Clayton Homes which became America’s largest mobile home park manufacturer. He took that company public & ended up selling it to Berkshire Hathaway through Warren Buffett, for about 1.7 billion dollars.
[1:57] The Park Street Partners have borrowed money from Jim’s bank & have been very happy with their relationship with Clayton Bank and Trust.
[2:26] We encourage you to reach out to Clayton Bank and to Kevin Clayton who is the President.
[2:41] Jim wrote an autobiography titled First A Dream, which turned out to be the catalyst for his deal with Warren Buffett.
[3:58] How did Jim get into the mobile home park investing business?
[5:12] How much of a plan did Jim have when he first started dealing in mobile homes? Was he surprised by his success?
[5:41] How did Jim transition from dealing in other people’s used homes to getting into manufacturing?
[7:16] Jim Started Pre-HUD manufacturing, so he could basically design a house any way he wanted.
[9:46] How did financing a mobile home work back in the 1960’s?
[10:52] Clayton Bank and Trust, compared to other banks, will lend on both the land itself and the chattel park-owned homes offered.
[12:27] What’s Jim’s take on the future of manufactured housing as it relates to the debate on nicer communities with stick-built housing vs. nice, clean, safe & affordable housing for families?
[14:19] When and how did Jim first meet Warren Buffett? What was he like to deal with when Jim was considering selling Clayton Housing to Buffett?
[17:51] What sort of due diligence did Warren Buffett do?
[18:54] Jim’s advice to folks that might consider investing in the mobile home park business now – Jim is extremely optimistic!
[20:25] Do you think that the GSEs will eventually start buying and guaranteeing these loans for financing? Depends on Donald Trump vs. Hillary Clinton!
[21:15] When Jim sold his business to Warren Buffett, he could've easily retired – So what possessed him to keep working?
[24:18] What advice does Jim have for Jefferson and Brad and their passion for mobile home park investing?
[25:29] More about the industry legend, Jim Clayton and key takeaways from the interview.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
deals@parkstreetpartners.com
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors
Mobile Home Park Investors Group on LinkedIn
Send your deals to: deals@parkstreetpartners.net
Clayton Bank and Trust
First a Dream by Jim Clayton
Pre-HUD Manufacturing
Warren Buffett
Berkshire Hathaway
Manufactured Housing Institute
Welcome to episode 19 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with Park Street Partners. Today, Jefferson and Brad discuss a case study on a mobile home park that’s near and dear to their hearts. It’s called the Cherrywoods Mobile Home Park and it’s the first deal they bought in their partnership.
Key Takeaways:
[1:48] The Mobile Home Park Investors podcast has over 3000 downloads per month!
[2:40] Check out Cherrywoods.net to see how the Park Street Partners set up their websites.
[2:57] Jefferson and Brad talk about how they found the Cherrywoods Mobile Home Park and all the things they love about this property.
[5:34] The Cherrywoods Park was developed in 1996, which is a rare find.
[6:56] The seller was open to seller financing, which is something the Park Street Partners love.
[11:59] Current rents on properties in the same town, according to rentometer.com.
[14:21] The type of property manager to look for and that you want to have for your park.
[17:29] Jefferson and Brad have easily doubled their money on the property, in a little under two years.
[18:57] Jefferson touches on determining capital rates from looking at the property’s PNL.
[20:42] It wasn’t obvious they were going to fill up the Cherrywoods Park as well and as quickly as they have. What were some signs of softness in that market?
[25:32] Selling the Cherrywoods property today would produce a nice return but that doesn’t beat getting 25% cash-on-cash returns for the foreseeable future.
[27:30] Check out episode 18 to hear all about how the returns can be nearly tax-free.
[30:21] What’s the debt service coverage ratio on the Cherrywoods park?
