The Mobile Home Park Lawyer Podcast: Recent Episodes
Ferd Niemann IV
Welcome back to the Mobile Home Park Lawyer Podcast! In this solo episode, Ferd Neman breaks down a due diligence blind spot that quietly wrecks otherwise “great” mobile home park deals: the dirt isn’t just the soil. It’s the title, easements, access, encroachments, and every recorded (and unrecorded) mistake tied to that land.
Ferd walks through real examples where buyers relied on “we’ve never had a problem” and didn’t realize that usually just means nobody looked. From landlocked access scenarios and life-safety setbacks that can block infill, to shared sewer obligations, drainage easements, and boundary issues that can kill licensing, Ferd explains why title commitments and exception documents are where the real risk lives.
He also gets practical about what serious operators should do: order the right survey, overlay it with the title commitment, and think 3–5 years ahead—because these issues don’t appear out of nowhere. They show up when you expand, refinance, sell, or when a neighbor decides to get hostile.
Tune in now to learn how smart buyers protect themselves before the deal turns into an expensive lesson.
Highlights of the episode:
00:32 – “Risk in dirt”
01:47 – Skipping surveys
03:15 – Title vs survey
04:11 – Missing access easement
05:11 – Life safety trumps
06:05 – Highway setback fight
07:00 – Easement types
08:07 – Drainage easement costs
09:16 – License blocked
11:10 – DOT easement story
13:47 – Bank lawyers read
14:01 – Portfolio deal delay
16:43 – Overlay and verify
17:36 – Problems show later
20:11 – Control the asset
20:51 – Due diligence insurance
22:52 – Verify, don’t trust
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
MobileHomePark #MHPInvesting #RealEstateDueDiligence #TitleReview #Easements #Survey #CommercialRealEstate #PropertyManagement #ParkAcquisitions #RiskManagement
Welcome back to the Mobile Home Park Lawyer Podcast! In this episode, Ferd Niemann sits down with Andy Conlin, Executive Director of the Iowa Manufactured Housing Association, to unpack the political and regulatory forces quietly reshaping manufactured housing across the U.S.
Andy draws on more than two decades in government relations to explain why the biggest risks facing park owners aren’t coming from Washington, D.C., but from state capitols. The discussion covers rent control, right of first refusal laws, resident organizing, media narratives, and why manufactured housing has become a prime target in housing policy debates.
Ferd and Andy break down what actually moves the needle for operators: working through state manufactured housing associations, educating citizen legislators, communicating transparently with residents, and avoiding rent strategies that unintentionally trigger political scrutiny. Real-world examples show how aggressive rent increases, poorly paced capital recovery, or even well-meaning park improvements can invite regulatory backlash.
Whether you own a single community or operate across multiple states, this episode gives you a practical framework for understanding how housing policy is formed—and how to protect your assets while still running profitable, well-managed parks. Tune in now to see how smart operators stay ahead of regulation instead of reacting to it.
Highlights of the episode:
00:36 – Introducing Andy Conlin
01:00 – Background in lobbying & manufactured housing
04:10 – Why manufactured housing is a political target
06:22 – Rent control & right of first refusal explained
07:54 – Why state capitols matter more than D.C.
09:42 – Citizen legislators & policy education
12:07 – Why rent control keeps resurfacing
13:27 – The role of state MH associations
15:00 – Evictions & quiet regulatory changes
17:13 – Positive momentum in manufactured housing
18:45 – Pushback in blue states
20:07 – Media narratives & resident organizing
23:21 – Permits, agencies & operational friction
24:32 – When changing the law is the answer
25:49 – Why owners must tell their story
28:31 – Resident communication & trust
29:38 – Annual rent increases vs. shock pricing
31:50 – Managing beyond the spreadsheet
33:27 – Market rent vs. political reality
36:54 – Rent control enforcement challenges
38:14 – Risk for newer, smaller operators
40:36 – Iowa’s approach to MH advocacy
41:32 – How to get involved & resources
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: https://www.iamha.org/
Linkedin: https://www.linkedin.com/in/andrewconlin/
MobileHomePark #MHPInvesting #RealEstateInvesting #BankingInsights #CommercialLending #MobileHomeParkFinancing #PropertyManagement #Underwriting #LoanApproval #ParkAcquisitions
Welcome back to the Mobile Home Park Lawyer Podcast! In this episode, Ferd sits down with Austin Fee of Bank of Springfield, a Kansas City–based lender with deep experience in commercial and mobile home park financing. Austin shares how he evaluates deals, what banks look for in today’s lending environment, and how borrowers can position themselves for smoother approvals and better terms.
Ferd and Austin dive into the nuts and bolts of underwriting—including down payment expectations, amortization norms, rate structures, committee approvals, deposit requirements, guarantor strength, and seller financing. Austin explains how banks think about risk, when they stretch on pricing, how relationships influence renewals, why communication matters, and how borrowers can “sell the deal” to help lenders champion it internally. The conversation also covers market shifts in 2025, tightening credit, committee dynamics, and why small deals often open the door to long-term lending relationships.
Whether you’re approaching your first bank, planning a refinance, raising capital, or navigating infill and turnaround projects, this episode gives you clear, practical insight into how lenders think—and how to get more of your deals across the finish line. Tune in now to understand today’s lending landscape and build stronger banking relationships that support your long-term growth.
Highlights of the episode:
00:36 – Introducing Austin Fee
03:17 – Market differences
05:29 – Selling your deal
07:06 – How rates are priced
10:26 – Value-add flexibility
12:06 – Guarantee importance
17:17 – Seller financing blends
20:07 – Net worth ranges
23:12 – Bank-friendly documents
27:13 – Performance vs. projections
28:08 – Communication matters
35:33 – When deals get vetoed
37:23 – Relationship-driven lending
39:22 – Trust in banking
40:03 – Packaging your loan
42:35 – Document requirements
45:40 – Minimum deal size
46:58 – Credit tightening
48:47 – Customer scoring
49:45 – Relationship value
50:01 – Lending states & contact info
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
Connecting with Guest:
Linkedin: https://www.linkedin.com/in/austin-fee-/
MobileHomePark #MHPInvesting #RealEstateInvesting #BankingInsights #CommercialLending #MobileHomeParkFinancing #PropertyManagement #Underwriting #LoanApproval #ParkAcquisitions
Welcome back to the Mobile Home Park Lawyer Podcast! In this episode, Ferd sits down with longtime banking expert Keith Asel of Hawthorn Bank to unpack what park owners really need to know about lending, loan structures, underwriting, term sheets, and navigating bank relationships. With over 45 years in the banking world—from teller to federal bank examiner to commercial lending leader—Keith brings rare insight into both sides of the table.
Ferd and Keith discuss how banks actually evaluate mobile home park loans, what bankers look for in cash flow, collateral, and guarantor strength, and why debt structure can make or break your business plan. Keith breaks down the real differences between big-bank rigidity and community-bank flexibility, how interest rates and indexes are chosen, when to use construction loans, why interest-only periods matter, and how to avoid surprises when renewing lines of credit.
Whether you're buying your first park, restructuring debt, planning infill, or trying to understand how lenders think, Keith delivers practical, experience-backed guidance to help operators secure better financing, build stronger relationships with their bank, and avoid hidden pitfalls that stall deals. Tune in now to learn how to approach lenders strategically and set your projects up for long-term success.
Highlights of the episode:
00:36 – Keith’s banking journey
01:10 – Teller to examiner
03:33 – Restructuring debt properly
05:49 – Separate land vs. homes
06:19 – Big vs. small banks
07:06 – Educating your banker
08:52 – Rate spread basics
10:09 – Why indexes change
12:26 – Collect term sheets
14:19 – When banks say no
16:45 – Infill line changes
17:59 – Annual renewal purpose
18:55 – Evaluating slow projects
19:48 – Loan call triggers
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: https://www.hawthornbank.com/
MobileHomePark #MHPInvesting #RealEstateInvesting #BankingInsights #CommercialLending #MobileHomeParkFinancing #PropertyManagement #Underwriting #TermSheet #ParkAcquisitions
Welcome back to the Mobile Home Park Lawyer Podcast! In this solo episode, Ferd dives into the importance of strengthening relationships with local communities—from city officials and vendors to residents and law enforcement. He explains why goodwill not only makes operations smoother but also directly impacts compliance, profitability, and long-term stability for mobile home park owners.
Ferd shares ten proven strategies to build trust and improve perception, including prioritizing curb appeal, investing in long-term infrastructure, subsidizing resident exterior upgrades, partnering with local police, and maintaining transparency about improvements. He illustrates these points with real examples, like earning a city “ROSE Award” for turnaround efforts and navigating challenges when support from municipalities wasn’t yet established.
Whether you’re an owner looking to ease tensions with city hall, reduce code enforcement headaches, or simply create a more positive experience for residents, this episode lays out practical steps to build goodwill that pays off in better operations and stronger returns. Tune in now to learn how to elevate your reputation and relationships while improving the bottom line.
Highlights of the episode:
00:32 – Why relationships matter
01:24 – Challenges with city support
02:36 – Prioritize curb appeal
03:43 – Build city relationships
04:24 – Subsidize resident upgrades
05:26 – Sponsor local events
05:58 – Enforce high standards
06:48 – Housing with dignity
08:11 – Partner with police
08:58 – Be transparent on improvements
09:21 – Build digital presence
10:55 – Invest in infrastructure
11:27 – Wrap-up: goodwill pays
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
MobileHomePark #MHPInvesting #RealEstateInvesting #PropertyManagement #CommunityRelations #AffordableHousing #CurbAppeal #CityRelations #Operations #ParkOwnership
Welcome back to the Mobile Home Park Lawyer Podcast! In this solo episode, Ferd unpacks two nuanced syndication structures that are shaping today’s real estate deals: co-GP partnerships and fund-of-funds models. Drawing from his legal and investing experience, Ferd explains how these approaches work, their pros and cons, and the real-world risks that come with each.
Ferd breaks down the co-GP model—where multiple general partners join forces to raise capital, find deals, and combine skill sets—while warning of the legal and reputational pitfalls if a “money finder” arrangement crosses the line. He also explores fund-of-funds syndication, where a manager pools investor money to place into other sponsors’ deals, highlighting the benefits of diversification, better access to elite opportunities, and lower minimums alongside the drawbacks of double fees, less control, and reliance on another sponsor’s judgment.
Whether you’re an operator considering how to structure capital or an investor weighing direct vs. pooled opportunities, this episode gives you a clear framework to evaluate both models. Tune in now to learn how to protect yourself, spot risks early, and make informed syndication decisions.
Highlights of the episode:
01:00 – What is a co-GP structure and how it works
01:47 – The benefits of co-GP
02:39 – The downsides of partnerships
04:01 – Real-world partnership challenges
04:37 – Risk mitigation
07:04 – Introducing the fund-of-funds model
07:21 – How fund-of-funds give investors diversification
08:55 – Benefits for investors
10:55 – The cons: double fees, dilution of returns, less control
12:11 – Questions investors and GPs must ask before choosing a model
12:44 – balancing convenience, risk, and control in syndications
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
MobileHomePark #MHPInvesting #RealEstateInvesting #Syndication #RaisingCapital #FundOfFunds #CoGP #PassiveInvesting #DueDiligence #Partnerships
Welcome back to the Mobile Home Park Lawyer Podcast! In this solo episode, Ferd shares another real-world case study—this time focused on the power of synergy. By acquiring a 48-site park just blocks away from a 47-site turnaround, Ferd was able to create economies of scale, build rapport with a powerful local family, and leverage city relationships to unlock additional value.
Ferd walks through how he bought the park for $825K from one of the wealthiest families in the Midwest, why he chose not to retrade a single penny, and how aligning this deal with the previous acquisition created a scattered-site portfolio eligible for agency financing. He details the occupancy growth from 22 lots to full capacity, the operational efficiencies across 95+ sites, and how new infill homes transformed the community’s image while being sold at a profit.
The story doesn’t end there—Ferd dives into the refinance, pulling out millions in tax-free equity while maintaining strong ongoing cash flow and keeping flexibility with local bank terms. This episode is a blueprint for spotting synergy, turning underperforming assets around, and multiplying returns through strategic clustering. Tune in now to learn how synergy can turn small wins into million-dollar outcomes.
Highlights of the episode:
00:32 – The “synergy rule” of business
01:08 – A neglected 48-site park
02:45 – $825K purchase, no retrade promise
03:32 – Building rapport with sellers
04:28 – City cooperation and adding an extra lot
05:52 – The scattered-site advantage
07:06 – 187 sites across three parks with one manager
08:43 – Occupancy from 22 to full
09:37 – Community upgrades
10:43 – Strategic refinancing: $2.88M appraisal, 70% LTV, millions in cash-out
12:33 – Local bank financing over agency or CMBS debt
13:53 – Look for synergy, protect flexibility, and scale smart
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
MobileHomePark #MHPInvesting #RealEstateInvesting #CaseStudy #ValueAdd #Synergy #CashOutRefi #AffordableHousing #PropertyManagement #EconomiesOfScale
Welcome back to the Mobile Home Park Lawyer Podcast! In this solo episode, Ferd breaks down a real-world case study of a 47-site turnaround he bought in 2021 with heavy zoning risk, wholesaler drama, and a seller threatening to walk. He walks through the two rules that guided the play (“don’t take no for an answer” and “don’t use your own money”), why he chose not to syndicate this one, and how strategic seller financing plus a zoning win unlocked the deal.
Ferd shares the exact negotiation sequence (price, assignment, retrading the wholesale fee, and structuring a 60-month, no-interest seller note), his legal strategy to restore infill rights, and an on-the-ground operating plan to convert problematic park-owned homes, add amenities, and submeter utilities—despite a local ordinance that initially prohibited it. He closes with the refinance numbers: a January ’25 appraisal at ~$2.75M, ~70% LTV debt, and roughly $1.2M tax-free equity pulled—off an initial ~$12K cash in.
Whether you’re underwriting a small value-add with hair or navigating a stubborn city, this episode lays out the playbook: structure the capital stack, win the zoning fight, run the business plan, then lock in the win with smart refi timing.
Highlights of the episode:
00:59 – The two rules: don’t take no; don’t use your own money
03:13 – City stance: legal non-conforming use but no infill; “abandoned” lots
03:51 – Pricing & DD: $800k offer, wholesale fees, weak third-party report
06:33 – Retrading the wholesale fee due to hair on the deal
07:19 – Why not syndicate: protecting LPs when zoning risk is binary
08:56 – Operating plan: converting POHs to resident-owned to avoid inspections
10:54 – The legal memo & strategy: restoring infill rights with case law
12:43 – Amenity & ops upgrades: dog park, picnic area, paint, submetering push
13:25 – City council approval to submeter despite local prohibition
15:22 – Refi in Jan ’25: ~$2.75M appraisal, ~70% LTV
16:17 – Payoffs and proceeds: about $1.2M tax-free equity pulled
17:44 – Lessons learned: use the seller’s money; don’t take no from the city
18:33 – Current rents, NOI view, and why Ferd believes it’s a ~$3M park
19:34 – Wrap-up: higher occupancy, better housing, strong ROI
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
MobileHomePark #MHPInvesting #RealEstateInvesting #SellerFinancing #ValueAdd #Zoning #DueDiligence #Submetering #CashOutRefi #AffordableHousing
Welcome back to the Mobile Home Park Lawyer Podcast! In this episode, Ferd sits down with John Pentecost, managing partner at Hart Kienle Pentecost, a California law firm with decades of experience representing mobile home and RV parks. John breaks down the realities of investing and operating in California—state and local rent control, vacancy control, conversion hurdles, and the growing exposure around “failure to maintain” lawsuits.
John explains how restrictive formulas (like 70% of CPI capped at 3% in some cities) and vacancy control impact revenue, why some owners still buy for long-term appreciation, and what you must vet during diligence (Title 25 compliance, CUPs and permits, infrastructure health, insurability, wells/septic, slopes, lift stations, and more). He also covers recent policy shifts removing prior exemptions, tenant right-of-first-refusal pushes, and the new California park manager education requirement.
Whether you own in California or are simply evaluating the market, this conversation is a masterclass in risk mitigation, compliance, and realistic underwriting for MHPs in pro-tenant jurisdictions. Tune in to learn exactly what to look for—and what to avoid—before you buy.
Highlights of the episode:
00:36 – Guest intro: Attorney John Pentecost
01:13 – From evictions to full-service MHP/RV counsel
03:02 – California rent control landscape
06:46 – Why investors still buy in CA
10:23 – When officials want MHPs to stay vs. redevelop
15:05 – “Failure to maintain” lawsuits and costs; why maintenance really matters
18:12 – Diligence checklist: Title 25 inspection, CUP/permits, and leases
21:49 – High-risk systems and why these get you sued
23:32 – Insurance realities and what’s not covered
30:50 – Long-term lease exemptions
37:01 – Tenant ROFR efforts; local skirmishes despite case law limits
38:45 – Which parks get covered: thresholds and small-park carve-outs in some cities
40:54 – New manager education requirement and why it matters
42:13 – Updating your residency docs, rules, and architectural standards
43:41 – Parting advice: do real diligence early, hire the right CA-savvy team
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: https://www.hkplawfirm.com/
Linkedin: https://www.linkedin.com/in/john-pentecost-116331b/
MobileHomePark #MHPInvesting #RealEstateLaw #RentControl #CaliforniaRealEstate #DueDiligence #ParkOperations #LandlordRisk #AffordableHousing #RealEstateInvesting
Welcome back to the Mobile Home Park Lawyer Podcast! In this episode, we sit down with Mathew Owens, a CPA-turned-real estate investor who has bought, renovated, and sold over 1,000+ single-family homes, lent $35M+ to real estate investors, and raised over $150M in private capital. Mathew shares his expertise in mobile home parks, multifamily investing, private lending, and financial engineering to help investors maximize returns.
Mathew dive into the importance of active investing experience, fund-to-funds structures for raising capital, and how to mitigate risks in mobile home park operations. He breaks down his process for managing large-scale renovations, structuring investment deals, and sourcing funding efficiently.
Whether you’re an investor looking to scale, raise capital, or improve your financial modeling skills, this episode is packed with practical strategies for optimizing mobile home park investments. Tune in now to learn from Mathew’s real-world experience and discover how to implement smart financial engineering in your deals!
Highlights of the episode:
00:34 – Guest intro: Mathew Owens
01:45 – Leaving a CPA firm to invest full-time in real estate
03:02 – From single-family flips to mobile home parks and multifamily
05:10 – Hands-on investing experience before outsourcing
07:48 – Managing large-scale renovations
10:30 – Financial engineering and structuring deals the right way
14:15 – Raising capital legally and efficiently
18:20 – What makes mobile home park investing different from other asset classes
22:12 – Sourcing mobile home parks
25:50 –Working with contractors and how to keep projects on track
29:10 – Risk mitigation strategies for mobile home park investing
33:45 – Where to connect with Mathew Owens
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: https://ocgproperties.org/en/home-default/
Linkedin: https://www.linkedin.com/in/mathewowens/
Instagram: https://www.instagram.com/mathew_owens1/
Linktree: https://linktr.ee/mathewowensocg
MobileHomePark #RealEstateInvesting #PassiveIncome #ValueAddInvesting #MHPInvesting #RaisingCapital
Welcome back to the Mobile Home Park Lawyer Podcast! In this episode, we sit down with Cory Harelson, a structural engineer turned mobile home park investor, to discuss key lessons learned from buying, operating, and improving mobile home communities. Cory shares his journey from working long hours in engineering to discovering mobile home park investing and building a thriving portfolio.
Cory and Ferd discuss the challenges and successes of mobile home park acquisitions, including navigating zoning issues, scaling up with off-market deals, and managing private utilities. Cory dives into his most challenging deal—a wastewater treatment plant disaster—and how he overcame a $1 million setback. He also shares insights on sourcing off-market deals, utilizing virtual assistants for property management, and why ugly parks in great locations can be hidden gems for investors.
Whether you're a seasoned mobile home park owner or just getting started, this episode is packed with valuable insights on finding, financing, and optimizing mobile home parks. Tune in now to learn from Cory’s real-world experiences and discover how to scale your mobile home park investments successfully!
Highlights of the episode:
00:34 – Guest intro: Cory Harelson
01:50 – Leaving engineering to invest in mobile home parks
03:10 – Finding the first deal through Craigslist
05:12 – Scaling up with strategic acquisitions
08:45 – A costly mistake with private utilities
10:58 – How a wastewater treatment disaster nearly derailed a deal
15:30 – Lessons learned from financial setbacks
19:40 – Turning challenges into investment opportunities
22:55 – Sourcing deals: Off-market vs. brokered transactions
26:38 – Using virtual assistants to scale operations
31:15 – The infill process: New vs. used homes
36:50 – Market predictions for mobile home park investing
40:10 – Where to connect with Cory
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: https://freedominvestinggroup.com/
Linkedin: https://www.linkedin.com/in/cory-harelson-81141414/
MobileHomePark #RealEstateInvesting #PassiveIncome #ValueAddInvesting #MHPInvesting
Welcome back to the Mobile Home Park Lawyer Podcast! In this milestone 200th episode, we take a deep dive into the lessons learned from 24 mobile home park acquisitions. Host Ferd Niemann reflects on the key takeaways from his deals, covering everything from value-add strategies, zoning battles, tenant challenges, infill processes, and successful exit plans.
Ferd breaks down his business approach to off-market acquisitions, rent increases, submetering utilities, and creative financing. He shares firsthand experiences on how some deals turned out better than expected, while others presented unexpected zoning, tenant, and infrastructure issues. From flipping small parks to stabilizing large ones, this episode offers a candid look at the successes, struggles, and strategies that shaped his portfolio.
Whether you're a new or seasoned investor, this episode is packed with actionable insights on mobile home park investing, value creation, and risk mitigation. Tune in now to hear what worked, what didn’t, and what to watch out for in your next mobile home park deal!
Highlights of the episode:
00:34 – Lessons learned from 24 mobile home park acquisitions
01:18 – Off-market deals, value-add strategies, and infill process
02:41 – Slow turnaround, park-owned home challenges, and eventual success
04:02 – Why strategy matters in acquisitions and resale
05:34 – Zoning and why cities can make or break a deal
07:19 – Infill parks: Costs, financing, and demand challenges
09:01 – Zoning rights and the impact on park expansion
10:45 – Paying a fair price vs. getting a bargain
12:32 – High-density parks: The pros and cons
14:26 – When a park needs drastic changes to improve safety
16:30 – Rural mobile home parks: Logistics and demand struggles
18:03 – Park-owned homes to tenant-owned homes
19:42 – Turning a B-class park into an A-class investment
21:07 – The danger of trusting seller representations
23:00 – When a “hot” market turns out to be slow-moving
25:47 – The most important lessons from 24 mobile home park acquisitions
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
MobileHomePark #RealEstateInvesting #PassiveIncome #ValueAddInvesting #MHPInvesting
Welcome back to the Mobile Home Park Lawyer Podcast! In this episode, we dive deep into tax strategies and opportunities for mobile home park investors with Margaret Asher, a seasoned CPA with over 15 years of experience specializing in real estate accounting and tax services. Margaret shares her expertise on cost segregation studies, bonus depreciation, 1031 exchanges, and other critical tax-saving strategies that make mobile home parks an attractive investment.
Margaret highlights the unique tax advantages of mobile home parks, such as the high percentage of land improvements qualifying for accelerated depreciation, and explains how investors can optimize their tax positions. She also provides practical insights into managing recapture rules, navigating partnership agreements, and planning for the future of tax policy under the new administration.
Whether you're a seasoned investor or just starting, this episode is packed with actionable advice to maximize your returns. Tune in to learn how to leverage tax strategies to enhance your mobile home park investments!
Highlights of the episode:
00:34 - Guest intro: Margaret Asher
01:09 - Journey into CPA work with mobile home parks
03:02 - Tax-saving opportunities in mobile home park investments
05:47 - Cost segregation studies and bonus depreciation
09:01 - Cost segregation for mobile home park owners
13:20 - Depreciation recapture: Ordinary vs. capital gains taxation
17:22 - 1031 exchanges and common pitfalls to avoid
20:41 - 1031 exchanges to defer taxes and trade up properties
26:09 - Advanced strategies for partnership structures and at-risk basis
33:00 - Upcoming tax policy changes
38:53 - Closing insights and how to contact Margaret Asher
Connect with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
Connect with the Guest:
Linkedin: https://www.linkedin.com/in/margaret-ascher-73aa782a5/
Email: margaret@djeadvisors.com
TaxStrategies #MobileHomeParks #RealEstateInvesting #CostSegregation #1031Exchange #PassiveIncome #AffordableHousing
Welcome back to the Mobile Home Park Lawyer Podcast! In this solo episode, we dive deep into tackling one of the most persistent challenges for mobile home park owners: finding and fixing water leaks. Drawing on personal experiences and input from industry experts, Ferd shares actionable strategies and lessons learned when dealing with water loss, inaccurate billing, and maintenance inefficiencies in mobile home parks.
Explore practical solutions like using submeters, isolating leaks with zone valves, and leveraging new technologies like thermal drones. You’ll also hear stories from the trenches, including creative (and sometimes unconventional) methods like witching sticks and sonar leak detection. Whether you’re a park owner or operator, this episode is packed with tips and advice to help you save money, conserve water, and better manage your properties.
If you’re dealing with water loss in your park or looking to improve operational efficiency, this episode is a must-listen. Tune in now for insightful stories and practical advice!
Highlights of the episode:
01:19 - Basic water loss solutions: Master meters and submeters
03:00 - Leak detection machines and witching sticks
05:15 - Sectioning parks with additional shut-off valves
07:01 - Costly lessons from draining fire hydrants
09:02 - Identifying leaks through historical property data
11:00 - Underground clay tiles and misidentified leak locations
12:45 - Risky but effective over-pressurizing techniques to find leaks
15:50 - Ensuring accurate city billing
18:12 - Hidden leaks from poorly capped lines and infrastructure
21:20 - Practice tips for maintaining property maps and anticipating future leaks
22:45 - Closing remarks and thanks to contributors
Connect with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
MobileHomePark #WaterLeaks #RealEstateInvesting #MaintenanceSolutions #PropertyManagement
Welcome back to the Mobile Home Park Lawyer Podcast! In this insightful episode, we’re joined by John Neet, a seasoned expert in mobile home park appraisals and valuation. John shares his vast knowledge on the complexities of rent control, the nuances of regional regulations, and how these factors impact property valuations, particularly in states like California with highly regulated markets.
John discusses the intricacies of rent control policies and how they affect market value, tenant dynamics, and owner strategies. He sheds light on unique valuation challenges, such as factoring in vacant pads and fractional interests, while also delving into the current landscape of investment in mobile home parks. With decades of experience on the West Coast, John provides valuable perspectives on the future of regulatory changes and their potential to expand eastward, offering listeners essential insights into market trends and long-term investment strategies.
Whether you're managing a small portfolio or a large one, this episode will give you a comprehensive look at property management challenges and opportunities in the mobile home park industry. Tune in now for a discussion filled with practical advice for any property manager or investor!
Highlights of the episode:
00:34 - Guest Intro: John Neet
01:11 - Appraising mobile home parks and focus on the Western U.S.
03:30 - Rent control and its impact on California markets
05:45 - Localized rent control challenges
09:00 - Creative strategies for addressing rent control limitations
13:02 - Valuation of vacant pads
17:45 - Discussing cap rates in today’s economic environment
22:20 - Fractional interest valuation and ownership complexities
27:35 - Understanding local regulations for accurate appraisals
31:42 - Shifts in buyer demographics and new trends in park ownership
37:20 - The future of regulatory impacts expanding eastward
43:56 - Closing insights and how to contact John Neet
Connect with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
Connect with the Guest:
Website: https://www.johnneet.com/
Linkedin: https://www.linkedin.com/in/john-neet-b9b3ab12/
RentControl #PropertyManagement #MobileHomePark #RealEstateInvesting #ValuationStrategies
Welcome back to the Mobile Home Park Lawyer Podcast! In this episode, we’re joined by Luis Platt, who shares his unique journey from brokerage to becoming a vendor in the mobile home park (MHP) industry, now specializing in high-speed internet solutions with Quickbit Internet.
Luis discusses the increasing need for reliable internet connectivity in MHPs and how fiber optic technology can help park owners attract higher-income tenants, enhance security, and improve overall property management efficiency. He explains how fiber optic internet infrastructure benefits residents who work from home, game, or rely on stable connections for daily needs, and how it can even help lower insurance premiums. From security enhancements to supporting work-from-home lifestyles, Luis offers valuable insights into how digital infrastructure is changing the landscape of mobile home park living and management.
Whether you're managing a small portfolio or a large one, this episode will give you a look into the future of property management technology and how it can help your business grow. Tune in now for a great conversation filled with practical advice for any property manager or investor!
Highlights of the episode:
00:32 - Guest Intro: Luis Platt
03:25 - Transition to Quickbit Internet and its role in the MHP sector
05:00 - Fiber optic technology without digging
06:50 - Benefits of high-speed fiber optic internet for MHP residents
options
11:10 - Future-proofing communities with digital infrastructure
15:01 - Leveraging internet connectivity for better security and cost savings
20:31 - Impact of connectivity on residents' job opportunities and lifestyle
24:22 - Addressing challenges and misconceptions around MHP internet solutions
26:57 - Closing thoughts and how to contact Luis Platt
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: https://www.kwikbitinternet.com/
Linkedin: https://www.linkedin.com/in/luisplatt/
Instagram: https://www.instagram.com/kwikbitinternet/
PropertyManagement #MobileHomePark #FiberOptic #TenantConnectivity #RealEstateTech
Welcome back to the Mobile Home Park Lawyer Podcast! In this episode, we’re joined by Tanner Buuck, team lead at Yardi for manufactured housing sales. Tanner provides valuable insights into the world of property management software, sharing how technology is modernizing the operations of mobile home park communities. He discusses the challenges operators face, such as streamlining accounts receivable, improving tenant communications, and automating operations like utility billing and invoicing. Tanner highlights the tools that Yardi offers to simplify these tasks, making property management more efficient.
From utilizing AI, implementing resident portals, and the benefits of automating collections to leveraging CRM systems for better marketing, Tanner provides actionable tips for operators to maximize efficiency in managing their properties.
Whether you're managing a small portfolio or a large one, this episode will give you a look into the future of property management technology and how it can help your business grow. Tune in now for a great conversation filled with practical advice for any property manager or investor!
Highlights of the episode:
00:00:48 - Guest Intro: Tanner Buuck
00:05:02 - Challenges operators face with modernizing operations
00:06:40 - Streamlining accounts receivable and utilizing property management software
00:08:47 - The evolution of AI in multifamily and manufactured housing
00:12:20 - Automating invoicing and improving operational efficiency
00:15:10 - Utilizing CRM tools to manage leads and tenant engagement
00:19:08 - Implementing resident portals and the importance of online payment systems
00:21:50 - Managing utility bill backs and compliance
00:26:30 - Automation in accounting and maintenance management
00:31:10 - Closing thoughts and where to find more information
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: https://www.yardibreeze.com/
Linkedin: https://www.linkedin.com/in/tbuuck/
Instagram: https://www.instagram.com/YardiBreeze/
PropertyManagement #MobileHomePark #RealEstateTech #TenantManagement
Welcome back to the Mobile Home Park Lawyer Podcast! In this episode, we dive into the complex but crucial topic of the Right of First Refusal (ROFR) provisions in mobile home park (MHP) contracts and leases. Host Ferd Niemann breaks down the pros and cons of these provisions for both tenants and landlords, sharing insights on how the growing trend of statutory ROFR is impacting MHP transactions in various states.
Ferd covers why ROFR is gaining traction in 16 states and discusses real-life examples where these provisions come into play, including the financial, operational, and legal challenges landlords face when selling parks. He also explores how these rules can protect tenants from sudden evictions and provide opportunities for them to own the parks they live in, while also addressing the strain these provisions can place on the landlord-tenant relationship.
Whether you’re a park owner navigating state laws or a tenant exploring your rights, this episode will equip you with practical knowledge to handle the complexities of ROFR in real estate transactions. Tune in now for a comprehensive breakdown of this timely issue.
Highlights of the episode:
00:00:34 Introduction and overview by Ferd Niemann
00:01:05 What is Right of First Refusal (ROFR) and why it's becoming more common
00:03:15 How ROFR provisions impact landlords’ ability to sell mobile home parks
00:05:22 Key challenges tenants face in executing a ROFR
00:08:07 Financial and legal considerations for landlords
00:11:15 Real-life examples of ROFR transactions gone wrong
00:14:32 How ROFR can affect landlord-tenant relationships
00:17:02 Legislative trends and the growing influence of tenant rights in real estate
00:19:02 Final thoughts on navigating ROFR as a park owner or investor
00:20:00 Closing remarks and where to find more resources
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
RightOfFirstRefusal #MobileHomePark #RealEstateInvestment #TenantRights
Welcome to another episode of the Mobile Home Park Lawyer Podcast! Today, we are excited to have Justin Donald, the founder of The Lifestyle Investor and author of the Wall Street Journal #1 bestseller "The Lifestyle Investor: The 10 Commandments of Cash Flow for Passive Income and Financial Freedom." Justin is on a mission to help people achieve financial freedom through low-risk cash flow investing.
Justin shares his journey from his early days of investing to building a nine-figure net worth and creating a lifestyle-centric approach to investing. He discusses the importance of passive income, the power of mobile home park investments, and the strategies he uses to simplify complex financial systems. Justin also provides insights into balancing life and business, the significance of finding the right team, and the value of joining masterminds and learning from successful investors.
Tune in to gain actionable advice on low-risk cash flow investing, building a lifestyle-focused investment portfolio, and achieving financial freedom.
Highlights of the episode:
00:00:34 Welcome and introduction of guest Justin Donald
00:01:05 Justin's background and journey into investing
00:02:00 Discovering mobile home parks as a profitable investment
00:05:00 Transition to full-time investing and achieving financial freedom
00:11:20 Building systems and hiring the right team
00:15:15 Importance of off-market deals and finding invisible opportunities
00:20:30 Challenges in the mobile home park industry
00:26:40 Strategies for maintaining and growing a portfolio
00:35:00 Overcoming local government challenges
00:39:30 Closing remarks and how to find Justin Donald
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: https://justindonald.com/
Podcast: https://justindonald.com/podcast/
Instagram: https://www.instagram.com/justindonald/?hl=en
Linkedin:https://www.linkedin.com/in/justinwdonald
Facebook: https://www.facebook.com/justin.donald.79
Twitter: https://twitter.com/JWDonald1
Youtube: https://www.youtube.com/channel/UCCM-bhk3FxHQRDXXlDU2r2Q
Linktree: https://linktr.ee/JustinDonald
Book “The Lifestyle Investor”
MobileHomeParks #RealEstateInvestment #LowRiskInvesting
Welcome back to the Mobile Home Park Lawyer Podcast! In this episode, we are thrilled to have Aleksey Chernobelskiy, an expert advisor for Limited Partners (LPs) and General Partners (GPs), as our guest. Aleksey shares his extensive knowledge on vetting and managing LP investments, providing valuable insights for both seasoned and aspiring investors.
Aleksey delves into the current challenges in the real estate investment landscape, such as floating rate debt and the impact of changing cap rates. He explains the importance of thorough due diligence, understanding rate caps, and the nuances of capital calls. Aleksey also highlights the critical role of alignment of interests between GPs and LPs, and the significance of transparent communication and ethical practices in real estate syndications.
Tune in now to gain actionable advice on how to navigate the complexities of real estate investments, evaluate potential deals, and make informed decisions to optimize your portfolio.
Highlights of the episode:
00:00:34 Welcome and introduction of guest Aleksey Chernobelskiy
00:01:05 Aleksey's background and experience in real estate investment
00:03:15 Current challenges faced by GPs and impact on LPs
00:05:54 Understanding floating rate debt and rate caps
00:08:03 Evaluating capital calls and their implications
00:11:56 Alignment of interests between GPs and LPs
00:15:45 Importance of due diligence and transparent communication
00:20:04 Common pitfalls in real estate syndications
00:35:01 Aleksey's insights on ethical practices in real estate
00:39:37 Closing remarks and how to find Aleksey Chernobelskiy
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: https://www.centriocapital.com/
Email: aleksey@hey.com
Linkedin: https://www.linkedin.com/in/chernobelskiy/
X: https://x.com/chernobelskiy
RealEstateInvestment #LPAdvice #MoblieHomeParks
Welcome back to the Mobile Home Park Lawyer Podcast! Today, we're excited to bring you a wealth of knowledge from our distinguished guest, Jordan Savitzky, with 50 West Capital. Jordan is an experienced entrepreneur with a background in various business ventures, including real estate and mobile home park (MHP) investments.
In this episode, Jordan shares his journey from private equity to real estate, emphasizing his approach to learning by doing and the importance of thorough due diligence. He offers valuable insights into strategies for finding the right deals, navigating the challenges of different markets, and operational tips that can make or break your investment.
Jordan discusses the nuances of managing park-owned homes, the importance of due diligence, and the value of having a working capital budget. He also highlights the significance of finding the right tenants and shares personal anecdotes about tenant screening and operational adjustments that have contributed to his success in the MHP space.
Don't miss this insightful conversation that dives deep into the operational and strategic aspects of mobile home park investments. Whether you're a seasoned investor or just starting, Jordan's experiences and advice will help you navigate the complexities of the MHP market! Tune in Now!