[32:56] Interested in partnering up? Check out episode 14 to learn the specifics of the Park Street Partners’ partnership strategy.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
deals@parkstreetpartners.com
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors
Mobile Home Park Investors Group on LinkedIn
Send your deals to: deals@parkstreetpartners.com
EP018: Accelerate Your Depreciation to Save on Your Mobile Home Park Property Taxes
EP014: How to Partner and Invest with the Park Street Partners
cherrywoods.net
rentometer.com
Welcome to episode 18 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, Jefferson and Brad follow up on episode 17, which was all about taxes and only briefly touched on depreciation. Today’s episode will focus exclusively on depreciation and will get into details on why mobile home parks are such a great tax strategy to legally shelter income through accelerated depreciation.
Key Takeaways:
[1:35] It doesn’t really matter how much you make, it matters how much you keep.
[2:41] “Mobile home parks are just land.” “There are no assets to depreciate.” “Land is not depreciable; therefore mobile home parks have no depreciation.” - WRONG!
[3:42] Jefferson gives a rundown of what this asset class actually is.
[4:09] On average, you can probably depreciate about 75-80% of the mobile home park’s purchase price.
[4:31] Not only do parks kick off a lot of cash flow relative to other asset classes in real estate, but the vast majority of that income is tax-free.
[5:58] What does it mean to have 75% of the purchase price of a mobile home park depreciated?
[8:12] How to go about analyzing how much depreciation you will have on your mobile home park.
[12:01] Once you’ve established what your non-depreciable land value is, then you know everything else is going to be allocated to an asset or to goodwill.
[14:08] Resources available to value your property include firms specializing in cost segregation and some appraisers.
[16:23] How to think through segregating out improvements and whatever leftover goodwill...In the end, don’t forget to take your depreciation.
[18:32] While it’s nice to make a high return, what matters the most is the after-tax returns.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
deals@parkstreetpartners.com
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors
Mobile Home Park Investors Group on LinkedIn
Send your deals to: deals@parkstreetpartners.net
Welcome to episode 17 of the Mobile Home Park Investors podcast hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, Jefferson and Brad discuss taxes and share helpful tips to help you save on your mobile home park property taxes. Listen in for advice on tax depreciation, how not to pay double taxes on your ‘wheel estate property,’ preparing your CPA for the April 15th deadline, miscellaneous business expenses, and more.
Key Takeaways:
[1:39] Today’s episode will cover depreciation briefly. Check out episode 18 for a more in depth discussion on tax depreciation.
[2:18] You can save on your taxes by segmenting out the component costs of any mobile homes that come with your park.
[4:36] Jefferson shares another tax saving idea.
[8:45] Brad shares tips, especially for 1st time mobile home park owners, on getting your CPA prepared for the April 15th deadline.
[10:36] Jefferson and Brad always advise purchasing your property in some sort of an entity such as a LLC.
[13:29] What is a promissory note income?
[15:13] What is rent credit income?
[16:18] Miscellaneous and other types of business expenses for tax deductions.
[18:14] What other types of expenses are really good for the ‘wheel estate property’ business?
[19:57] Talk to your CPA to make sure you understand how your tax basis is being adjusted every year.
[21:37] A 1031 exchange is always a good idea. Upcoming podcasts will feature a 1031 exchange expert who will step us through the 1031 process.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
deals@parkstreetpartners.com
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors
Mobile Home Park Investors Group on LinkedIn
Send your deals to: deals@parkstreetpartners.com
Welcome to episode 16 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, Jefferson and Brad talk about how to market a mobile home park. This is obviously an important thing to do and they have specific advice and resources to share on today’s episode.
Key Takeaways:
[1:39] Why is it important to market your mobile home park?
[3:18] “The 800-pound gorilla for advertising in our space is Craigslist.” Brad outlines the pros & cons of advertising on Craigslist.
[6:24] Where do the Park Street Partners get their leads from?
[6:53] What Jefferson used to do but doesn’t anymore!
[8:11] How can you use Facebook & your creativity to advertise properties?
[13:42] What are the advantages of having a website & using Squarespace to create, manage and host your website?
[15:30] How does having a website enables you to use other online services to help you promote your property?
[17:02] What other resources can you use to have a digital presence and promote your property?
[18:49] What are the advantages of using all these resources and doing all this marketing?
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
deals@parkstreetpartners.com
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors
Mobile Home Park Investors Group on LinkedIn
Email your deals to: deals@parkstreetpartners.net
Craigslist
Facebook’s Ads Manager
Cherry Woods Mobile Home Park
Postlets by Zillow
SquareSpace
Google Places
MHVillage
YP.com
Yellowpages.com
Switchboard
Zillow
Welcome to episode 15 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, Jefferson and Brad discuss some of their deals that have fallen out of bed for various reasons. These include deals they passed on after having done varying levels of diligence, all the way to the point of having them under a contract. Listen in to learn how not to let your emotions lead you to closing a bad deal.
Key Takeaways:
[1:12] What not to do when closing a deal? Don’t let your emotions guide you no matter what.
[2:44] Tale from the road to closing the Blue Grass State deal.
[5:21] As Warren Buffet advises…invest in a business that any idiot can run because sooner or later, one will!
[6:07] What are some red flags to look out for when you’re in the process of closing a deal?
[9:37] Tale from the road to closing the Texas deal.
[13:19] Why was the Park Street Partners’ 1st deal (a single-wide Michigan) a bummer and why did they call 113 banks?
[18:06] Another tale from the road to closing a double-wide Michigan deal.
[20:59] The Indiana deal seemed like a great opportunity, but the seller back paddled out of the deal.
[25:31] What kind of due diligence issues have lead the Park Street Partners to cancel a deal?
[26:42] What are the key lessons learned from some deals which have fallen out of bed for various reasons?
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
deals@parkstreetpartners.com
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors
Mobile Home Park Investors Group on LinkedIn
Send your deals to: deals@parkstreetpartners.net
Welcome to episode 14 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, Jefferson and Brad will discuss details on how you can partner with them or 'bird dog' for them. Over the last year, many people have reached out to PSP and shown interest in jointly investing and partnering with them. They will talk about some of the partnerships they have done in the past and guide you on what they look for in parks. Their goal is to help you be more efficient in your search, also to be more efficient for them when they get deal flow that is really focused on what they consider to be the best kind of parks to acquire.
Key Takeaways:
[1:53] What kind of deals add value for the Park Street Partners?
[4:41] Brad details some of their acquisition criteria.
[8:03] Jefferson lets us in on a little secret!
[9:56] Brad talks about some red flags on a property.
[11:34] Details on specific situations that they have partnered with folks, in the past.
[12:21] Their 1031 exchange deals, main ways you can partner with them, and how they have partnered with people in the past.
[14:20] Jefferson & Brad are flexible to work with people! They are happy to explore partnerships, and to educate/coach you on a deal.
Mentions:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
deals@parkstreetpartners.com
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors
Mobile Home Park Investors Group on LinkedIn
You can send us deals to deals@parkstreetpartners.com
Sperling’s Best Places
City Data
LoopNet
Welcome to episode 13 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, Jefferson and Brad will discuss Capital Expenditures (CAPEX), which are generally larger ticket items that you will be paying for with your mobile home park property, at some point or another. Of course, if you do your due diligence up front, you might not need some of these, at least not in the near-term. So today, Jefferson and Brad will talk about some of the large ticket items they have had to spend relatively larger dollars for, such as roads and utility lines.
Key Takeaways:
[1:26] These large ticket CAPEX items may sound scary, but here is the bright side!
[3:19] Capital expenditures for repair & maintenance on buildings vs. land.
[4:57] The biggest large ticket/one-time, non-recurring expenses for mobile home parks are water & sewer pipes.
[8:47] New technologies can reduce repair & maintenance costs and help keep your capital expenses lower.