Highlights of the episode:
00:00:07 Introduction and overview by Ferd Niemann
00:00:34 Welcome and introduction of guest Jordan Savitzky
00:05:04 Initial deal criteria and lessons learned from the first deals
00:07:46 Importance of due diligence and working with experts
00:14:57 Value of park-owned homes and strategies for managing them
00:19:08 Tenant screening and the importance of finding the right tenants
00:26:52 Operational tips and experiences post-closing
00:36:29 Strategies for marketing and attracting the ideal tenant demographic
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
Connecting with Guest:
Email: jordan@50westcapital.com
Linkedin 50West: https://www.linkedin.com/company/50west-capital/
Linkedin Jordan: https://www.linkedin.com/in/jordan-savitsky-64505b23/
MobileHomePark #RealEstateInvestment #OperationalInsights
Welcome to another episode of the Mobile Home Park Lawyer Podcast with your host, Ferd Niemann. In this Independence Day special, we celebrate freedom and community while diving deep into the world of mobile home parks.
In this episode, Ferd dives into a case study that showcases how to manage a mobile home park investment when everything seems to go wrong. This real-life example highlights the challenges and lessons learned from a deal that didn't go as planned, yet still resulted in a modest profit. The deal, located in Missouri, spanned from early 2021 to late 2023, covering 22 months of ownership. The park, consisting of 36 sites, was initially under contract for $850,000 but was ultimately purchased for $650,000 and later sold for just under $1.8 million.
Business Plan
The business plan included various improvements: repairing roads, sub-metering water and sewer, infilling homes, renovating and demolishing homes, and adding signage. The park also featured small amenities like a playground and picnic area.
Challenges Faced
However, numerous challenges arose throughout the process. These included acquisition issues like disagreements on pricing and retraining negotiations, as well as operational hurdles such as cost overruns, problems with concrete measurements, lot slopes, and unexpected electrical upgrades. Additionally, changing city regulations on home placements and power line requirements added to the complexity. The park also faced tenant problems, including evictions and vandalism.
Lessons Learned
Despite these obstacles, several key lessons were learned. The importance of thorough due diligence and planning for unforeseen expenses became clear. Flexibility in adapting to new challenges and regulations proved essential. Effective community management, especially in handling problematic tenants and improving park safety, was crucial.
Tune in to this insightful episode to learn more about surviving and thriving in the mobile home park industry.
Timestamps:
00:00 Buying and selling mobile home parks, with a focus on value-add strategies and lessons learned.
02:10 Real estate deal with cost overruns and permitting issues.
06:40 Electrical issues in a housing development.
09:51 Electrical code violations in a mobile home park.
15:38 Drug use and crime in a neighborhood, including a violent incident and a renovation project.
21:22 Winter home challenges and repairs.
24:28 Challenges with a mobile home park, including tenant issues and cost overruns.
29:31 Challenges and lessons learned from renovating a mobile home park.
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
MobileHomePark #RealEstateInvestment #Deals
Welcome back to the Mobile Home Park Lawyer Podcast! Today, we have an engaging episode featuring Frank Rizzo, co-founder of Stone Capital. Frank is a value-add specialist with extensive experience in redeveloping mobile home parks and other real estate assets.
In this episode, Frank shares his journey in the mobile home park industry, focusing on deep value-add opportunities, infill strategies, and infrastructure improvements. He discusses the importance of thorough market analysis, balancing the challenges of infill projects, and the strategic considerations for acquiring parks with varying occupancy levels.
Frank and Ferd dive into operational tips, including the benefits of early infrastructure improvements, the significance of tree and road work, and the nuanced approach to rent increases. Frank also highlights the challenges and successes of managing multiple parks within the same market and shares valuable lessons learned from his extensive experience.
Tune in now to gain insights on value-add strategies, market dynamics, and practical tips for optimizing mobile home park investments!
Highlights of the episode:
00:00:34 Welcome and introduction of guest Frank Rizo
00:01:05 Frank's background and entry into the mobile home park industry
00:03:15 Balancing infill projects and market absorption rates
00:05:54 Operational challenges and the importance of team logistics
00:13:26 Strategic approaches to rent increases and community improvements
00:27:15 Value-add success story in Laurinburg, North Carolina
00:33:14 Tips and lessons learned for value-add investments
00:39:01 The importance of having a good attorney
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: https://www.stonecapinv.com/
Linkedin: https://www.linkedin.com/in/frank-rizzo-20818843/
MobileHomeParkInvesting #ValueAdd #OperationalTips
Welcome to a new episode! Today, we take a deep dive into the world of real estate investment and market dynamics with our distinguished guest, Walter Johnson, Founder & CEO of SONOS Capital.
With over 16 years of experience spanning the Real Estate and Banking Industries, Walter brings a wealth of expertise to the table. Known for his adept leadership and passion for continuous improvement, Walter has served in various capacities, from Real Estate Investor & Vice President to High Converting Banker & Sales Manager.
In this episode, Walter shares invaluable insights into strategies for finding and managing deals in the real estate market, navigating the challenges and potential benefits of dealing with private utilities, and implementing effective strategies for bringing in new homes to a mobile home park.
He also discusses the challenges and expansion plans in the real estate market, the potential for competition and consolidation in the mobile home park industry, and offers tips for increasing cash flow amidst market consolidation.
Don't miss this opportunity to gain wisdom from Walter Johnson as he navigates through these dynamic topics, offering guidance that could redefine your approach to real estate investment. Tune in now to discover cutting-edge strategies and ensure your investments thrive in today's ever-evolving market landscape!
Highlights of the episode:
00:00:07 Guest Introduction & Background: Walter Johnson
00:02:30 Strategies for finding and managing deals in the real estate market
00:04:58 The challenges and potential benefits of dealing with private utilities
00:09:59 Strategies for bringing in new homes to a mobile home park
00:14:58 Challenges and expansion plans in the real estate market
00:19:59 The potential for competition and consolidation in the mobile home park industry
00:24:54 Consolidation in the market and tips for increasing cash flow
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: www.sonoscapital.com
Linkedin: https://www.linkedin.com/company/sonos-capital/
MobileHomePark #ManufacturedHomes #MarketInsights
Welcome to a new episode! Today we take a deep dive into the world of manufactured housing and commercial real estate with our distinguished guest, Chuck Schierbeck II, MAI, MICP. As a seasoned Valuation Services Director and a real estate market analyst with a nationwide reputation, Chuck brings a wealth of knowledge and expertise in appraising and analyzing property across the United States.
With experience spanning four decades and assignments completed in over 40 states, Chuck has become a trusted voice in the industry, particularly in the niche of manufactured home communities. Whether it's office buildings, regional shopping malls, industrial facilities, or multifamily residential developments, Chuck has done it all.
In this episode, Chuck unpacks the current state of the real estate market in the wake of the pandemic, detailing how shifts in the market have impacted property values and sales. He'll delve into the intricate dynamics of property valuation, discussing the critical factors that influence the classification and worth of properties, and share his seasoned perspective on the specific expenses and ratios relevant to the manufactured housing industry.
Furthermore, Chuck will highlight the unique benefits and considerations of investing in a 55+ community in Buffalo, NY, and offer his expert advice on valuing properties and sidestepping common pitfalls. For those looking to enhance the occupancy and profitability of park home communities, Chuck's insights into effective strategies are invaluable.
Don't miss this chance to gain crucial insights from Charles Schierbeck as he navigates through these complex topics, offering guidance that could redefine your understanding of real estate investment. Tune in now to discover cutting-edge strategies and ensure your investments are both savvy and secure in today's ever-evolving market landscape!
Highlights of the episode:
00:00:36 Guest Introduction & Background: Chuck Schierbeck
00:02:50 The current state of the real estate market and its relation to the pandemic
00:04:58 The impact of the pandemic on the sales market and property values
00:09:57 Factors affecting property value and the classification of properties
00:14:27 The expenses and expense ratios in the manufactured housing industry
00:19:53 The benefits and considerations of a 55+ community in Buffalo, NY
00:24:58 Valuing properties and avoiding common mistakes
00:29:57 Exploring strategies for increasing occupancy and profitability in park home communities
00:34:59 Insights on real estate and upcoming event
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: https://www.colliers.com/en
Linkedin: https://www.linkedin.com/in/schierbeck/
MobileHomeInvesting #ManufacturedHomes #PropertyValuation
Welcome to our latest episode! Get ready to embark on another enlightening journey as we dive into the world of mobile home investing with Rachel Hernandez, best-selling author, real estate investor, and speaker renowned for her expertise in Adventures in Mobile Homes podcast.
With over a decade of experience in real estate, Rachel has carved her path from landlord to mobile home investment specialist. Her accolades include #1 bestselling books on Amazon, recognition as the top writer for mobile homes on Quora, and features in esteemed publications such as Forbes and Motley Fool.
In this episode, Rachel shares invaluable strategies for generating wealth in mobile home parks, drawing from her extensive hands-on experience. From tackling difficult tenants and pest problems to navigating the intricate structure of wholesaling deals, Rachel provides a comprehensive guide to success in the mobile home industry.
Join us as Rachel sheds light on the pivotal role of sales representatives, unveils the challenges and frustrations inherent in buying and selling mobile homes, and offers indispensable tips for aspiring mobile home investors.
Don't miss out on this exclusive opportunity to glean insights from Rachel Hernandez, where expertise meets inspiration, and the keys to successful mobile home investing await. Tune in now and unlock the secrets to financial freedom in the dynamic realm of mobile home parks!
Highlights of the episode:
00:00:36 Guest Introduction & Background: Rachel Hernandez
00:01:04 Strategies for generating wealth in mobile home parks
00:05:03 Dealing with a difficult tenant and rat problem in mobile home investing
00:10:00 The role of sales representatives in the mobile home industry
00:15:00 The structure and approach of wholesaling deals
00:20:02 Challenges and frustrations in buying and selling mobile homes
00:25:01 Tips for successful mobile home investing
00:30:01 The benefits and motivations behind exchanging homes in mobile home parks
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: https://adventuresinmobilehomes.com/
Linkedin: https://www.linkedin.com/in/mobilehomegurl/
Youtube: https://www.youtube.com/c/AdventuresinMobileHomes
Facebook: https://www.facebook.com/adventuresinmobilehomes
MobileHomeInvesting #WholesalingDeals #MobileHomeSales
Welcome to our latest episode! Let’s delve into the dynamic world of property management and pet regulations with our esteemed guest, Victoria Cowart. Victoria brings a wealth of expertise as the Director of Education & Outreach for PetScreening, coupled with years of hands-on experience in multifamily housing communities and HOAs.
As a leading industry expert and educator, Victoria's mission is to empower property managers with the knowledge they need to navigate the complexities of pet-related laws and regulations. With a track record of guiding both large property management companies and independent rental owners, Victoria is dedicated to maximizing income while avoiding common pitfalls in mobile home parks and other rental properties.
In this episode, Victoria sheds light on crucial topics such as clarifying the distinction between service animals and support animals, balancing the needs of assistance animals with property owner rights, and addressing discrimination towards certain dog breeds. She also emphasizes the importance of fostering a pet-friendly community and provides valuable insights into documentation guidelines for assistance animals in rental properties.
Victoria shares practical strategies for handling pet-related issues, including the rights to reliable documentation and potential challenges in managing complaints. Additionally, Victoria walks us through real-world scenarios, such as navigating the approval process for Emotional Support Animals and the significance of implementing pet fees in communities.
Tune in now for an enlightening conversation with Victoria Cowart, where expertise meets passion, and the intricacies of property management and pet regulations come to the forefront. Gain invaluable insights that will empower you to create thriving, pet-friendly communities while safeguarding the interests of property owners and residents alike
Highlights of the episode:
00:00:45 Guest Introduction & Background: Victoria Cowart
00:01:03 Maximizing income and avoiding pitfalls in mobile home parks
00:05:00 Clarifying the distinction between service animals and support animals
00:10:00 Balancing the needs of assistance animals and property owners
00:15:01 Addressing discrimination towards certain dog breeds
00:20:00 The importance of caring for pets in the community
00:25:02 Guidelines for documentation of assistance animals in rental properties
00:30:01 Rights to reliable documentation and potential issues in handling complaints
00:35:00 The issue of an unauthorized Rottweiler in a building and the process for obtaining approval for an Emotional Support Animal
00:35:00 The importance of pet fees in communities
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: https://www.petscreening.com/
Linkedin: https://www.linkedin.com/in/victoria-cowart-cpm-naaei-faculty-3745984/
X: https://twitter.com/VictoriaCowart
PetRegulations #MobileHomeParkInvesting #PropertyManagementInsights
Welcome to our latest episode! Get ready to dive into the fascinating world of real estate law and development with our esteemed guest, Douglas Raney. Douglas brings over a decade of expertise as a real estate attorney and developer, with a knack for structuring and managing deals that set the stage for success.
With a portfolio boasting millions of dollars’ worth of real estate assets bought and sold, Douglas is a seasoned professional in the field. From drafting and negotiating legal documents to advising clients on strategic deal structuring, his insights are invaluable.
Join us as Douglas shares his wealth of knowledge on the intersection of law, business, and finance in mobile home park investing. From the importance of upfront communication and written contracts to the intricacies of clear and detailed amendments, Douglas offers practical advice for navigating complex deals.
In this episode, we'll explore the significance of clear and specific terms in contracts, as well as effective communication strategies and timelines for contract amendments. Douglas will also address concerns about loan clauses in complicated deals and highlight the importance of identifying and addressing potential disputes early on.
Tune in now for an enlightening conversation with Douglas Raney, where expertise meets experience, and the intricacies of real estate law and development take center stage. Get ready to gain invaluable insights into the world of business deals and contract negotiations.
Highlights of the episode:
00:00:36 Guest Introduction & Background: Douglas Raney
00:01:00 The intersection of law, business, and finance in mobile home park investing
00:05:00 The importance of upfront communication and written contracts in business
00:10:03 The importance of clear and detailed amendments in contracts
00:15:00 The importance of clear and specific terms in a contract
00:20:00 Addressing concerns about a loan clause in a complicated deal
00:25:02 The importance of communication in business deals
00:30:01 Effective communication and timelines in contract amendments
00:35:00 The importance of identifying and addressing potential disputes in business deals
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: https://themhplawfirm.com/
Email: Douglas@TheMHPLawFirm.com
MobileHomeParkInvesting #BusinessContracts #BusinessandFinanceLaw
Welcome to our latest episode! Prepare to be inspired as we delve into the dynamic world of Mobile Home Park investing with a true visionary, Pasha Esfandiary, CEO of Evoke Capital. Pasha's journey from professional poker player to mobile home park investor is as fascinating as it is enlightening.
With a career spanning over a decade in real estate, Pasha has amassed a wealth of experience, orchestrating over $250 million in transactions across various asset types. From flipping homes to managing large multifamily properties, his expertise knows no bounds.
In early 2021, Pasha founded Evoke Capital, driven by his unwavering commitment to prioritizing people above all else. With a portfolio boasting 1850+ lots, Evoke Capital stands as a testament to Pasha's dedication to fostering financial freedom through real estate investing.
In this captivating episode, Pasha shares invaluable insights into the intricacies of infill projects and their pivotal role in company growth. From strategies for investing in mobile home parks to the nuances of underwriting infill homes, Pasha offers a masterclass in navigating the challenges of the real estate landscape.
Drawing on his philosophy of prioritizing experiences over wealth, Pasha discusses the importance of creating scalable systems in business and the transformative power of partnerships and education in unlocking true scalability.
Join us for a riveting conversation with Pasha Esfandiary, where wisdom meets inspiration, and the pursuit of financial freedom takes center stage. Tune in now to discover the secrets to success in Moblie home park investing, straight from the visionary mind of Pasha Esfandiary!
Highlights of the episode:
00:00:36 Guest Introduction & Background: Pasha Esfandiary
00:00:53 The journey of a professional poker player turned mobile home park investor
00:05:00 The importance and challenges of infill projects in company growth
00:10:01 Strategies for investing in mobile home parks
00:15:01 Challenges and variations in the process of underwriting infill homes
00:20:00 The benefits of a conservative approach in business
00:25:01 The challenges of selling mobile homes and the importance of creating systems for business scalability
00:30:00 The importance of experiences over wealth
00:35:01 Unlocking scalability through partnerships and education in real estate
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: https://www.evokecapital.net
Linkedin: LinkedIn: https://www.linkedin.com/in/pashaesfandiary
Linktree: https://linktr.ee/roadto100pod
Instagram: https://www.instagram.com/pashaesfandiary/
MobileHomeInvesting #Scalability #Partnerships
Welcome to our latest episode! Join us as we dive into the world of mobile home park investing with a true expert, Nicholas Yale, Co-Founder of Liberty Capital Group. Nicholas embarked on his journey in 2020, and by the beginning of 2021, he closed his first deal, a 55-unit park in Florida. Since then, he's expanded his portfolio, acquiring a total of 10 parks, ranging from a 27 unit retreat to a spacious 67-unit haven.
Nicholas has a unique passion for RV parks, and in the last two months, he's shifted his focus to these gems. As a hands-on investor, Nicholas self-manages all his properties and leverages technology to streamline operations.
In this episode, Nicholas shares his insights on the strategies that have fueled his success in the mobile home park industry. He delves into the benefits and challenges of utilizing Campspot for campgrounds, explores the advantages of hybrid parks, and navigates the intricacies of their regulations. From managing mobile home communities to RV parks, Nicholas discusses the challenges faced and lessons learned, offering a wealth of knowledge for both seasoned investors and newcomers alike.
Learn how Nicholas has mastered the art of streamlining operations, enhancing efficiency in property management, and embracing technology to its fullest. Discover the secrets to staff training, handling transactions, and the pursuit of achieving zero occupancy in parks. Don't miss this episode for a front-row seat to Nicholas Yale's invaluable tips and strategies for success in the dynamic world of mobile home park investing! Tune in now!
Highlights of the episode:
00:00:36 Guest Introduction & Background: Nicholas Yale
00:01:12 Strategies for success in the mobile home park industry
00:05:00 The benefits and challenges of using Campspot for campgrounds
00:10:00 The advantages of hybrid parks and their regulations
00:15:00 Challenges and lessons learned in managing mobile home and RV parks
00:20:00 Streamlining operations and improving efficiency in property management
00:25:00 Challenges and solutions for staff training and handling transactions
00:30:00 Challenges and strategies for achieving zero occupancy in parks
00:35:01 Tips for success in the mobile home park industry
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: https://thefirmmhp.com/
Linkedin: https://www.linkedin.com/in/nickyale/
MobileHomeInvesting #PropertyManagement #RVParks
Welcome to another episode! We sit down with Kirby Horton, Co-Chief Executive Officer of The Firm Inc., a seasoned expert with over 30 years in the insurance business and a remarkable 16 years dedicated to the world of manufactured housing. Kirby brings a wealth of knowledge acquired through years of buying, selling, and operating mobile home parks, primarily in the dynamic southeast US.
In this episode, Kirby shares invaluable insights and advice on wealth generation in the mobile home park arena. From the successful acquisition and improvement of mobile home parks to strategies for a seamless exit, Kirby delves into the finer points of the industry. He discusses the pivotal role of creating a welcoming environment for businesses and the challenges faced when adapting to evolving circumstances.
Kirby also emphasizes the importance of empowering and supporting community managers, incentivizing home improvements within mobile home parks, and the considerations one must weigh when buying new homes in communities. Join us as Kirby unravels the intricate process of preparing a lot for a manufactured home and sheds light on the changing terminology within the mobile home park industry.