[9:52] Roads are probably the 2nd biggest capital expense that you can have.
[15:37] Note: we have covered CAPEXs on roads & utility lines, assuming your park is on the public water & sewer system.
[16:40] Another potentially large capital expenditure item: Water meters.
[19:39] American Lead Detection (ALD) is technically not a capital expense but it can lead to some capital expense work.
[23:28] Improvements you can make to the signage of the park that are not expensive from a capital stand point.
[24:46] Info. on tax treatments for all of these capital expenditures.
[25:27] Rough rule of thumb on how much you should budget for CAPEXs.
Mentions:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
deals@parkstreetpartners.com
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors
Mobile Home Park Investors Group on LinkedIn
You can send us deals to deals@parkstreetpartners.com
American Leak Detection
Welcome to episode 12 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This is part 3 of a 3 part series where Jefferson and Brad discuss what you should do over the first 30 days that you own your park. On this last episode of the 3 part series, Jefferson and Brad will discuss managing the books, the new rules and regulations, why Pitbulls are a ‘vicious’ breed, and more!
Key Takeaways:
[1:20] After covering PNLs on episode 11, the discussion moves onto the books.
[2:40] Jefferson managed his books for his park for about the 1st 4 months.
[3:31] You can use software to make the process simple!
[4:50] Distributing the new rules & regulations to your tenants.
[5:20] The No Vicious Breed Dogs Policy in the rules & regulations is very important.
[7:37] Why Pitbulls are now a high risk breed? See article by Malcom Gladwell!
[8:26] What if a tenant rejects the rules & regulations? Or what if they don’t sign the rules & regulations & return it?
[10:03] Join your local state’s Manufactured Housing Association for free resources on rules & regulations.
[11:11] Make sure all utilities are put into the new entity name.
Mentions:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
deals@parkstreetpartners.com
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors
Mobile Home Park Investors Group on LinkedIn
Quick Books
AppFolio – Commercial Property Management Software
Why Pitbulls are a high risk breed? by Malcom Gladwell
Welcome to episode 11 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with Park Street Partners. This is part 2 of 3 episodes where Jefferson and Brad discuss what you should do over the first 30 days that you own your park. Following up on last week’s cliff hanger, today’s episode will cover advice on setting up your park’s website, marketing and advertising, and installing or managing your park’s water meters.
Key Takeaways:
[1:28] You can easily set up your property’s website using Square Space or Wix.
[3:44] Square Space has some cool analytics that show traffic volume.
[4:20] What are the key things to put up on your website?
[6:58] You can advertise across various sources such as Zillow, Craigslist, and Trulia.
[8:48] Include your URL in the medium you advertise in.
[11:32] Make sure to get new signage for your park.
[13:56] Jefferson discusses details and importance of installing a water meter in your park.
[19:13] Don’t try to make a profit on the water.
[22:05] How to manage if your park already has water meters, meaning it’s sub-metered.
[25:19] Listen to next week’s podcast for part 3 on the first 30 days of owning your park.
Mentions:
http://www.parkstreetpartners.com/
http://www.parkstreetpartners.net/real-estate-syndication/
http://www.parkstreetpartners.net/resources/
http://www.mobilehomeparkinvestors.net/
https://www.linkedin.com/groups/131404/profile
http://www.squarespace.com/
http://www.wix.com/
http://www.zillow.com/
https://www.craigslist.org/about/sites
http://www.trulia.com/
Welcome to episode 10 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This is part 1 of 3 episodes where Jefferson and Brad will discuss what you should do over the first 30 days that you own your park. That is a very key transition period, which will set the tone for your management style with the manger as well as with the tenants. Hence, it’s a highly critical 30 days to get right. If you invest the time, effort, and a little bit of money in getting your first 30 days done correct, then you should have fairly smooth sailing going forward. Today’s episode will cover advice on the park manager, collecting rent, and the telephone!