Whether you're a seasoned investor or someone intrigued by the mobile home park landscape, this episode promises a wealth of information and actionable insights. Tune in now for a masterclass in mobile home park investing!
Highlights of the episode:
00:00:36 Guest Introduction & Background: Kirby Horton
00:01:51 Insights and advice for generating wealth in mobile home parks
00:05:00 The success of purchasing and improving mobile home park
00:10:02 Strategies for successfully exiting a mobile home park
00:15:00 The importance of a welcoming environment for businesses and the challenges faced when adapting to changing circumstances
00:20:02 Empowering and supporting community managers
00:25:00 Incentivizing home improvements in a mobile home park
00:30:01 Considerations when buying new homes in communities
00:35:01 The process of preparing a lot for a manufactured home
00:40:04 Changing terminology in the mobile home park industry
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: https://thefirmmhp.com/
Linkedin: https://www.linkedin.com/in/kirbyhorton/
Instagram: https://www.instagram.com/thefirmmhp/
Facebook: https://www.facebook.com/TheFirmIncTN
MobileHomeInvesting #ManufacturedHousingInsights #PropertyManagementTips
Welcome to our latest episode. Today, we're honored to have Jason Postill and Tyler Lekas, distinguished figures in the mobile home park investment field, sharing their expertise.
Jason Postill
After concluding his professional baseball career in 2015, Jason ventured into real estate, making significant strides. Joining a publicly traded real estate investment firm transacting over $46 billion annually, he specialized in multifamily and apartment property transactions. In 2019, Jason co-founded MHCI Group, now the largest private owner of mobile home parks in Arkansas. His expertise encompasses strategic planning, company systems, and operations, with direct responsibilities in marketing operations, acquisitions, debt placement, and investor relations.
Tyler Lekas
Tyler's career began as a Financial Advisor, managing a hybrid book of retail and institutional money at Stifel Nicolaus. In 2017, he delved into mobile home park acquisitions, swiftly becoming a prominent figure. As a partner in MHCI Group, Tyler oversees property management, construction, inspections, private utility expertise, and new/used home infills within each property.
In this episode, Jason and Tyler share insights into various aspects of mobile home park investment. They discuss their strategies for success in acquiring and stabilizing mobile home parks, the nuances of investing in this unique sector, and the complexities of due diligence when purchasing lots for houses. Gain a peek into the decision-making processes of mobile home park tenants and delve into the challenges and risks associated with giving away houses for free. Learn how to turn challenges into profitable opportunities with success stories in Handyman Specials. The duo also reveals their proven methods for maximizing profits while minimizing costs and the effectiveness of cold calling in the mobile home park business. Gain firsthand insights into the hurdles and triumphs of operating mobile home parks. Join us for an episode packed with valuable insights, industry wisdom, and practical advice Tune in now!
Highlights of the episode:
00:00:36 Guest Introduction & Background: Jason Postill and Tyler Lekas
00:01:02 Tyler & Jason's success in Mobile Home Parks
00:05:01 Acquiring and stabilizing mobile home parks
00:10:01 Investing in a mobile home park
00:15:00 Due diligence for purchasing lots for houses.
00:20:01 Understanding Tenant Decisions
00:25:03 The risks of giving away houses for free
00:30:01 Success with Handyman Specials
00:35:00 Maximizing profits and minimizing costs
00:40:01 Cold Calling: The Most Effective Way
00:45:01 Challenges of operating mobile home parks
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
Connecting with Guest:
Jason Postill
Website: https://www.jpcapitalsolutions.com/
Linkedin: https://www.linkedin.com/in/jpcapitalsolutions/
Tyler Lekas
Website: https://www.jpcapitalsolutions.com/
Linkedin: https://www.linkedin.com/in/tyler-lekas-0087aa64/
MobileHomeInvesting #RealEstateInsights #ProfitableStrategies
Welcome to another episode! Today, we sit down with Emma Norman, a Mobile Home Park Loan Specialist and Commercial Real Estate Specialist. Emma's passion for affordable and attainable housing shines through her unique journey and deep understanding of mobile home parks (MHPs).
Having been a property manager for MHPs and RV parks, Emma brings a wealth of hands-on experience. Her love for Class Cs and Ds isn't about embracing trouble but rather kicking out the undesirable elements, making these communities safer and more secure for everyone involved.
In this episode, Emma shares her perspectives on the Mobile Home Park Loans Market and Financing Commercial Real Estate. She delves into the lender's viewpoint on recourse loans, offering insights into securing financing for a property and navigating challenges like increasing liquidity requirements and deal cancellations.Emma sheds light on bankers' strategies to protect themselves in the complex world of real estate financing. Tune in as she provides invaluable tips for successful real estate financing, from securing a real estate loan to forming successful partnerships.
If you're passionate about making a difference in communities and navigating the financial landscape of mobile home park investing, this episode is a must. Gain practical knowledge and be inspired by her dedication to creating a generational impact beyond the lucrative side of real estate. Join us for a conversation that goes beyond wealth – it's about making a lasting difference in the world of Mobile Home Park investments.
Highlights of the episode:
00:00:36 Guest Introduction & Background: Emma Norman
00:01:57 Mobile Home Park Loans Market
00:05:00 Financing Commercial Real Estate
00:10:03 Lender's Perspective on Recourse Loans
00:15:00 Securing financing for a property
00:20:01 Increasing Liquidity Requirements & Deal Cancellations
00:25:00 Bankers' strategies to protect themselves
00:30:00 Tips for successful real estate financing
00:35:01 Securing a Real Estate Loan
00:40:02 Tips for forming a successful partnership
00:44:04 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: https://easternunion.com/
Linkedin: https://www.linkedin.com/in/emmalnormanmhp/
RealEstateFinancing #MobileHomeParkInvesting #FinancialStrategies
Welcome to another episode! Today, we're talking with Tim Woodbridge, a multifamily real estate owner/operator with a journey into mobile home park investing.
In December 2019, Tim acquired his first mobile home park, and now he oversees a portfolio of nine parks with just under 300 lots. His focus is on transforming distressed multifamily assets into thriving communities.
A former registered nurse for over eight years, Tim transitioned from healthcare to mobile home park investing within two years of his first acquisition.
In this episode, Tim discusses working smarter, recognizing deal parameters, the benefits of appraisals, actions for successful refinancing and real estate investing, planning for unexpected challenges, and the significance of working with brokers in real estate investing.
For those interested in mobile home park investing, Tim Woodbridge's journey provides insights into the practicalities of working with brokers, navigating mobile home parks, and making strategic moves in the dynamic world of real estate. Tune in for a no-frills exploration of the industry from an experienced perspective.
Highlights of the episode:
00:00:36 Guest Introduction & Background: Tim Woodbridge
00:01:27 Tim Woodbridge's Journey into Mobile Home Park Investing
00:05:00 Working smarter, not harder
00:10:02 Recognizing what you don't want in a deal
00:15:00 Benefits of Appraisals.
00:20:01 Taking Action for Refinancing and Real Estate Investing
00:25:00 Planning for the unexpected
00:30:00 The importance of good brokers
00:35:00 Working with brokers in real estate investing
00:40:01 Learning about mobile home parks
00:45:01 Tim Woodbridge's Helping Hand
00:45:55 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
Connecting with Guest:
Linkedin: https://www.linkedin.com/in/tim-woodbridge-62894855/
Instagram: https://www.instagram.com/tim.woodbridge/?hl=en
Facebook: https://www.facebook.com/tim.woodbridge.54
MobileHomeParks #MHPInvesting #RealEstateInsights
Welcome to another episode. Today we talk to Max Baker, CEO of The Mobile Home Park Broker. With a history in mobile home parks dating back to 2000, Max shares his journey into this niche, which began with hands-on experience in park management, rehabilitation, and sales.
As the driving force behind The MHP Broker, Max boasts a remarkable track record, having successfully closed over $600 million in mobile home community deals since founding the company in 2009. He excels in structuring complex transactions, utilizing owner financing, research, outsourcing, and deal-making.
This episode features Max's insights on creative financing, market dynamics, and valuable tips for buyers and sellers in this specialized field. Discover his strategies for closing deals and sealing off-market opportunities. If you're interested in mobile home park investments, this episode is a treasure trove of knowledge.
Don't miss the full episode - tune in now for a masterclass in this unique industry!
Highlights of the episode:
00:00:36 Guest Introduction & Background: Max Baker
00:01:16 Max Baker's Journey in Mobile Home Park Investing
00:05:02 Entering the Mobile Home Park Brokerage Business
00:10:01 Creative financing in real estate
00:15:01 Real estate market volatility
00:20:01 Real Estate Tips for Buyers and Sellers
00:25:01 Increasing the probability of closing a deal
00:30:01 Strategies for closing off-market deals
00:35:02 Navigating the Mobile Home Park Market
00:40:00 Assistance with buying/selling mobile home parks
00:40:55 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: https://themhpbroker.com/
Linkedin: https://www.linkedin.com/in/maxwellbaker/
Instagram: https://www.instagram.com/themhpbroker/
Facebook: https://web.facebook.com/themhpbroker/?_rdc=1&_rdr
Youtube: https://www.youtube.com/channel/UCy51Xc8WnS93x2AIxFATCAQ
MobileHomeParks #MHPInvesting #CreativeFinancing
In this episode, we sit down with Jose Garcia, widely known as the 'Trailer Park King' and the best-selling author of 'How to Become the Next Mobile Home Millionaire.' With over seven years of experience in mobile home park investing, Jose covers the southeastern United States and is on a mission to expand even further. He's an investor, coach, and mentor, guiding others to tap into the potential of mobile homes and trailer parks.
In this conversation, Jose shares his journey in mobile home park investing, the role of Lonnie dealers, tips for tenant screening, unique considerations in mobile home investing, and how to deal with delays in lot rent while maintaining transparency. If you're looking for valuable insights from an industry expert, this episode is a must watch. Tune in now!
Highlights of the episode:
00:00:36 Guest Introduction & Background: Jose Garcia
00:01:22 Jose's Journey to Mobile Home Park Investing
00:05:00 Investing in Mobile Homes with Lonnie dealers
00:10:01 Screening tenants for mobile home parks
00:15:01 Mobile Home Investing Considerations
00:20:00 Delays in lot rent and transparency
00:21:50 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: https://garciamobilehomeuniversity.com/
Linkedin: https://www.linkedin.com/in/jose-garcia-aba7b1158/
Instagram: https://www.instagram.com/garcia_mobile_home_university/
X: https://twitter.com/coach_investor
Facebook: https://www.facebook.com/Garciamhu
Youtube: https://www.youtube.com/channel/UCdrOrDV2nsxUOh-fS53S9zQ
MobileHomeInvesting #RealEstateMentor #FinancialIndependence
In this episode, we sit down with Ben Braband, the owner of Saddleback Valley Communities, a mobile home park portfolio spanning 46 parks across 9 states. With experience as a former Los Angeles Police Officer and Naval Intelligence Specialist, Ben brings a unique perspective to real estate investment.
Ben shares his journey in mobile home park investments, focusing on mitigating risks to compete with REITs. He also discusses raising capital in uncertain times and the challenges of borrowing money in today's real estate market.
Listeners will gain insights into the current real estate market challenges and strategies for growing and scaling a business. If you're seeking tips and tricks from a seasoned pro, don't miss this episode. Tune in now!
Highlights of the episode:
00:00:36 Guest Introduction & Background: Ben Braband
00:01:19 Ben Bravin's Mobile Home Park Journey
00:05:01 Mitigating risk to compete with REITs
00:10:00 Raising capital in uncertain times
00:15:00 The Challenges of Borrowing Money in Today's Market
00:20:01 Real Estate Market Challenges
00:25:01 Strategies for Growing a Business
00:30:01 Strategies for scaling a business
00:35:01 Scaling a business: Considerations and Challenges
00:37:50 Tips and Tricks
00:39:28 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: https://saddlebackpro.com/
Linkedin: https://www.linkedin.com/in/ben-braband-5661519/
Facebook: https://www.facebook.com/saddlebackvalley.communities
RealEstateInvesting #MobileHomeParks #RaisingCapital
In this podcast episode, we interview Shawn Dwyer, the founder of Golden Oak REI and a seasoned Mobile Home Community Real Estate Investor. Shawn's mission is to assist busy professionals in creating passive income through recession-resistant real estate investments, offering solid returns with minimal risk.
During this insightful discussion, Shawn delves into the nuances of Mobile Home Park analysis. He shares practical insights on navigating the market, considering the impact of narrow target criteria on deal discovery. Drawing from his extensive experience, Shawn reflects on the challenges and successes of managing his first park, offering valuable lessons for prospective investors.
The conversation goes deeper as Shawn provides pragmatic advice for finding deals in today's competitive landscape. A notable highlight is Shawn's exploration of seller receptiveness, revealing the percentages of sellers open to discussion versus those who are more hesitant. He also discusses negotiation strategies, a crucial skill for successful real estate investing.
For those seeking to embark on the path to passive income through recession-resistant real estate investing, this episode is a valuable resource. Shawn Dwyer's expertise and commitment to assisting busy professionals will leave you informed and well-prepared to navigate the mobile home community real estate sector. Tune in to gain insights on your journey toward financial security!
Highlights of the episode:
00:00:42 Guest Introduction & Background: Sean Dwyer
00:03:22 Analysing Mobile Home Parks
00:04:59 How narrow targets affect finding deals
00:06:29 Managing the first park
00:07:34 Best lessons learned from the first park
00:10:50 Finding deals now
00:11:37 Percentage of sellers that are open to discussion
vs. unwilling to discuss
00:17:45 Dealing with sellers
00:22:41 Tips Tricks and suggestions
00:23:30 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
Connecting with Guest:
Website: https://goldenoakrei.com/
Linkedin: https://www.linkedin.com/in/shawn-dwyer-go/
MobileHomeInvesting #PassiveInvesting #MobileHomeParkDeals
In this captivating podcast episode, we have the privilege of interviewing Steve Case, a retired Air Force pilot turned mobile home park investor and the mastermind behind mobilehomeuniversity.com. With a wealth of experience and a strong emphasis on education, mentorship, and networking, Steve has established himself as a seasoned veteran in the industry.
In this insightful discussion, Steve delves into the topic of using the master lease and option to buy strategy for mobile home parks. He shares his expertise on how this unique approach can be leveraged to unlock hidden potential and maximize returns in the mobile home park investing space.
Drawing from his own experiences and the guidance of his mentors, Steve emphasizes the critical role that education, mentorship, and networking have played in shaping his successful journey in mobile home park investing. He provides valuable insights and actionable advice for aspiring investors, highlighting the importance of learning from those who have paved the way to success.
If you're interested in mobile home park investing or seeking guidance on utilizing the master lease and option to buy strategy, this episode is a must-listen. Steve Case's wealth of knowledge and passion for education will leave you inspired and equipped with valuable tools to embark on your own mobile home park investment journey.
Highlights of the episode:
00:00:37 Guest Introduction & Background: Steve Case
00:05:40 SECO
00:09:05 Being Physically Present to Negotiate
00:14:03 Using the Right Custodian
00:18:53 Why Would One Want to Master Lease of the Option
00:23:13 How to Deal With Payment Issues
00:27:32 The Importance of Really Knowing the Seller
00:32:00 Taking Proper Due Diligence
00:36:05 Perry Alliance
00:38:58 “Secret Sauce”
00:42:16 The Networking
00:43:12 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
MobileHomeInvesting #MasterLeaseAndOption #LearnFromTheVeteran
In this insightful episode, we welcome Derek Vickers, the owner of Victory Real Estate Group, who brings his expertise in the mobile home park business to the forefront. Derek shares his unique perspectives on various aspects of the industry, shedding light on how he tackles different areas and navigates challenges.
We delve into the endless demand for mobile home parks in Tampa and discuss effective ways to test market demand to ensure successful investments. Derek also offers valuable insights on Fannie Mae financing and highlights the potential limitations that park-owned homes can have on exit rates.
One of the key takeaways from this episode is the importance of considering exit strategies when seeking deals in the market. Derek emphasizes the significance of thoroughly understanding budgets, emphasizing that missed prices, rather than misprices, often have a more significant impact.
Furthermore, we touch upon the common oversight of sellers neglecting to thoroughly read loan documents, highlighting the potential risks and implications. Derek's experiences and expertise serve as a valuable guide for real estate professionals in navigating these crucial aspects of the mobile home park business.
Tune in to this episode to gain practical knowledge and insights that will help you make informed decisions and maximize your success in the mobile home park industry.
Highlights of the episode:
00:00:37 Guest Introduction & Background: Derek Vickers
00:01:08 How Derek Got Into the Business
00:04:14 About Derek’s Park Homes
00:07:14 The Demand in Tampa Is Endless
00:08:46 How Do You Test Market Demand?
00:13:49 Prospectus
00:18:17 Fannie Mae Financing
00:21:55 Park-Owned Homes Could Limit Your Exits Rate
00:24:34 When Looking for a Deal, Look at an Exit Strategy
00:27:58 “What Ruins the Budget Is Not a Misprice, But a Missed Price”
00:31:56 A Lot of Times, Sellers Don’t Even Read the Loan Docs
00:34:43 Closing
00:45:41 Make Sure to Get All Your Titles
00:46:20 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
Connecting with Guest:
LinkedIn: https://www.linkedin.com/in/derek-vickers-0774b146/
Instagram: https://www.instagram.com/derekvickers885/
Linktree: https://linktr.ee/derekvickers885
Website: https://www.victoryrealestategroup.com/
MobileHomeParkInsights
RealEstateExpertise
InvestmentStrategies
In this episode, Jason Janda, CEO of Rochester Property Group, LLC, a practicing attorney and mobile home park owner and investor, shares his expertise on deal sourcing and due diligence in the real estate industry. He has mentioned an interesting take on possibly using drone videos to attract potential buyers, as well as the differences between refundable and non-refundable deposits.
We also explore safety policies regarding electricity and piping issues that can arise in mobile home parks. Jason shares his insights on how to avoid damage to park infrastructure caused by garage sale signs, and the importance of considering business calculations when making investment decisions.
Additionally, we discuss the legal implications of the eviction moratorium and common legal flaws in the acquisition process. This episode emphasizes the importance of getting zoning right and ensuring all titles are obtained in order to avoid legal challenges down the line.
Throughout the episode, we provide practical tips and advice for those in the real estate industry, and highlight the importance of thorough research and due diligence in making informed investment decisions.
Highlights of the episode:
00:00:36 Guest Introduction & Background: Jason Janda
00:05:14 Are You a Man of Your Word?
00:08:44 Drone Video to Bring Further Traffic to Your Property
00:12:07 Non-Refundable vs. Refundable
00:15:41 Electricity Safety Policies
00:18:33 Piping Issues for MHPs in the Seventies
00:22:47 How Garage Sales Signs Ruin the Wood
00:26:09 Putting Less Weight on the Tax Return
00:29:04 Eviction Moratorium
00:34:06 Legal Flaws
00:39:10 Getting the Zoning Right Is a Big Deal
00:43:54 Business Calculation
00:45:41 Make Sure to Get All Your Titles
00:46:20 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
Connecting with Guest:
LinkedIn: https://www.linkedin.com/in/jasonjanda/
Website: http://www.rochesterpg.com/
RealEstateInvestingTips #DueDiligenceMatters #MobileHomeParkInvesting
In this episode, we take a closer look at fair housing laws and the challenges that cities and individuals face in upholding them. We explore the topic of zoning and how it can impact fair housing, as well as the legal action that can be taken against cities that violate fair housing laws.
We also discuss the importance of exhausting administrative remedies before pursuing litigation, and how disparate treatment can be a key factor in fair housing cases. Furthermore, we examine a recent law stating that mobile home lots can be abandoned, and the potential for discrimination in this context.
Throughout the episode, we provide insightful commentary on the complexities of fair housing law and the ongoing efforts to combat discrimination. We also highlight the importance of advocacy and education in promoting fair housing practices and ensuring equal access to housing for all.
Highlights of the episode:
00:01:36 Zoning
00:05:04 Suing of Cities
00:10:42 Exhausting Ministry Remedies
00:11:03 Disparate Treatment
00:14:11 Mobile Home Lot Can Be Abandoned
00:17:01 Proving Discrimination
00:19:17 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
FairHousing #HousingEquity #AdvocacyForAll
In today’s episode, we delve into the current state of the real estate market and the impact it has on property management operations. The episode explores how acquisitions have decreased due to the current interest rate environment and how operators are turning to improving their operations to increase resident satisfaction.
Throughout the episode, we provide insightful commentary on the importance of ancillary services in enhancing the overall resident experience. We also highlight the impact that these services have on a property's reputation and the potential for increased occupancy rates and resident retention.
Overall, the episode offers a comprehensive analysis of the current state of the real estate market and how operators can enhance their operations to provide greater value to their residents. It provides useful insights for property managers and investors alike, highlighting the importance of investing in ancillary services to increase resident satisfaction and drive long-term success.
Highlights of the episode:
00:01:18 How Ancillary Services Provide Value in Resident Satisfaction
00:03:09 Ghost Showings or Virtual Showings
00:05:24 Standard to Customized Reporting
00:09:13 Control Who the Trash Company Is
00:11:23 Collaborate With a Local Charity or School for Other Government Services
00:15:07 Outsourcing
00:18:37 Home Insurances
00:21:47 Putting in Cost Saving Devices
00:24:07 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
RealEstateMarketAnalysis #ResidentSatisfaction #InvestingInAncillaryServices
In today's episode, we are joined by Ken Schefler of Yale Advisors, who shares his journey to becoming a realtor. Ken had a diverse career before entering commercial real estate, including working as a writer for movie scripts and TV shows. He reflects on the ups and downs of the entertainment industry, where success doesn't always equate to having work produced and released.
Ken discusses how Yale Advisors offers a comprehensive range of services, including a brokerage team, equity opportunities, and a financing team that works with banks for debt solutions. He highlights the collaborative and value-driven approach of Yale Advisors, aiming to provide value across the real estate spectrum for operators and LPs alike.
Ken also touches on the current state of the market, describing it as a transitional period. Don't miss this insightful episode as Ken shares his experiences and expertise in the real estate industry!
Highlights of the episode:
00:00:37 Guest Introduction: Ken Schefler
00:06:56 Ken’s Views on the Next Quarter or the Rest of the Year
00:09:56 Premium Markets
00:15:51 Price Factor
00:20:49 The Implication of Due Diligence on Buyers
00:25:22 Who Do You Give Your Time To?
00:31:34 Other Tips or Wisdom as Far as the Market Is Concerned
00:37:28 Creating More Inventory
00:44:03 Misrepresentation
00:49:13 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
RealtorJourney
RealEstateInsights
YaleAdvisors
In today's episode, we have the pleasure of speaking with Franco Perez, an expert in helping residents upgrade their homes. Franco is the Founder of Franco Mobile Homes, a company that specializes in providing financing solutions for home improvements.
Franco sheds light on the importance of home improvement and how it can increase the value of one's property. He talks about the common misconceptions surrounding home upgrades and how they are working to dispel those myths.
We then explore the ways in which Franco Mobile Homes’ financing model works. Franco explains how they evaluate potential customers, the types of loans they offer, and how they work with contractors to ensure the quality of the work being done. He also discusses some of the challenges they face in the industry, such as the lack of awareness about available financing options and the need for more education on the benefits of home improvement.
Don't miss this informative episode as we help residents upgrade their homes!
Highlights of the episode:
00:00:37 Guest Introduction: Franco Perez
00:03:35 What Franco Does With Older Homes
00:07:25 Challenges
00:09:09 How to Get an Affordable Home
00:14:50 Bad Myths or Bad Stigmas About Mobile Homes
00:16:34 Code Violations
00:21:27 How Much Money Have You Actually Spent Just Renting?
00:24:27 Luck With Municipalities
00:28:08 About Liking Your Neighbors
00:30:57 Other Tips and Tricks
00:31:56 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
FrancoMobileHomes #HomeImprovementFinancing #UpgradeYourHome
In today’s episode, we will be highlighting our guest’s expertise in financing mobile home sales. Our guest is Scott Macneil, the CEO of Performance Equity Partners. He will be providing some background on the mobile home industry and how PEP has been able to help finance these sales.
Scott explains that the mobile home industry is often overlooked, despite being an affordable housing solution for many Americans. He goes on to describe how PEP provides financing solutions that are tailored to the needs of mobile home dealers, allowing them to sell more homes to customers who might not be able to get traditional bank financing.
We then delve into the specific ways in which PEP's financing model works. Scott talks about how they evaluate potential customers and dealers, what types of loans they offer, and how they manage risk. He also discusses some of the challenges they face in the mobile home industry, such as the stigma associated with mobile homes and the lack of data available to lenders.
Tune in for another great episode!
Highlights of the episode:
00:00:36 Guest Introduction: Scott Macneil
00:04:08 Financing a Manufactured Home That’s in a Land Lease Community
00:09:03 Restrictions on Payments
00:11:12 Reestablishing Good Credit
00:14:09 Applying Rules Universally and Across the Board
00:16:38 Certain Rate at Certain States Having an Interest Rate Cap
00:16:57 Other Requirements
00:21:35 Lending Program on the Commercial Side
00:22:47 Loan Term and Prepayment Years or Penalties
00:26:09 Manufactured Housing
00:29:25 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
MobileHomeFinancing
PEPFinance
AffordableHousingSolution
In the latest episode of The Mobile Home Parks, host Ferd Niemann discusses his experience as a mobile home park owner operator. Niemann shares a quote by Bill Gates that inspires his approach to work: "Give a lazy person a hard job because they'll find an easy way to do it." Although Niemann is far from lazy, he strives to work smarter, not harder. He shares his strategy of owning fewer parks but with a heavier workload to earn twice as much money and work half as much as his peers.
Niemann also discusses his investment strategy and the metrics he uses to evaluate deals, such as IRR (internal rate of return), pref (preferred return), cash on cash, and equity multiple. He believes in taking a bigger split to maximize returns for his investors while ensuring there is limited risk. Niemann also emphasizes the importance of evaluating the probability of a business plan succeeding and not solely relying on Excel spreadsheets, which can be easily manipulated.
Highlights of the episode:
00:00:37 Episode Introduction
00:02:20 Take a Bigger Split
00:07:50 Demoeding a Bunch of Homes
00:12:54 Abandoned Housing Process
00:16:59 Title Objection
00:20:31 Trapped Equity
00:25:07 Chopped Earnest Money
00:31:05 Getting Stuck on Taxable Hit
00:34:38 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
mobilehomeparks
casestudy
investmentstrategies
In today's episode of the The Mobile Home Parks podcast, we sit down with Vincent Tao and Elizabeth Woods, who made the bold decision to leave their jobs and pursue a career in lease communities and apartment rentals. Despite the perceived challenges in the industry, Vincent and Elizabeth have found great success through their innovative strategies and unwavering determination.
During the episode, they share their journey and experiences in the field, offering valuable insights and tips for anyone interested in the business. With their passion and expertise, Vincent and Elizabeth have become trailblazers in the industry, inspiring others to follow their dreams and create successful ventures in the mobile home park space.
Don't miss this engaging and inspiring episode of The Mobile Home Parks!
Highlights of the episode:
00:00:41 Guest Introduction & Background: Vincent Tao & Elizabeth Woods
00:08:29 How They Found a Couple of Their Deals & Other Operations
00:14:46 Creative Strategies in the Mobile Home Park Space vs. Apartments
00:19:23 Virtual Assistant System
00:23:05 Rental Assistance Programs
00:26:32 Government Programs
00:30:00 Their Other Tips, Tricks and Stories
00:32:42 The Financing
00:37:04 Loan Brokers
00:38:39 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
mobilehomeparks
apartmentinvestment
leasecommunities
In today’s episode, we welcome Yoel Kelman of Three Pillar Communities. He is a big operator. Yoel started with a partner to invest in mobile home parks, and they've got parks all over the country. He also has a background in Accountancy and financial consultancy.
While it may seem that the mobile home park business is an industry with few opportunities, the truth is that there are many hopeful owners who are looking to buy a mobile home park. There are actually many ways that you can grow a mobile home park company and make it profitable, and Yoel has gathered actionable growth tactics and strategies to help other operators and investors succeed.
Tune in to another great episode!
Highlights of the episode:
00:00:36 Guest Introduction & Background: Yoel Kelman
00:08:11 Minimum Lot Size
00:18:48 Conservative Underwriting
00:27:24 Increasing Rates
00:31:19 Parking Ratio
00:35:06 Competitors
00:40:24 Closing
Connecting with the Guest:
LinkedIn: https://www.linkedin.com/in/yoelkelman/
Website: https://threepillarcommunities.com/
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
mobilehomeparks
parkoperators
realestateinvestment
In today’s episode, we welcome Enon Winkler. He is a mobile home and RV broker who owns and operates mobile home parks while doing some third party management from time to time. He crushed it at multifamily back in 2004-2009, and continues to be vertically integrated with the properties that he owns at present. Basically, our guest is a jack of all trades.
Enon empowers his people to be entrepreneurial, and to do what it takes to go the extra mile. For him, it's all about figuring things out and creating a team culture where everyone really thrives on getting stuff done and learning. Together with his partners, they manage a bunch of third party properties, and they just selectively kind of pick and choose which ones they want to manage. It takes a lot of bandwidth to manage properties and they do not want to get too far out of their radius.
Tune in to this episode to learn more about Enon’s story and how important it is to stay engaged in this industry!
Highlights of the episode:
00:01:20 Guest Background: Enon Winkler
00:12:08 What Else Is Going On in the Marketplace?
00:16:55 Our Offer Today Changes Tomorrow
00:23:29 How to Overcome Holding Paper
00:29:41 Rent Increases and its Factors
00:42:59 Closing
Connecting with the Guest:
LinkedIn: https://www.linkedin.com/in/enon-winkler/
Website: https://otherstreet.com/
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
multifamily
thinkingoutsidethebox
thirdpartymanagement
In today’s episode, we welcome Bryce McMurry to discuss how you can grow your portfolio with the help of his expertise in the contractor field.
Bryan and his partners have “adding value to properties” as their niche in their construction projects. He emphasizes that property values may be stagnant because of a shortage of construction skills. However, there could be a lot of time management involved.
That is why when real success happens in your business, the ability to effectively manage your workload is a crucial factor. A new survey finds that excessive workload is one of the main reasons developers are turning away from construction, so being able to manage your employees' workload and other tasks is very important.
Bryan advises; “Don't be the guy that's just hanging out in the office. Go on site. Walk the property, and talk personally to all the contractors.” This way, you add value to your property and improve how you properly manage your business.
Highlights of the episode:
00:01:11 Guest Background: Bryce McMurry
00:02:14 How to Capitalize on Construction Projects
00:07:08 Hiring Experts
00:13:53 Managing Workload
00:20:54 Advantages of Metal
00:26:52 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
construction
addingvalue
workloadmanagement
In today’s episode, we discuss how not to pay taxes.
Did you know that when you invest in real estate, you face tax problems? And not just when you sell the property, but at every step along the way. Wouldn't it be nice if there were a service that dutifully executed all of your 1031 transactions?
A 1031 tax-deferred transaction can be a well thought out strategy for deferring taxes but missteps in execution can be expensive. There is little room for error when it comes to executing TIC Drop and Swap 1031 transactions, so it is vital to have an experienced tax attorney or accountant overseeing the entire transaction and ensuring that all forms are filed correctly, as well as making sure your money stays in the hands of your investors.
Tune in to ensure a successful transaction as Jonathan and I share our knowledge, tricks and experiences.
Highlights of the episode:
00:00:40 Introduction
00:02:48 The Process of TIC Drop and Swap 1031
00:08:39 Membership Interest
00:14:29 Mutual Cooperation Language
00:20:50 Closing Construction Letter
00:26:20 Bills of Sale and Assignment of Leases
00:31:02 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
tax-free
1031transactions
legalities
Today, we discuss the risks that come with property acquisition.
In today's real estate market, home purchases may not always result in what you expected. It's not just the property itself, but also the hidden traps of the contracts that can bite you. Whether you are buying a new or existing home, duplex, triplex, or commercial property, there are many legal matters to consider.
Buying a home can be a time-consuming and daunting process, especially with the ever-changing regulatory climate. But did you know that some title insurance providers may be exposed to the risk of future licensing or regulatory requirements?
If you don't protect yourself right away, it will be too late — after your money is lost.
Listen to this episode and learn how you can protect yourself.
Highlights of the episode:
00:01:08 Letter of Intent
00:03:24 Contract
00:04:10 Endorsement Offer
00:04:41 Survey
00:05:59 Phase One Environmental
00:08:23 City’s Police Power
00:09:04 Concerning Bank Documents
00:13:00 Closing Instruction Letter
00:16:30 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
legalrisks
propertyacquisition
legalrequirements
Today, we discuss both the rights and responsibilities of tenants and landlords when it comes to property real estate renting and or leasing.
A landlord’s desire for security and a tenant’s right to a safe and habitable residence are often at odds. A lease agreement is more than just a piece of paper — it lays out the legal terms agreed upon by two parties. As in any contract, breach of the agreement can be grounds for eviction.
Navigating the eviction process can be a challenge. Learn about the steps involved, deadlines and requirements for the landlord, tenant and court when it comes to eviction in the leasing of real estate.
Highlights of the episode:
00:00:37 Guest Introduction
00:02:37 Eviction Process
00:04:49 Eviction Notices
00:06:10 How to Prove a Non-third Party
00:17:20 Who Initiates the Process
00:18:24 What to Do When You Can’t Find the Person
00:22:00 Unlawful Detainer
00:27:32 Witness
00:32:26 What Happens if the Person Doesn’t Leave
00:39:20 Writ of Restitution
00:43:08 Tax Refund
00:45:39 What Happens When You Don’t Write a Lease
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
evictionprocess
leasing
tenants
Networking has become more robust in this day and age. Being in the right place at the right time and referrals through word of mouth has always been a reliable method of getting more business. But you’d be surprised how many opportunities there are in places like the Facebook Marketplace.
Let’s explore these opportunities with Mitchel Armstrong as he shows us how he expanded his hustle to find some great deals and lenders online.
Highlights of the episode:
00:00:32 Guest Introduction
00:01:32 How to make your first jump into Real Estate
00:02:20 Flipping a bad Property situation into a Good one
00:03:25 Using Zillow Effectively
00:06:17 How to get an Easy Contract in a short period of time
00:12:19 Finding a bigger investor VS several small investors
00:20:20 The Next Move on Extra Income
00:33:55 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
HowToHustleOnline
FindingLendersandDeals
ProftingThroughWordOfMouth
Today, we discuss the importance of a written correspondence especially for investors. Most real estate transactions require some form of written contract, and it's very important that this portion of the transaction be addressed quickly and efficiently!
Even simple verbal agreements can cause major problems, especially during periods of high volume. Many investors rely on automatically generated e-contracts which have been customized to their needs.
A lot of people don't realize that the way you word a letter can have significant consequences on its outcome. A written correspondence is vital to protect your interests and is essential to protect both the buyer and the seller. It provides the recipient with clear notice and evidence of your intentions in a timely manner.
Hence why it's so important to be precise when writing a legal correspondence in real estate.
Highlights of the episode:
00:00:32 Podcast Intro
00:01:58 Basic Good Practices
00:07:24 Subscription Agreement
00:09:54 Target Internal Return Quote
00:10:36 Property Management Agreement Assumptions
00:13:19 Capacity Offering
00:17:42 Sample Execution Letters
00:23:12 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
writtencorrespondence
investors
agreements
Today, we discuss what a Master Lease is and how and when you can use this for purchase.
Master Lease is a controlling lease that gives the lessee the right to control and sublease the property during the lease. The lessee has equitable title to the property while the owner retains the legal title. It is commonly used in commercial real estate deals.
When you want to purchase intermediate amounts of space and want to obtain maximum flexibility without being bound by long-term commitments, then you surely should consider using a master lease.
Highlights of the episode:
00:00:31 Podcast Intro
00:01:45 What Is a Master Lease
00:04:11 General Pros of a Master Lease
00:07:22 Tenant Buyer
00:10:35 Property Management Agreement
00:15:08 Operational Control
00:17:25 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
masterlease
buyer
purchasingpower
The Private Place Memorandum (PPM) is executed in a legal document that each and every single person has. It contains a unique aspect relating to the individual, but also to the public.
Even though a PPM by its nature is private, in this episode, you'll be able to learn the reasons why you should do one and why most people do not like to write privately because of the possible self-disclosure.
Highlights of the episode:
00:00:38 Podcast Intro
00:01:13 Why People Don’t Like PPMs
00:03:00 Security
00:05:06 Capitalization
00:06:08 Two Types of Offerings
00:09:42 Third-Party Verification
00:14:54 Debt and Equity
00:17:00 Depreciation Allocation
00:17:21 Member Ownership
00:18:09 Key Manager Fees
00:23:23 Post Raids
00:29:16 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
PPM
dataprivacy
legaldocuments
Banks want to lend money, but they're ultra-conservative. You need these tips to help you get approved.
This episode will help you qualify for a loan and understand how to work with bank representatives. It will also offer advice on how to help banks feel more comfortable in dealing with your situation and how to show them that you are worth their time and money.
If you've been rejected by the bank or want to avoid getting turned down, here are the 10 steps to help you get your loan approved!
Highlights of the episode:
00:00:38 Podcast Intro
00:03:33 Client Fishing for a Loan
00:04:09 10 Steps
00:04:11 Identifying the Bank
00:05:16 Make an Application
00:06:03 Personal Financial Statement
00:10:10 Business Plan
00:12:35 Financial Analysis
00:13:23 Risks and Opportunities
00:13:41 Management Plan
00:14:04 Resume
0023:25 Closing
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
bankloan
bankapproval
realestate
We all know that mobile home parks are a great way to achieve a sense of stability in our lives. However, one of the downsides of being so settled is that when something goes wrong—like a leaky pipe, gas lines or a rowdy neighbor, it can be tough to get things fixed.