Key Takeaways:
[1:39] One of the critical issues to address is, what to do with the park manager.
[4:00] Advice on finding a new manager for your mobile home park – Putting up flyers.
[5:55] What to do if you love the manager but they’re not tech-savvy!
[7:48] What if you’re remote & can’t put up flyers on the front doors of mobile homes?
[9:28] Other ways to find mangers – Placing ads in Craigslist or workingcouples.com.
[11:12] Don’t feel panicked if you haven’t found the perfect manager and are about to close.
[11:54] Collecting rent by using rent boxes.
[12:54] Jefferson & Brad are a big fan of onsite rent boxes.
[13:35] The advantages to having a rent box.
[15:11] You want to get the rent in as quickly as possible.
[17:01] Jefferson & Brad recommend having a centralized rent box installed onsite.
[17:25] The telephone is a critical component of the first 30 days.
[17:46] Jefferson explains setting up & working with Grasshopper.
[22:10] Stay tuned for more on what to do in your first 30 days, coming up in episodes 11 & 12.
Mentions:
http://www.parkstreetpartners.com/
http://www.parkstreetpartners.net/real-estate-syndication/
http://www.parkstreetpartners.net/resources/
http://www.mobilehomeparkinvestors.net/
https://www.linkedin.com/groups/131404/profile
http://www.workingcouples.com/
https://www.craigslist.org/about/sites
http://www.lowes.com/
http://grasshopper.com/
Welcome to episode 9 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, Jefferson and Brad are going to talk about closing a deal on a mobile home park. They will detail what sorts of documents and procedure are required in order to have your money go to the seller and have title come from the seller to you. At a high level, that’s what closing is all about, money goes one way and title goes the other.
Key Takeaways:
[2:14] The 1st step to take once you have an agreement to purchase property.
[3:21] If you don’t get title, what are you really buying?
[4:46] The next step to take after signing paper work.
[6:29] How can you establish yourself as a legitimate buyer?
[6:47] More importantly, you don’t wanna give the seller an excuse to cancel the deal.
[8:06] Part of opening escrow involves the title company opening their preliminary title process.
[8:30] What are you actually buying with title insurance?
[11:23] Jefferson discusses the actual process of signing documents.
[15:07] What is the settlement statement? Brad explains.
[18:44] The last step taken by the title company to close a deal.
[19:02] How does Jefferson like to celebrate when he closes a deal?
Mentions:
http://www.parkstreetpartners.com/
http://www.parkstreetpartners.net/real-estate-syndication/
http://www.parkstreetpartners.net/resources/
http://www.mobilehomeparkinvestors.net/
https://www.linkedin.com/groups/131404/profile
First American
Chicago Title
Welcome to episode 8 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, Jefferson and Brad will discuss seller carry, also known as seller financing. This is when a seller of a mobile home park carries back the mortgage, which allows the owner of the mobile home park to not have to deal with a bank to get a mortgage and to close a deal more quickly.
If you like this podcast, please subscribe to it on iTunes or Stitcher and rate us highly.
Key Takeaways:
[1:29] It’s best to negotiate directly with the seller, even if buying property through a broker.
[2:30] What are the benefits for a seller to carry back the mortgage?
[7:53] Brad explains the depreciation recapture component of seller financing.
[10:07] The downside for a seller to carry back the mortgage is de minimis.
[12:37] The best part about seller financing.
[13:19] A key benefit for a seller who offers seller carry.
[13:42] What to do once you agree to seller financing.
[16:17] Much easier to get a deal done when a seller agrees to let you pay them back over time.
[16:32] Another benefit for the seller to carry back paper.
[17:52] It’s important to treat your sellers well; and they can serve as a reference for you.
[19:25] Negotiating the debt documents, cure rights, and the promissory note.