When it comes to mobile home parks, being obstinate can mean the difference between a bad deal and one that will save you thousands. Not all park operators are reasonable, and if you don't know how to say no, your own obstinacy could cost you big.
In this episode, we look at how being obstinate can save the day!
Highlights of the episode:
00:00:00 Podcast Intro
00:00:42 Word of the Day: Obstinate
00:03:00 Negotiating
00:08:40 Zero Setbacks
00:12:00 Not Taking No for an Answer
00:18:20 Property Taxes
00:23:10 Retreat Shakedown
00:26:44 Lesson Learned
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
beingobstinate
agreements
realestate
The title company you select is critical to your success when buying real estate. An experienced and reliable title company will be experienced in negotiating potentially challenging real estate closing situations smoothly.
So, how can you ensure the title company you choose is a good choice? Tune in as Ferd discusses this topic.
Highlights of the episode:
00:00:32 Host Intro
00:03:19 How Do I Choose a Title Company?
00:06:17 Important Fees
00:08:40 Permits / Permission
00:16:32 Conclusion
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
titlecompanies
agreements
realestate
In a neighborhood with no documentation of water and sewer lines, where the only hold back agreement will be your word, how do you know if the people who came before you did their plumbing right? In today’s episode, we will learn the importance of legal documentation as we discuss the pros and cons behind Escrow Holdback Agreements.
Our guest for today is Jonathan Gilmore. Jonathan is a real estate transactional attorney with over 12 years of experience, who is highly skilled in managing transactions involving land and buildings of every type and nature. Jonathan currently specializes in helping clients buy, sell, lease, finance, and raise capital for real estate deals in homebuilding, multi-family, manufactured housing and commercial real estate sectors.
Escrow Holdback Agreements are an important tool to protect buyers and sellers alike. However, they may sometimes confuse clients or delay the entire real estate closing process due to complicated legal clauses. This is why Jonathan emphasizes that if you are considering buying a property, you should know that there are certain legalities to consider.
Highlights of the episode:
00:00:38 Guest Intro : Jonathan Gilmore
00:01:10 What Is an Escrow Holdback Agreement?
00:05:30 Less Sophisticated Sellers
00:07:31 Closing Deliverable
00:10:00 Title Companies
00:12:35 Small Firm vs. Big Firm
00:15:45 Lender
00:18:00 What Happens if There’s a Fight?
00:20:00 Discussion of Rights
00:23:45 Assignability
00:24:59 Risks of Market and Supply Chain Change
00:29:00 Fire and Other Risks
00:36:40 Closing
Connecting with the Guest:
LinkedIn: https://www.linkedin.com/in/jonathan-e-gilmore-5a3651182/
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
escrow
agreements
realestate
In today’s episode, we talk to Paul Bradley. Paul is a mobile home park operator who first stepped into the industry in 1988 when he was still 24 years old. As a young professional back then, he began working for an organization called New Hampshire Community Loan Fund, and since then made it his mission to help low-income people own homes, hence why he founded ROC USA in May 2008.
Paul emphasizes the importance of support. Their cooperatives work with low-income communities to help future residents own homes while being able to secure long-term gains. Paul inspires us how profit with a mission works, especially within low-income communities.
Highlights of the episode:
00:00:45 Guest Intro: Paul Bradley
00:01:17 Guest Shares His Background
00:02:11 The Leap
00:05:37 Difference Between Mobile Home Parks and Owner-Occupied Homes
00:09:24 Value Proposition
00:11:13 Equity
00:14:16 The Fear of Escalating Rents
00:15:43 Increasing Costs
00:19:50 Assessment Ratio and Other Sensitivities
00:26:44 Risk of Transfer
00:30:27 Putting Viable Opportunity
00:35:50 Who Pays for the Due Diligence
00:40:29 Closing
Connecting with the Guest:
Website: https://rocusa.org/
LinkedIn: https://www.linkedin.com/in/paul-bradley-01369813/
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
beobjective
havingamission
cooperatives
In today’s episode, we talk to Dustin Maxwell. Dustin is a commercial airline pilot who lives overseas while managing and owning mobile home parks throughout the United States, but mostly in the Southeast.
Dustin always had a business sense. He emphasizes on building connections with people, reaching out and putting yourself out there. Having open channels of communication, an organizational structure and some standard operating procedures are a must, especially when managing mobile home parks. He states that mobile home park owners must have a plan so they can be proactive instead of reactive.
Dustin joins Ferd to share insights on how mobile home parks can help solve problems in our lives. It should be acknowledged that in the scope of real estate, it is not like studying for a test that either you pass or fail. In real estate, you should have so much power and control just depending on how much work you put into it. You should spend the time researching and educating yourself on it.
Highlights of the episode:
00:00:38 Guest Intro : Dustin Maxwell
00:01:05 Guest Shares His Background
00:03:16 How the Guest Source Deals and Manages Mobile Home Parks
00:10:51 How the Guest Operates Mobile Home Parks
00:13:46 Managing Scope of Works Remotely and Those That Can’t Be Done Remotely
00:15:16 Issues About Water Bill
00:20:57 Tips, Tricks, and Lessons Learned
00:22:54 Taking Accountability For Your Mistakes
00:26:20 Other Strategies From the Guest
00:27:50 Taking Action
00:35:03 Guest Contact Information
00:35:54 Closing
Connecting with the Guest:
Website: https://jetsettercapital.com/
LinkedIn: https://www.linkedin.com/in/dustin-maxwell-06780699/
Email: dustin.maxwell@expressjet.com
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
beingproactive
mobilehomepark
realestate
In today’s episode, we talk to Craig Napoliello. Craig is a real estate hustler, owned a couple of multi-family properties, but now focuses on mobile home parks. Craig got into mobile home parks for about three years now and ended up selling 1031 of his multi-family properties to deepen his interest in real estate. After having encountered several highs and lows, Craig, together with his partner Kevin, find mobile home parks as a fundamental operation to not only sustain income, but also take it as a motivation to provide other families a great place to live.
Craig joins Ferd to share insights about how inspiring the realm of mobile home parks can be. Craig points out that there is real work to be done into making mobile home parks successful. If you want to have a high-quality and well-respected business, then you must be willing to take a lot of work. Despite trial and errors along the way, you must learn to love what you do.
Highlights of the episode:
00:00:48 Guest Intro : Craig Napoliello
00:01:28 Craig’s Background
00:03:08 Introducing His Business Partner
00:04:52 How Personal Business Relationships Can Be Challenging
00:06:34 Going to North Carolina
00:08:10 Reflecting on New Opportunities
00:10:37 Importance of Partnering With Experts in Your Field
00:12:27 Being Courageous to Take It All
00:13:19 How Craig Navigated Through the Loose Ends
00:16:10 Finding Deals
00:17:41 Number of Deals Closed Through Referrals
00:22:30 Thank You’s as Testimonials
00:23:28 Exerting Extra Effort
00:25:59 Ups and Downs That We Can Learn From
00:26:35 Learning to Love What You Do
00:30:30 Advantages and Disadvantages of Mobile Home Parks
00:39:00 Cautions
00:50:09 Closing
Connecting with the Guest:
Linkedin: https://www.linkedin.com/in/craig-napoliello-b5122a58/
Email: craig@40oaks.com
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
wholesale
mobilehomepark
sidehustle
In today’s episode, we will be having a conversation with Gerard O’Sullivan. Gerard O'Sullivan is a successful businessman and a mobile home park investor and operator. He has been investing actively and passively in multifamily for 20 years and just recently got into mobile home parks for 2 years. He learned that while the depreciation on multifamily assets is good, the depreciation on mobile home parks is even better.
Gerard joins Ferd to share insights about: (1) the amount of commitment, time and effort there is in being a business owner; (2) how taxes can become a primary driver in business; (3) how real estate can be used as a tax strategy; and (4) how he was able to maximize his finances in the MHP space.
Highlights of the episode:
00:00:39 Guest Intro: Gerard O’Sullivan
00:01:24 Background of the Guest
00:02:20 Getting Into Business in Your Early Twenties
00:04:45 Real Estate Space
00:05:38 Tax as Maturity Driver
00:08:02 Beginning of Multifamily World
00:08:32 How to Take Advantage of Bonus Depreciation
00:14:19 Tax Code in the IRS
00:18:42 Cost Segregation
00:21:30 Learning New Spaces and Gathering New Experiences
00:38:51 Balance Between Work and Family
Connecting with the Guest:
Website: https://spindriftcapitalpartners.com/
Contact: 516-445-2974
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
powerintaxes
mobilehomeparks
realestate
In today’s episode, we talk to Eric Lindsey. Eric is a real estate hustler, owns and flips mobile home parks while investing in homes and apartments. Eric got into Mobile home parks four to five years ago as a solution to address his job instability in the construction arena. After having encountered several layoffs, finding a secure job but then facing corporate politics along the way, it was then evident for him to seek and double down on other income sources.
Eric joins Ferd to share insights about wholesaling mobile home parks as a great way to get training wheels for ownership. Eric deeps dive into his processes and best practices on how to operate mobile home parks as a side hustle.
Highlights of the episode:
00:00:38 Guest Intro: Eric Lindsey 00:01:04 Eric’s background 00:04:24 What Eric sees in today’s marketplace 00:05:59 Wholesale as a training wheel step to ownership 00:11:28 The process of wholesale on homes, parks, and apartments 00:14:12 Ways to locate mobile homes 00:17:07 Wholesaling a mobile home on a handshake and best practices 00:19:00 Convincing people to just wire the money 00:22:09 Tips and tricks for people who want to get into the MHP space
Connecting with the Guest:
Website: https://ericlindseyrei.com/ LinkedIn: https://www.linkedin.com/in/eric-lindsey-15b937123/?trk=public_profile_browsemap Email: moonlightequitiesgoup@gmail.com Facebook: https://www.facebook.com/MoonlightSideHustle/ Podcast: “The Moonlight Real Estate Side Hustles and Syndications Show”
Connecting with MHP Law:
Website:https://themobilehomelawyer.com/ Facebook:https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069 LinkedIn:https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/ Instagram:https://www.instagram.com/themhplawyer
wholesale
mobilehomepark
sidehustle
In this episode, Ferd talks about the differences between hiring a Pro versus a Schmo contractor. He also explains why pros are expensive compared to Schmos. Ferd also discusses why there is a need to have general liability insurance for workers or contractors.
Listen to the episode as we learn more about the best practices for hiring pros versus schmo contractors and identify how and when to hire one or the other.
Highlights of the episode:
00:00:32 Pros vs Schmos Contractor 00:04:37 General Liability Insurance 00:06:29 Why you should never hire a schmo 00:07:26 Pro is expensive while the waiver is risky 00:10:07 COI certificate insurance 00:15:08 When do you need to hire a pro or a schmo 00:19:42 Best practices for hiring pros vs schmos
Connecting with MHP Law:
Website:https://themobilehomelawyer.com/ Facebook:https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069 LinkedIn:https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/ Instagram:https://www.instagram.com/themhplawyer
Schmos
GeneralLiabilityInsurance
Hiringcontractors
Section 8 is an opportunity for low-income families and residents to rent apartments and housing at fair market rates.
In this episode, Ferd Niemann shares with us real-life experiences and examples of section 8, whether a landlord or tenant should allow this arrangement and the cost that comes with it.
Highlights of the episode:
1:57 - What is section 8? 2:09 - Pros of Section 8 2:54 - Cons of Section 8 4:29 - Is section 8 favorable among MH 4:56 - Regulators of Section 8 6:28 - Old stereotypes on low-income tenants 7:26 - Different real-life encounters under section 8 20:45 - Wrapping up on section 8
Notable Quotes
4:11 - “Just because people are poor doesn’t mean they shouldn’t have the same kind of housing or livability standard” - Ferd Niemann
Connecting with MHP Law:
Website:https://themobilehomelawyer.com/ Facebook:https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069 LinkedIn:https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/ Instagram:https://www.instagram.com/themhplawyer
Section8
MobileHomes
realestateopportunities
It’s always critical to your deal the level of due diligence you can apply before purchasing a property. In this episode of the MHP Lawyer Podcast, Ferd Niemann shares his own due diligence list specific to mobile home parks and highlights the importance behind each one of them to how they can be leveraged strategically to manipulate the contract and timing associated with your offer.
The devil is in the details and the victory is in the details of the contract. Tune into this episode to use the ultimate seller deliverable list that will change the way you write your contract and change the outcome of the offers that you write.
Highlights of the episode:
00:47 - The importance of a seller due diligence list
03:20 - Copies of existing surveys
04:12 - Third-party reports
06:01 - Copies of the permits
06:25 - Copies of leases
06:39 - Private utilities and insurance policies
07:06 - Right of first refusal
07:13 - When to get copies of property tax bills
08:15 - Letters of non-compliance
08:46 - Copies of utility bills
08:56 - Copies of vendor contracts
09:50 - List of the 5 best and worst aspects of the property
10:21 - P&Ls
10:45 - Tax returns
11:15 - Capital expenditures
11:29 - Age, type, and material of the structure
12:24 - List of infrastructures and refurbishing issues
13:08 - Personal property included in the sale
14:29 - Criminal activity and problem tenants
14:52 - Copies of title
15:21 - Copy of any title policy or insurance
Notable Quotes
“The part of this due diligence list, for purposes of due diligence, is also kind of a way to extend your inspection period and your closing period.” - Ferd Niemann
“It’s crucial to understand property taxes. It’s one of the most important variables in the operating expenses that I see brokers lying about all the time, and I see buyers and sellers not understanding all the time. ” - Ferd Niemann
“The devil’s in the details, but sometimes the victories are in the details of contracts.” - Ferd Niemann
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
DueDiligence
Checklist
MHP
This week's episode is about the pros and cons of owning a small mobile home park. Ferd Niemann shares the pros and cons of buying a small mobile home park. While some pros exist such as getting a chance to connect with tenants on a more personal level, cons also do exist such as not having the ability to hire a full time property manager. In addition to this discussion of contrast between the two, Ferd also weighs in by using his personal experience as a small mobile home park owner and addresses the problems that he faced and had overcome.
Highlights of the episode:
00:20 - What Is A small park 01:21 - Initial Cons of owning a small park 03:24 - Paying The Park In Cash 03:40 - Not having a full time manager 03:52 - Finding at a higher cap rate 05:00 - Easier to Zone 05:23 - Less tenants equal less headaches 05:34 - 1 vacant unit will be a big hit to the business 06:06 - Getting more personal with the tenants 06:34 - Issues with scaling 07:53 - Conclusion
Notable Quotes
“In general, smaller parks are going to cost less, it’d be cheaper and require less cash.” - Ferd Niemann “It may be a nice trial park, depending on where you are financially.” - Ferd Niemann “You could know all the tenants by name” - Ferd Niemann
Connecting with MHP Law:
Website:https://themobilehomelawyer.com/ Facebook:https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069 LinkedIn:https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/ Instagram:https://www.instagram.com/themhplawyer
SmallMHP
ProsAndCons
MHP
Jamie Simerly has experience in installing sewer and water utilities for new residential and commercial construction. He has been with Homestead Inspection since 2019. Homestead Inspection is a family-owned and operated business with over 30 years of residential building experience and over 24 years in home inspection services.
In this episode, Jamie will deep dive into the common problems investors face with sewer lines such as identifying a previous repair, a tree root clog, and more. He also discusses why Orangeburg pipes still exist today even though they’ve been disallowed by the government. Finally, Jamie shares his typical quotes in service at Homestead inspection so that you can have a baseline in your market or even possibly inquire about his services should you need them for your properties.
Highlights of the episode:
00:32 - Introduction of Jamie Simerly
01:03 - Background of Jamie Simerly
02:42 - How to do sewer surveys
05:53 - Determining an Orangeburg pipe
08:44 - Why you should check your sewer line
09:30 - Other materials you should avoid for your sewer line
12:43 - Failure points of clay pipes
17:21 - Common fixes for clay pipes
18:43 - Different Types of sewer piping problems
18:57 - How to tell if it’s had a previous repair
20:08 - How to tell if it’s a tree root clog
22:16 - Why there shouldn’t be water sitting on the pipe
23:52 - Checking out on the disconnects
24:35 - Pricing for Jamie’s services
27:54 - Knowing if your manhole is connected to the sewer line
30:27 - Talk to people in the community first
33:11 - How to reach Jamie
Notable Quotes
“If you don’t have it properly cleaned out and descalled, then you don’t know what you’re dealing with until it breaks” - Jamie Simerly
“If you don’t have enough room to actually put a 4 inch pipe into a line that’s been reduced down to 2 inches, then you won’t be able to sleeve it at all.” - Jamie Simerly
“We want to give you the most information that we can, possible, out of us going out and doing a sewer survey.” - Jamie Simerly
Connecting with Guest
Phone Number: (816) 883-1090 Website: https://www.homestead-inspection.com/
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
Sewerline
TypesOfPipes
SewerSurvey
In this episode, Ferd Niemann shares his thoughts on why the concept of rent control should be removed. Ferd expands on the detrimental long-term effects of Rent Control such as low quantity and quality of housing. He also discusses the three types of Rent Control (strict price, vacancy control, and vacancy de-control) which are all real-world examples of the impacts they can have on the future market. Finally, Ferd notes that other investors may not know that they are victims of Rent Control and why Rent Control isn’t institutionalized.
Highlights of the episode:
00:32 - Introduction
03:25 - Why Rent Control Is Bad In The Long Term
06:08 - Types of Rent Control
12:00 - Long Term Impact of Rent Control
13:48 - Why Rent control isn’t institutionalized
19:35 - Conclusion
Notable Quotes
“Capital goes where it is welcome, and it stays where it’s appreciated.” - Ferd Niemann
“If my expenses keep going up and my revenue is fixed; I’m going to choose not going to do some of the discretionary stuff.” - Ferd Niemann
“In the development game, I'm not going to add more risk in capital if you’re not going to increase my upside.” - Ferd Niemann
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
RentControl
RentRegulation
AffordableHousing
In this episode, Ferd Niemann discusses the importance of hiring a great property manager in the mobile home park business. Ferd expands on the importance of hiring slow and sometimes needing to fire fast. Ferd reviews the soft and hard skills that it takes to become a great property manager along with the core values that he and his team look to align with when hiring. If you’re looking to hire a property manager for your mobile home park, you’ll want to listen to the ‘12 steps to hire best’ clearly outlined in this episode.
Highlights of the episode:
00:32 - Introduction
01:31 - Recent experience at Mcdonald’s
03:19 - Why having a good property manager is essential
08:16 - Skills that all employees need to have
11:22 - 12 Steps to a proper hire
Notable Quotes
“I’d much rather pay somebody 30k base and 30k in commissions than pay someone 40k base. What I found is that the guy/gal that will take the lower base is hungry for commissions and they’re my best players.” - Ferd Niemann
“Not having the person here is a pain, but hiring the wrong person and then having to fire them or they quit and then do it all over again is a bigger pain.” - Ferd Niemann
“I’m calling references at this point because they can make or break the deal sometimes.” - Ferd Niemann
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
TeamBuilding
HiringProcess
PropertyManager
After 25 years as a developer, investment banker, and real estate analyst, Brad Thomas believes there’s only one rule in investing: protect your principal at all costs.
He’s built his career on trust, staying smart, and conservative on researching, connecting and doing what’s best for his clients.
Besides real estate, Brad is an editor for the Forbes Real Estate Investor newsletter and writes weekly for Forbes.com and Seeking Alpha, where he maintains “real-time” research on many publicly-listed REIT securities.
He is also the co-author of The Intelligent REIT Investor, and has also been featured in Forbes Magazine, Kiplinger’s, U.S. News & World Report, Money, NPR, Institutional Investor, GlobeStreet, and Fox Business. He was also ranked as the #1 contributing analyst on Seeking Alpha from 2014-2019.
Highlights of the episode:
00:32 - Introduction
01:24 - Background of Brad Thomas
03:27 - What are REITS and Why You Should Invest
07:01 - The Pro’s and Con’s of REITS
09:47 - Total return of investment from REITS
14:56 - Minimum assets under management to make REITS worthwhile
21:57 - Underlying Ground Lease
27:41 - Importance of finding your passion
31:42 - Why You Should Invest in REITS
Notable Quotes
“You shouldn’t compare REITS on a price to earnings multiple. You should compare it to a price to funds from operations multiple.” - Brad Thomas
“It (REITS) gives the individual investors all types of options and alternatives to invest in Real estate.” - Brad Thomas
“Most private companies today cannot compete with the cost-to-capital that these public REITS have. It’s not even close.” - Brad Thomas
Connecting with the Guest
LinkedIn: https://www.linkedin.com/in/rbradthomas/ Forbes: https://www.forbes.com/sites/bradthomas/
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer
REITS
StockMarket
BradThomas
In this week’s episode of The Mobile Home Park Lawyer Podcast, we have Victor Alves, a real estate entrepreneur and Co-Founder of Vecno capital.
Victor was a former sales district manager for a Fortune 500 company, who won several top performance awards before pursuing his career in real estate investing. He is a licensed contractor in the city of San Antonio, TX, a licensed manufactured home retailer, broker, and installer in the state of Texas, and actively serves as a Real Estate Coach for one of the nation’s leading real estate investment education companies.
If you are thinking about transitioning from single-family flips to mobile home parks, you have to see this episode. Victor tackles the steps required to take when transitioning from single-family flips to MHP, understanding demographics and clientele, finding and working with good people in the industry, and being ready for the unexpected.
Highlights of the episode:
00:50 - Introduction of the guest
01:30 - Background of the guest
06:10 - Motivation for the transition from single family flips to MHP
11:38 - Easy and hard steps through the transition
12:16 - Understanding demographics and clientele
14:05 - Utilities and working with a septic company
14:48 - Understanding infill
18:40 - Tips for people who are thinking about following Victor’s footsteps
19:58 - Finding good people in the industry
23:03 - Loans and working with lenders
26:42 - Underwriting
30:49 - Ensuring recovery when things don’t go as planned
Notable Quotes
If you don’t like it now, the chances that you’re gonna like it later is very minimal.” - Victor Alves
“Get into the business” - Victor Alves
Connecting with the Guest:
Facebook: https://www.facebook.com/victor.alves.7587
Email: victor@vecnocapital.com
Website: https://www.vecnocapital.com
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
mobilehomepark
singlefamily
transition
Joining us for this week’s episode is Adam Sobieski, a real estate investor, professional coach, speaker, and president of Sobieski INC.
Adam set a world-class track record in sales but after the recession, he started to venture into real estate, buying single-family homes for respectable cash flow. Initially, mobile home parks were not on his radar but today his cap rates and cash flow are the highest yields in his portfolio while owning several mobile home parks debt-free.
In this episode, Ferd and Adam share the importance of knowing your investor’s DNA, how to build proper relationships, and having better deals in small mobile home parks. So if you are seeking to venture into the mobile home park industry, you don’t want to miss the insights from this episode!
Highlights of the episode:
00:32 - Introduction 01:02 - Background of the Guest 04:30 - 30 lots Mobile Home Park 07:47 - Knowing your Investor’s DNA 10:29 - Building relationships 14:09 - Capital gain strategy 15:55 - Joint Venture Sale 17:52 - Easement in Mobile Home Park 19:55 - Better Deal with Small Park 22:20 - Management Perspective 25:39 - Return on time and aggravation 27:45 - Lesson of due diligence 31:50 - How rich are you coming into this business
Notable Quotes
You add value with creative solutions so you can get paid for it - Ferd There's not necessarily a right answer it's just what's your vision, what's your goal like. - Ferd Figure out your effective hourly rate and then don't do anything lower than that rate. - Ferd Optimize what you're best at and focus on that. - Ferd
Connecting with the Guest
LinkedIn: https://www.linkedin.com/in/adam-sobieski-6b561a14 Contact No: 760-310-6714
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
DueDiligence
InvestorsDNA
LifestyleInvestor
In this week’s episode, we have Bryce Robertson, known as “Your Real Estate Mate”, an Aussie-born real estate entrepreneur, adventurer, and founder of PropertyWorkz.
After several trips around the world, Bryce decided to focus on real estate investing to achieve his goal of having a freedom lifestyle. He began acquiring a $570,000 mobile home park with a negative net worth, unseasoned credit, and a mere $2,000 in the bank. By using his skills in underwriting, education in economics, and the power of syndication he successfully teamed up with some of the best operators in the US and expanded US real Estate Investing around the world.
If you are looking for a sign to start your journey in real estate investing — especially in Mobile Home Parks, you don’t want to miss this episode. Ferd and Bryce tackle the impact of underwriting deals, how to mitigate risks, aggressive managing, and how to take the first step in real estate investing.
Highlights of the episode:
00:32 - Introduction of the guest
01:01 - Background of the guest
02:42 - Recreating Freedom Lifestyle
03:19 - Focusing on Real Estate
04:36 - Getting the deal in the finish line
06:41 - Impact in underwriting on Deals
08:05 - Conservative Underwriting
09:41 - Mitigating Risk and Projecting Returns to our Investor
13:26 - Finding deals in market
14:47 - Being in a Tertiary Market
15:53 - Importance of winning deals
17:50 - Private Utilities
18:38 - Conservative Underwriter and Aggressive manager
20:30 - Approach in Remodeling
23:22 - All about Contractors
25:50 - Taking the First Step
Notable Quotes
The last, two, three, four years the industry we all know has changed considerably from a competition standpoint. A lot of private equity is buying up all kinds of lots, of new entrants from the minor league guys to the major league guys. - Ferd
In a competitive environment we need to set ourselves apart and what's your niche. - Ferd
Connecting with the Guest
Website: http://www.propertyworkzusa.com/
Email: bryce@propertyworkzusa.com
Phone Number: (949) 954-0880
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer
MobileHomePark
ConservativeUnderwriting
MobileHomeParkSyndication
In this week’s episode of The Mobile Home Park Lawyer Podcast, we are joined by a panel of experts on Infills. We have Steven Blank, an experienced Multi-Family Home Community Owner, and Operator who has been involved with the acquisition, infill, value add and sale of more than 200 Manufactured Home Communities; Andrew Keel, CEO of Keel Team, has specialized in bringing in homes to fill vacant lots, implementing utility bill back programs, and improving overall management and operating efficiencies, all of which significantly boost the asset value and net operating income of the communities; and Kolman Bubis, one of the founders of the largest independent advisory firms focused exclusively on the manufactured housing and recreational vehicle asset class. He focuses on the brokerage of Mobile Home properties and assists clients with fine-tuning their property disposition/acquisition and investment strategies.
Our guests share the processes and challenges they’ve experienced in bringing a home into a community such as getting the right residents in the right home, transport issues, and how they deal with the inventory. Learn how to bring mobile homes into a community, and the factors of the market associated with infilling successfully while understanding the long term value addition to increase occupancy within your community.
If you’re planning or are in the process of infilling your mobile home park, you don’t want to miss out on this episode!
Highlights of the episode:
00:36 - Episode Introduction 01:18 - Introduction and Background of the guests 03:20 - Bringing home into a community 03:55 - The hardest thing in bringing in the mobile home into a community 05:34 - Getting the right residents in the right home 07:00 - Hardest Part in Inventory 12:15 - Brokerage side in Mobile Home Park 14:29 - Solving Transport Issues 18:20 - Spending more time in vacant lots 19:08 - Taking value addition through occupancy 20:57 - Vacant Lots as Liability 25:00 - How much infill is possible 28:41 - Understanding Your Utilities 30:09 - Factors of the Market Perfect for Infill 32:32 - Good Market vs Bad Market 36:19 - Understanding the community 39:10 - Getting the right price 43:08 - Small operator getting some big operator pricing 44:09 - Selecting and Working with Manufacturers 50:26 - Factors in Selling or Renting a Home 56:00 - Hybrid Mode vs tenant owned homes only 58:00 - Raising equity at the forefront 61:00 - Infill Execution Strategy
Notable Quotes
“The infill is not for the faint of heart but that's where the values added and where the values added is where the money will follow”
“Occupancy is what occupancy is with some caveats that I'm sure we'll touch on”.
Connecting with the Guest
Steven Blank
Website: https://blankfamilycommunities.com/ LinkedIn: https://www.linkedin.com/in/steven-blank-66b4a674/
Andrew Keel Website: https://www.keelteam.com/ LinkedIn: https://www.linkedin.com/in/andrewkeel/
Kolman Bubis Website: https://sunstonerea.com/ LinkedIn: https://www.linkedin.com/in/kolman-bubis-9b9a308/
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer/
MobileHomeParkInfill
InfillStrategy
MobileHomeParkCommunity
Ferd Niemann talks to his father about what you need to know when you buy or sell a mobile home. Organized into a checklist, father and son huddle to discuss the details and important steps to take in order to land the best deals possible and how to do it the right way. From sales to purchase, to accounting, to deeds, learn from their experience and make their checklist yours to avoid mistakes that will cost you time or money in your mobile home investment journey.
Highlights of the episode:
00:00:00 - Episode Introduction
00:00:37 - Start of the topic
00:00:51 - introduction of the guest
00:01:16 - Sales checklist
00:02:06 - Seller’s information and other details
00:02:24 - Lease, payment, and documents
00:03:48 - Titles and bill of sale
00:06:45 - Insurance
00:07:11 - Utilities
00:07:48 - Informing the government and bureaucracy
00:10:02 - Purchase checklist
00:13:05 - Checking for “clean” title
00:13:33 - Taxes
00:14:28 - Arranging cashier’s check
00:15:16 - Arranging for delivery
00:15:33 - Preparing the pad
00:19:33 - Ads
00:20:48 - Wrapping up
Notable Quotes
"Pretty simple stuff but if you mess it up it’s gonna hurt."
"The details are really important."
Connecting with the Guest:
Website: https://themobilehomelawyer.com/
Facebook:https://www.facebook.com/ferd.niemanniii
LinkedIn: https://www.linkedin.com/in/ferd-niemann-iii-897456b8
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer/
devilsinthedetails
checklist
mobilehome
In this week’s episode, Ferd shows us how to increase the value of a park to make $1,000,000 in net cash out proceeds just 26 months after the initial purchase. Ferd walks through the persistence it took to earn this deal and the strategy that led to tax-free dollars in his pocket while being in his hometown of low market rents. Ferd and his father accomplished this without needing to buy an apartment or having to gouge their tenants. In contrast, tenants were left happy with a newly improved community while Ferd and his father turned a couple hundred thousand dollars down, into over $1,000,000 in just about two years. If you are looking for ways to increase and appraise your park’s VALUE the right and efficient way, this episode is for you. Don't miss out!
Highlights of the episode:
00:00:00 - Episode Introduction
00:00:33 - Start of the topic:
00:01:10 - Introduction of case study
00:04:25 - Parking Pad
00:06:05 - Subdivision Process
00:07:20 - Demo Homes
00:08:07 - Buying Right
00:09:03 - Real Property Evaluation
00:10:37 - Putting Billboard
00:12:19 - Delaying the re-finance
00:12:55 - 13 pads debt-free
00:13:28 - Appraised deal
00:15:08 - Treating Tenants Properly
Notable Quotes
"Just be persistent... Persistence is key"
"You don't need to gouge your tenants to make real money"
"You can do things right, treat people right, improve their lives"
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer/
BuyingRight
AppraisedDeal
DecentMoney
This week on The Mobile Home Park Lawyer Podcast, Ferd dives into a 20 pad home park that turned into a highly profitable investment in a very short amount of time. He uses this case study to emphasize how buying the right property is more important than the amount of volume of property you buy. If you’ve heard the expression less is more but never quite made sense of it — this episode will show you why, but most importantly, it will give you clear insights on the power of buying right.
Highlights of the episode:
00:00:00 - Episode Introduction
00:00:33 - Start of the topic: What's your measuring stick?
00:02:40 - 20 Pads Home Park
00:03:21 - Renovation
00:03:27 - Market Rent
00:04:14 - Playground Amenity and Driveway
00:04:34 - 40,000 all in renovations
00:05:34 - Value Ad
00:06:07 - Easy Peasy Deal
00:06:43 - Lesson
00:07:06 - Septic Sewer Issue
00:07:35 - Deal worth a million one
Notable Quotes
"Buy right don't denigrate that it's only a 20-pad park and you can make a decent amount of money"
"Some people out there would look down at me like "oh my gosh you only have 20 pads why would you buy a 20 pad park" this is why you buy it right."
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer/
BuyingRight
20PadsHomePark
DecentMoney
On this episode of The Mobile Home Park Lawyer Podcast, we have our special guest Phillip Merrill, owner of Merrill Water who handles all the water needs, not limited to Mobile Home Parks.
Phillip grew up in the water well drilling business working directly with his father. After college, he joined the family business and then branched out into operating and managing community water systems. He is known for his 22 years of experience in the drinking water and wastewater sector.
Phillip shares multiple wastewater systems applicable to mobile home parks, especially their Package Plants. We take a deep dive into the discussion of lagoons, septic, wells, each of their pros and cons as well as costs associated with each. If you are a mobile home park owner who has encountered challenges with your water system, this episode is for you!
Highlights of the episode:
00:00:00 - Episode Introduction
00:00:30 - Introduction of guest
00:01:27 - Background of the Guest
00:03:57 - Waste Water System
00:04:40 - What is a Package Plants
00:10:00 - Cost of a Package Plants
00:11:23 - Lifespan: Steel Vs. Cement
00:11:23 - Cost of having package plants
00:15:20 - Risk from the government
00:17:04 - Anti-backsliding
00:18:48 - Pros and cons of Lagoon
00:23:12 - All About Septic
00:25:35 - Relevant of Soil in Septic
00:26:47 - Getting rid of leech fields
00:28:18 - Killers of lagoons: Sludge
00:31:22 - Seepage Test
00:32:58 - Sludge Survey
00:35:11 - All about Well
00:37:21 - Cost of having a Well
00:40:03 - All-in cost if the well fails
00:41:39 - Tips from Phillip Merrill
Notable Quotes
"The other hidden cost that I want to mention is on your refinance or your eventual sale you're going to get hit on the cap rate"
"It's not one of those ponds you know, you don't fish in it, you don't swim in it. Just stay away from the pond"
"The bubbler is it literally looks like a water fountain and it creates water up which is active so it creates more waves and ripples which is eventually essentially creates oxygen and allows more bugs and more rapidity to the process which then thereby requires a smaller surface area"
Connecting with the Guest
Website: https://merrillwater.com/ https://merrillwater.com/mobilehomeparkresources/
Linkedin: https://www.linkedin.com/in/phillip-merrill-747255b7
Email: info@merillwater.com
Call for INFO: 503-734-7400
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer/
MHPWaterSystem
PackagedPlants
MobileHomeParkInvesting
Welcome back to The Mobile Home Park Lawyer Podcast. In this week’s episode, Ferd enlightens us about the relevance of the Mobile Home Park Star Rating System. Star ratings help identify and categorize Parks based on certain criteria. This system also works as a guide for MHP improvements.
Discover the one to five-star criteria and its overall relevance to mobile home park investing by tuning into this episode. As Ferd has, you’ll also want to get familiar.
Highlights of the episode:
00:00 - Episode Intro
01:26 - History of the Star Rating System
03:24 - One Star Rating Criteria
04:48 - Two-Star Rating Criteria
05:23 - Three-Star Rating Criteria
06:01 - Four Star Rating Criteria
08:00 - Five Star Rating Criteria
11:35 - Closing thoughts
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer/
StarRatings
WoodallRatingSystem
MobileHomeParks
Investment
Ferd shares several factors on how he determines a bad investment from a good one. Ferd points out 25 factors that won't necessarily individually break the deal, but will at least give you some reference points to think through prior to making your mobile home park investment. Tune in to find out what 25 factors you must know, before making your next mobile home park investment.
Highlights of the episode:
00:00 - Episode Introduction
00:38 - Start of the topic: Spotting a bad Investment
04:00 - Paying for the Upside
06:49 - Partner with No skin in the Game
07:09 - Zoning, Set-back, and Bad Seller Issues
09:15 - Bad Water Systems
10:23 - Potential Property Desk Job
11:03 - Trees can be a problem
11:55 - Drainage Issues
14:18 - Old Houses
14:48 - Vendor Availability
16:20 - Extro
Notable Quotes
11:06 Trees are nice for shade, they look nice, make a better neighborhood but trees can be a problem, they drop leaves which make a mess..."
Connecting with the Guest
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer/
BadInvestment
SetBacks
mobilehomeparkinvesting
This week we are joined by Ryan Smith, a mobile home park owner — founder of Elevation Capital Group.
Elevation is a respected leader in the alternative real estate investment arena and exclusively focuses on two very niched property types: manufactured housing communities and storage facilities. Through its affiliates, Elevation has acquired over $600 million worth of properties while holding interest in more than 175 assets across 30 states.
Ryan regularly shares lessons learned from the field on various podcasts and media outlets and in today’s episode, he joins us to discuss how to evaluate risk, collect rewards, and find opportunities in today’s market.
Highlights of the episode:
00:00 - Episode Intro 01:08 - Introduction of the guest 03:55 - Owning quality real estate 05:57 - Managing risks and avoiding being in the deep end 11:13 - Picking the battles 16:16 - Managing the risk 19:16 - Reaching the theoretical maximum of refinancing 22:06 - The current cap rate trends and predictions of the future 27:49 - Understanding the value of a dollar 32:58 - Closing thoughts
Connecting with the Guest
Website: https://elevationcapitalgroup.com/
Linkedin: https://www.linkedin.com/in/ryansmithelevation/
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer/
Infills #FindingDeals #MHPLawyer #TheMHPLawyerPodcast #MHP #MobileHomeInvestment #MobileHomes
Welcome back to The Mobile Home Park Lawyer Podcast. This week we are joined by MHP Owner, Julio Jaramillo. Julio is an entrepreneur, business owner, RV/MHP owner/operator, and investor. Julio focuses on acquisitions and operations of mobile home parks in the midwest.