Mentions:
http://www.parkstreetpartners.com/
http://www.parkstreetpartners.net/real-estate-syndication/
http://www.parkstreetpartners.net/resources/
http://www.mobilehomeparkinvestors.net/
https://www.linkedin.com/groups/131404/profile
Welcome to episode 7 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, Jefferson and Brad will discuss third party reports. If you have a mobile home park under contract and are looking for any type of debt, this is the time for getting down to brass tacks. Even if you’re paying all cash for a park, 2 of the 3 third party reports are very important no matter what, and the 3rd one is important specifically to a bank.
Key Takeaways:
[1:23] 1st third party report: the Phase 1.
[3:02] How you could be liable for ‘LUST’? – Leaking. Underground. Storage. Tanks.
[4:50] If there is LUST, you’ll need to do a Phase 2 report.
[5:47] More on phase 1 – costs and desktop reviews.
[7:05] 2nd third party report: the Survey.
[8:29] Boundary survey vs. full ALTA survey.
[9:49] Key things to look for on the survey.
[12:00] 3rd third party report: the Appraisal.
[15:26] Problems with appraisers who are not specialized in park appraisals.
Mentions:
www.parkstreetpartners.com
Join the LinkedIn Group: Mobile Home Park Investors
Please rate the podcast on iTunes or Stitcher
Please subscribe to the podcast on iTunes
Welcome to episode 6 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, Jefferson and Brad will share their insights on finding a loan in order to invest in a mobile home park. You actually need to pay for your mobile home park in order to buy it!
Key Takeaways:
[1:12] Debt eligibility varies with the size of the park.
[5:03] Information required by banks & how to show you are a credit-worthy borrower.
[7:21] What can you expect on your first loan?
[8:50] Dealing with state-wide banks.
[11:08] The first question to ask a lender.
[13:54] Jefferson shares an amusing story on his experience with lenders!
[18:13] Lesson learned: persistence pays!
[18:38] What are banks looking for?
Mentions:
www.parkstreetpartners.com
Join the LinkedIn Group: Mobile Home Park Investors
Yellow Pages
Google Maps
Please rate the podcast on iTunes or Stitcher
Please subscribe to the podcast on iTunes
This is part 2 of the discussion on initial off-site diligence you can do prior to buying a mobile home park. Jefferson Lilly and Brad Johnson, with the Park Street Partners, continue their discussion from episode 4 (part 1), which covered due diligence you can do via desktop research and things to look for in financials. On this episode, they will advise on what to look for in the infrastructure of a park and how to handle a first call with the seller.
Key Takeaways:
[1:35] What is the most important aspect of a park's infrastructure?
[2:15] Determining if a park is on the public utilities system: city water & city sewer.
[4:46] A park that is on the septic system presents a high-risk investment.
[7:40] Park infrastructure: Master-metered gas and electric lines.
[9:36] What options do you have if you get a gas leak and have to shut down service?
[12:00] You can have someone check out the electric load of a park on-site.
[12:35] Understanding what is going on with the water infrastructure.
[13:40] Fixing a water leak on a mobile home park property.
[18:09] Park infrastructure: Roads.
[20:53] Park infrastructure: AMP boxes.
[23:21] Park infrastructure: Sewer pipe system.
[28:38] First call with a seller: Information to gather and types of open-ended questions to ask.
[33:55] A key open-ended question to ask the seller: Why would you sell your park?
[35:02] Another open-ended question to ask: How do you manage your property?
[37:00] Other things to discuss with the seller.
[39:59] Coming up on following podcasts.
Mentions:
www.parkstreetpartners.com
LinkedIn Group: Mobile Home Park Investors
www.mobilehomeparkinvestors.net
Please rate the podcast on iTunes or Stitcher
Please subscribe to the podcast on iTunes
On part 1 of this two episode podcast, Jefferson Lilly and his partner Brad Johnson, with the Park Street Partners, will provide resources and advice on doing off-site diligence before deciding to buy a mobile home park. This is the part when you first get a deal and are beginning to decide if you want to pursue it, which can be a scary moment. Jefferson and Brad will outline how you can do a fair amount of diligence by doing desktop research and making phone calls. Part 2 (episode #5) will cover on-site diligence, which is done after you’ve got your property under contract.
Key Takeaways:
[02:13] Due diligence on a mobile home park in 30 seconds or less – The first 15 seconds
[04:37] The next 15 seconds of your diligence
[06:27] The 30 seconds of diligence – Summarized
[07:15] Researching if demographics support a successful park investment
[08:09] Demographics data – What to look for?
[09:48] Refer to multiple websites and verify the accuracy of the data
[11:08] Markets that meet demand for mobile home parks – Data on household income & housing vacancy
[12:08] Data to look for on rentometer.com?
[14:08] Contact local mobile home dealers. What types of open-ended questions to ask?
[16:33] Call the chamber of commerce and ask open-ended questions
[20:03] Is the park properly licenced? Certificates of occupancy and other Gov. Regulations
[20:58] Local zoning office – Legal vs. illegal uses of a park
[23:11] How to use Google Earth and Google Maps Images to do more diligence
[27:45] Financials – This is where mobile home parks get sexy!
[28:05] Pay attention to expense loads that greatly diverge from 30% to 40%
[32:38] Supplement these guidelines by verifying property owners’ bank statements
[37:31] Another key thing to verify when going through bank statements
[39:45] Request tax statements from your seller
[40:10] Another key diligence point for financials – The rent role
[41:04] Why a Lonnie dealer is a force to be reckoned with?
[41:55] Why the rent role is important?
[43:59] Part 1: Off-site diligence – Initial desktop research & what to look for in financials
[44:11] Coming up on part 2 (episode #5): On-site diligence – Infrastructure & first call with the seller
Mentions:
www.bestplaces.net
www.city-data.com
www.zillow.com
www.axiometrics.com
www.marcusmillichap.com
www.rentometer.com
Census Statistics
Google Maps
Google Earth
Deals on Wheels by Lonnie Scruggs
www.parkstreetpartners.net
LinkedIn Group: Mobile Home Park Investors
www.mobilehomeparkinvestors.com
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On this podcast, Jefferson Lilly and his partner Brad Johnson will focus on answering the question, why someone would want to own a mobile home park now? In particular, they are going to talk about the demographics of their tenant base, the need for affordable housing they are trying to fill and helping others to do the same – who might be listening to this podcast and thinking about getting into the mobile home park business!
Key Takeaways:
[1:27] Baby boomers are coming into retirement and they need affordable housing!
[3:43] Our average price point per month matches many retirees’ budget for housing.
[4:26] The mobile home park industry can help folks in need, specially seniors, get into a house they're actually going to own.
[4:41] There is an affordable housing crisis in America.
[5:34] An affordable, safe community for those that don't have capacity in their budget to pay more for housing.
[5:53] Path to home ownership for lower income individuals, seniors, and younger people in their 20’s getting married and starting a family.
[7:00] The parks we are buying are a better product. We offer affordable housing with many other benefits.
[8:19] A strong demand from those typically making $2,500 and less per month and a business that meets a very clear and stable need.
[10:16] Brad talks about issues with the entitlement program in America.
[11:59] We are providing housing for a lot of American families that desperately need it.
[12:44] Brad expands on the entitlement issue that's not often being talked about.
[14:20] Jefferson summarizes why this is such a good and trend-favored business.
[15:25] We take pride in helping lower income and middle class American families secure housing at an affordable price.
[15:53] Thank you for listening. Please find more information on parkstreetpartners.net and on the LinkedIn group, Mobile Home Park Investors.
Mentions:
www.parkstreetpartners.com
Join the LinkedIn group: Mobile Home Park Investors
www.mobilehomeparkinvestors.net
Joint Center for Housing Studies at Harvard
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Please subscribe to our podcast
This is the second podcast, hosted by Jefferson Lilly, joined by his partner Brad Johnson. Last week, Jefferson and Brad talked about why mobile home parks are such a good business to be in. But unless you are really looking, you're not likely to just come across one of these properties. On this episode, Jefferson and Brad talk a bit on how you can find a mobile home park to purchase. They will also share their experiences of how they have looked in some unique and unusual places.
Key Takeaways:
[1:25] Jefferson found his first mobile home park property on eBay.
[4:17] You can find mobile home parks that are listed on eBay.
[6:07] Finding a mobile home park property online.
[06:32] How does Brad typically find many of the Park Street Partners’ deals?
[07:23] How do you get access to off-market or pocket listing deals?
[10:28] Brokers often have pocket listing deals that are not posted online.
[12:16] Reasons why a seller might not want to list a property publicly.
[12:49] Reach out to brokers for some interesting pocket listings and to get a deal flow.
[16:47] Jefferson talks about his second deal that he found on Craig's List.
[18:48] Jefferson talks about one of his more unusual findings.
[20:51] Brad talks about other strategy you can use.
[22:32] Things to keep in mind if you are going to use auction.com.
Mentioned in This Episode:
www.parkstreetpartners.com
Join the LinkedIn group: Mobile Home Park Investors
Please rate the podcast on iTunes or Stitcher
www.loopnet.com
www.mobilehomeparkstore.com
www.auction.com
www.ebay.com
www.craigslist.com
Welcome to the first official podcast, hosted by Jefferson Lilly, joined by his partner Brad Johnson. Today they will talk about why it is such a compelling business to be in the mobile home park industry – as they call it, the 'macro'. In subsequent podcasts, they will talk about how they actually operate parks by providing specific 'micro' examples. The purpose of this podcast is to cover why someone should consider investing in something as crazy as mobile home parks?
Key Takeaways:
[01:33] Investing in real estate – mobile home parks
[02:29] A key factor that makes mobile home parks better than investing in other types of real estate or asset classes
[03:14] The competitive advantage of investing in mobile home parks
[05:01] Supply is fixed and in fact shrinking ~ 1% a year
[06:18] Why shrinking supply is not indicative of a dead or dying business
[06:58] Tenants are typically sticky to their properties
[07:55] The tenants are not mobile – under 1% leave every year
[09:32] Lower tenant turnover + lower expenses = great combination
[11:10] Fixed low costs coupled with lower tenant turnover and low capital cost translates to very high cash on cash yields
[12:08] Another key element that makes mobile home parks a neat business
[13:40] 60-75 % of mobile home parks are owned by mom & pops
[14:00] What are the benefits of having sellers who are mom & pops?
[16:49] The higher depreciation rate associated with a mobile home park
[18:51] Jefferson and Brad are, on average, depreciating ~ 80% of their purchase price over 15 years
Mentioned in This Episode:
www.parkstreetpartners.com
www.mobilehomeparkinvestors.net
To connect on LinkedIn, search for "mobile home park investors group"
Please rate the podcast on iTunes or Stitcher
Jefferson Lilly and his partner Brad Johnson, from Park Street Partners, are launching the first podcast dedicated to mobile home park investing. Each week, they will cover a range of topics relating to mobile home park investing, including the right way to buy, operate and profit from this highly profitable investment niche.
Jefferson and Brad hope to help people get into this business, purchase properties, run them better, and achieve some financial stability. They are also an investment partnership and are interested in joint venture deals with folks that either don't have the expertise or all the capital they need to run a park. You can learn more about Jefferson and Brad’s backgrounds through their website or on LinkedIn.
Mentioned in This Episode:
www.parkstreetpartners.com – includes a resources page, link to Jefferson and Brad’s fund and some of the investments they have made
www.mobilehomeparkinvestors.com
To connect on LinkedIn, search for "mobile home park investors group"