Julio Jaramillo is the founder and managing member of Evergreen Communities.
In this episode, you will learn how to plan a deal, staging out on an infill, and how to pitch deals to your desired target.
Highlights of the episode:
[00:00:00] Episode Intro
[00:00:59] Introduction of the guest
[00:12:56] What the plans were to find a deal
[00:21:43] Staging out on an infill
[00:27:57] Pitching a deal to rich people
[00:32:46] The passion and the know-how
[00:40:49] Your natural environment
[00:42:54] Closing thoughts
Connecting with the Guest
Website: https://www.evergreencommunities.com
Linkedin: https://www.linkedin.com/in/julio-jaramillo-3a65337/
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer/
Infills #FindingDeals #MHPLawyer #TheMHPLawyerPodcast #MHP #MobileHomeInvestment #MobileHomes
This week on The Mobile Home Park Lawyer Podcast Ferd shows us the Do's and Don'ts when doing a site visit. Learn every detail that needs to be checked, look for, and consider before doing the investment. Join Ferd Niemann as he shares his strategy for a good Mobile Home Park Investment.
Highlights of the episode:
00:00 - Episode Introduction
00:40 - Start of the topic: Things to Look for in a Site Visit
01:34 - Purchase Price
02:36 - Condition of homes and vehicles
03:06 - Zoning
03:18 - Evaluation of Road Condition and type of Utilities
03:43 - Other Revenue Opportunity
03:49 - General assessment of the premises
04:05 - Layout of the Park
04:32 - Feel of the neighborhood
04:42 - Pride of Ownership
05:08 - Internet Providers
05:24 - Survey Amenities
06:10 - General Topography
07:00 - Taking Photos and Videos
Notable Quotes
"Generally look and see if there's the pride of homeownership... try to assess the parkland home and tenant on home counts and locations and whether they're single-wide or double-wide".
"When I go out on the property... always have a site map, always have a pen and paper ready and just take notes and then report back to team report back whoever's doing the budget, whoever's you know doing insurance. Everybody's doing CAPEX doing the ordering and go from there"
Connecting with the Guest
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer/
SiteVisit
MobileHomeParkInvesting
MobileHomeVisits
MHP
MobileHomeParkLawyer
MHPInvesting
MobileHomePark
Welcome back to the Mobile Home Park Lawyer Podcast. In this episode, Ferd Niemann talks about the post-closing tasks after every property acquisition. Post-closing tasks are a critical part of the acquisition process to ensure that no aspects or details of the property acquisition are overlooked. Consequently, saving time and money.
Highlights of the episode:
00:00 - Episode Introduction
00:32 - Overview of the Post Closing Tasks
01:35 - Checklist of Post Closing Tasks
07:02 - Episode Closing
Notable Quotes
“Those things (post-closing tasks) are all pretty valuable to do right after closing -it’s hard to do it all first day but certainly in the weeks after closing, those 25-or-so items are pretty crucial” - Ferd Niemann
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer/
PropertyAcquisition
DueDiligence
RealEstate
MHP
MobileHomeParkInvesting
On the new episode of the Mobile Home Park, we have our special guest Charlotte Dunford who shifted from a corporate job to a full-time real estate entrepreneur. She started from a single-family home to a duplex and eventually acquired small Mobile Home Parks in 2019. Right now she has 22 parks from different locations and has 4.2 million dollar assets.
In this episode, she shares her experiences from operations to dealing with utility systems to raising capital and investors. If you want to be like Charlotte who nails in the small MHPs industry make sure to stick until the end of our episode!
Highlights of the episode:
00:00 Episode Introduction
01:07 Background of the Guest
03:57 Operating a small Mobile Home Park
05:53 Due Diligence and Sourcing Deals
09:57 Cost of Small MHPs Deals
12:18 Utility System
12:50 Raising Capital and Investors
14:30 Seller Financing and Buying Cash
16:32 Opportunity of Acquisitions
17:54 10% CAP Acquisition
19:00 Tips and Tricks
Notable Quotes
"As far as tricks, in every single niche, there are different ways to operate. For us, we're growing rapidly and we have news deals down the pipeline" - Charlotte Dunford
"Historically smaller loans have been harder to get financed" - Ferd Niemann
Connecting with the Guest
Website: https://www.johnstreetcapital.com/
Connecting with MHP Law:
Website: https://www.johnscreekcapital.com/who-we-are
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram:https://www.instagram.com/themhplawyer/
SmallMHPs
FundCompromise
mobilehomeparkinvesting
Welcome back to the Mobile Home Park Lawyer Podcast. This week Ferd Niemann with special guests from the MHP field Larry Abramowitz, Brett Bowman, and Abraham Anderson as they discuss the Growing Pains from the easiest to hardest deals in Mobile Home Parks.
In this episode, you will learn what’s easy about operations, what’s hard about operations, and what the state of the labor market is.
Highlights of the episode:
00:00 Episode Introduction
01:27 Introduction of the guests
05:41 What do you think would have been easy but wasn’t?
18:56 The Hard Part with Operations
25:00 The State of the Labor Market
28:28 The Difficulty in Finding New Deals
44:45 Successful Systems that are Implemented
52:07 Closing Thoughts on Growing Pains
Notable Quotes
“Being busy is not the same as being productive” - Ferd Niemann
“I'm looking at my board right now, I've got lists of those that i've missed out on that i've felt just fine about but the ones where you're close those can hurt so you want to do your best to really zero in on your underwriting again and make sure you're doing the right thing.” - Brett Bowman
Connecting with the Guest
Larry Abramowitz
Website: https://www.broadviewcap.com/about Instagram: Larry Abramowitz
LinkedIn: https://www.linkedin.com/in/larry-abramowitz-a9331918/
Brett Bowman
Website: https://www.suncrestcap.com Instagram: https://www.instagram.com/suncrestcapital/
LinkedIn: https://www.linkedin.com/in/bowmanbrett/
Abraham Anderson
Website: https://capitalcashflow.com Instagram: https://www.instagram.com/capitalcashflow/?hl=en
LinkedIn: https://www.linkedin.com/in/abraham-anderson-772a1466/
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer/
GrowingPains
SystemsImplementation
FindingNewDeals
Welcome back to the MHP Podcast where we meet our guests Rhett Trees who is the Founder and CEO of Seneca Capital Partners, Sam Hales from Saratoga Group, Jeff Cook who is the Founder and CEO of Cook Properties, and Daniel Weisfield with Three Pillars
In this episode, you will learn the pros and cons of high-risk investing, how to differentiate and scale investors, and how the accounting department fees can adjust to company expansion.
Highlights of the episode:
00:00 Episode Introduction
01:10 Introduction of the Guests Rhett Trees, Sam Hales, Jeff Cook, and Daniel Weisfield
05:23 First, most recent, and biggest Capital Raises
10:24 Pros and cons of High-Risk Investing
17:16 Opinions on a scale of Investors
21:30 Differentiating Investors
29:58 The Reporting Process
34:52 Comparing the Fee Structures
39:55 Balancing the interest of LP/GP
45:04 Timeline for Penalties and Rewards
49:40 How the Accounting Department Fees Adjust to Expansion
54:43 Where We Are in the Market
57:00 Controlling the controllable
01:08:10 The Scale of Deals and Closing Comments
Notable Quotes
“I’d rather have a smaller piece of something, than 100% of nothing. And unless you’ve got really deep pockets or really low ambitions, you’re not going to be able to do without partners or without some sort of financial backer.” - Ferd Niemann
“We can do a better job for everybody, if we run it the way we know how to run it.” - Sam Hales
“That’s why I do believe this is a scale business. The scale helps in so many ways, not only economically at the GP side, we don’t put any GP expenses into the pond. It’s more about our ability to buy mobile homes when we see them.” - Rhett Trees
Connecting with the Guest
Rhett Trees
Website: https://senecacp.com
Instagram: https://www.instagram.com/happiesttrees/?hl=en
LinkedIn: https://www.linkedin.com/in/rhetttrees
Sam Hales
Website: https://saratogagroup.com/
Facebook: https://www.facebook.com/SaratogaGroupLLC/
Twitter: https://twitter.com/thesaratogacorp
Instagram: https://www.instagram.com/saratoga_group/?hl=en
LinkedIn: https://www.linkedin.com/in/samhales/
Jeff Cook
Website:https://www.cookpropertiesny.com
Facebook: https://www.facebook.com/cookpropertiesny/
Twitter: https://twitter.com/ny_properties?lang=en
Instagram: https://www.instagram.com/cookpropertiesny/?hl=en
LinkedIn: https://www.linkedin.com/company/cookpropertiesny/
Daniel Weisfield
Website:https://www.threepillarcommunities.com
Facebook: https://www.facebook.com/daniel.weisfield
LinkedIn: https://www.linkedin.com/in/daniel-weisfield-33940613/
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer/
CapitalRaises
ScaleOfInvestors
FeeStructuring
On the new episode of the Mobile Home Park, we have our special guest Chris Murray who works in the sports marketing industry for 25 years and has been eclectic in the Mobile Home industry.
Chris Murray created a unique business plan and opportunity where he buys homes others don't want to have. Yes, you heard that right!
In this episode, you will learn the potential of this unique business model. Whether you want to sell your homes or a park owner who wants to get into this business, you don't want to miss this episode.
Highlights of the episode:
00:00 Episode Introduction
01:20Background of the Guest 05:07 Putting up the property management company
06:28 Current states and plans of expansion
07:54 How to address park owners concern
09:21 Unique Business Model
13:01 How to deal with the regulators
14:51 Age restrictions and Trailer model Requirements
16:20 Advice to other park home owners
18:18 Challenges of the pioneers in the business
20:19 Dealing with problems with manufacturers
22:05 Finding better agreements for park or community owners
24:14 Plans of Expansions
25:08 Tenants moving out terms
28:15 Organic Potential in the industry
Notable Quotes
"You learn from the industry experts that have been in this space for a long time. But at the same time, it requires new in order to push an industry forward"
"The George Allen of the world are iconic in the business, it requires some of these younger people that are coming into the space as well, pushing the envelope and doing things differently."
Connecting with the Guest
Contact No: 6125 977 667
Website: https://gofreshhomes.com/
Facebook: https://www.facebook.com/GoFreshHomes/
Twitter: https://twitter.com/GofreshHomes
Instagram: https://www.instagram.com/gofreshhomes/
LinkedIn: https://www.linkedin.com/company/gofresh-homes-llc/
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer/
PropertyManagers
Affordable
Housing
On this episode of The Mobile Home Park Lawyer Podcast, our special guest Nick Najjar who is an Entrepreneur, business owner, and real estate investor focusing on acquisitions and operations of mobile home parks in the midwest.
Nick Najjar works with the top Realtors in St Louis to host their events and produce their monthly trade publication, Real Producers.
In this episode, you will learn Branding, Strategic Appreciation, Marketing, Consulting, and Relationship Action Planning
Highlights [00:00:00] Episode Introduction [00:00:33] Introduction of the guest [00:01:05] How to get started in the Mobile Home Parks business [00:02:22] Getting the first deal on the market [00:04:08] The special sauce for uncovered gems [00:05:23] The Millionaire Park Opportunity [00:08:13] Professional operators learning from old park owners [00:09:31] How to look at broker deals and stay competitive [00:10:24] Finding Better Buyers in a Microeconomic market [00:11:39] Beating the offer of a competitor with a 500 million dollar line of credit [00:13:58] Premium pricing through a valuation perspective [00:19:36] Mistakes that park operators can make [00:23:20] What is HUD and why it's important [00:28:00] Finalizing the Contract [00:32:08] The Challenge of Repairing a Park Water System [00:37:51] Why Plumbers Don't Have To Go Through a Contractor
Notable Quotes
8:13 “I like to call professional operators like guys like you and me, we run it like a business or at least try to and all that. And then you got the guys that built the mobile home park that owned the park for twenty years. And they're just such a unique type of individual that we learn so much from.” - Nick Najjar
11:39 “There's some brinkmanship and negotiation with I'm trying to buy your can of coke with a couple dance for 80 cents and you're trying to sell it for a dollar and a call for offers somebody so thirsty they're going to pay $2 for that can of Coke, even if it doesn't make any economic sense. - Nick Najjar
19:36 “There are some big, skilled operators that operate portfolios in all parts of the country. I just think that's a lot harder. And you're going to need a lot more and a lot better staff and it's going to reduce your margins. But if you can scale, maybe it's okay.” - Nick Najjar
Connecting with the Guest
Website: https://stlrealproducers.com/
Facebook: https://www.facebook.com/STLRealProducers/
LinkedIn: https://www.linkedin.com/in/nicknajjar/
Connecting with MHP Law:
Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer/
HUD #PremiumPricing #MicroEconomicMarket
Transcript Intro: This is the Mobile Home Park Lawyer podcast with Ferd Neimann. If you're looking to generate wealth and passive income in the lucrative world of mobile home parks, you're in the right place. You'll discover solutions to the common legal and operational pitfalls and how to optimize parks to maximize income. Your host is in the trenches. He's a real estate attorney, financial analyst and mobile home park investor and operator. Now, let's turn it over to Fern Neiman.
Welcome back Mobile Home Park Nation Ferd Neimann here again today. Another episode my guest today Nick Najjar. Nick's in the mobile home park business. Just like me, he's in Missouri as well. Owns Parks, Buys sells, owns parks in the Midwest. Please help me welcome my guest. Nick, thanks for coming on, man.
Thanks for having me. Excited and honored to be with you today.
Great. I know, I know you from the past and we worked on some deals together as well. But for our guests that don't know you. Maybe give us a little more of your background and how you got into this asset class. Uh, yeah, so
I have a couple of friends that have been in the business for probably over a decade now. Actually, both of my fingers, 15 years, maybe ten or fifteen years. So they were in it. Like most people that are intrigued by the mobile home park business, I've been intrigued in the business for over a decade. About five six years ago, I went to the first, you know, my first Frank Ralph, Dave Reynolds Mobile Home University Boot Camp. Then I actually ended up starting a business around that same time, so I kind of put my buying mobile home parks on hold for a minute. Then I picked up the activity again, but our first park in 2018 and then the year of COVID, we actually bought three parks and like an 18 month cycle and got one set to close here, plus close the day. But that's not happening, so we'll see what happens. But yeah, just for parks. Just just cranking away, man.
No, that's great, man. Now I know you find somebody deals off market or they've all been off market or have you bought anything on market?
It's a good question. So the first deal was A Market Sunstone listing that was on the market for a while. Fairly rough area up in the south side of Chicago. And I just want to get my feet wet. Got a pretty good deal. Seller Kerry terms are actually in the middle of refinancing that right now, like waiting on the appraisal to come in so that that should work out really well for us. And then the second one was an off market cold call to an owner. And then the third one was wholesaler, one of our mutual friends, Corey Woodruff, thinks thanks to props to him for Hook Me Up with a deal after we bought that one, I started looking again and he's like, hey, we got the seal. It was a very rough bark. 81 sites. 29 occupied homes. 15 abandoned homes. Very rundown. Out-of-state owners. Just a project, but we got a really good deal. Corey took care of us and we took care of him, and we're still in the middle of that project because it's hard to get people to show up to anything. And then the third one was another off market. I'm sorry. Wait, I'm getting confused. Oh, fourth one was an off market as well. So two off market, one wholesaler and one broker. So good. Good little mix of everything.
Yeah, that's good. Cool. Now how many? Give me some tips on how you find an off market in today's market because today's market is pretty competitive. There's a lot of guys out there, buyers tie up, tie it up or sinus wholesalers call it, and it seems like a feeding frenzy at times. I get calls and postcards all the time, but there are still uncovered gems out there. Do you have any special sauce you can share with our listeners?
Oh man, I actually don't really think there's a special sauce. Kind of like most things, like just we just kind of put our head down and go, we do use an auto dialer mojo. We actually just kind of scaling up right now. We have two full time VAs that are combing through our lists and really just trying to update our owner records is as good as possible. But the biggest thing and I've been talking to my partner Jason about this, actually, I had a conversation this morning, just the daily weekly disciplines of prospecting. I fortunately have it in my background of sales like, you know, just sitting down for sometimes two to four hours a day, just literally like prospecting email and brokers calling owners, tapping into relationships, reaching out. Ironically, post on the Facebook mastermind group today probably won't get a ton of traction, but I see people like, Oh, you know, I'm looking to buy parks just like, isn't every single person in this group looking to buy? But, you know, just kind of throwing everything on the wall. See what sticks. So yeah, I guess the short answer is no secret sauce, just a working man, working hard to try and find deals. So I will say one tip and this kind of funny story that you kind of.
So I called the owner of one of the parks that you own. I can share it if you want. It's in the St. Louis metro area. I think you closed in February, March. I called the owner, talked to him in October of last year. Typical owner call and I'm interested in selling. I got I got some information out of him. He's like, Yeah, you know, I've got this many sites. I just threw out a cold off. Or maybe it was like two million bucks. I don't know exactly. He's like, No, I'm just not interested in selling. Three months later, I see your Facebook post just excited. We close this great deal with six of the seven cats, a great market like probably one of the best markets in all Missouri. It really was just like, Wait a second, I know that park. I looked it up. Talk to the owner. I had to talk to him the same week. I'm sure I warmed him up. Like he probably went home to his wife. Hey, got an offer to Millionaire Park and she's like, Oh, did you take it? And he's like, No, and she's like, Why didn't you take it? And then, you know, and you probably called in the next day and oh, you know what's funny?
That's what this guy is. We really tried. We really didn't reiterate anything on that contract. We really tried to be really nice. The guy, because he owned another park, was five hundred and thirty five pads in the same trade area. And we're like, We want to get that one. This one was sixty eight and you're right, the great submarket direct bill water sewer .0 park owned homes. Ninety five percent occupied, nice looking park. It was pretty much a dream, and he told us he gets called every day and on the day of closing my business partner, I went down there to shake his hand and, you know, butter him up to try to get the big park. And while he was there, three people called him and he said, I told you, I'm getting another offer. And at the last minute, there was a little bit of a closing statement issue that got me pretty riled up. And he's standing there and he said, hold on, They say they're closing today, but call me tomorrow it looks like they're threatening to walk and Andy was there with him.
He's like, He's not bluffing. These calls are happening. So we're like, all right, close the deck thing and we got it closed. But yeah, that was funny. Yeah, I think that just proves you mean what you're doing is right. You're trying all the angles, letters, cold calls, brokers knocking on doors, personal relationships. And then sometimes it's just timing. It's just this guy. He had no debt on the park. He had his little man cave in the shop there and he went there every day and tinkered around. He was cash flowing hundreds of thousands a year. Just tinkering around, didn't need the money, didn't do a ten thirty one, just took the money. He knew all the residents by name, and I asked him later I go, was he a nice guy? He'd like him to like, He was a wonderful man and everybody loved him like, you know? So yeah, it was. We got a little lucky, I guess, on timing.
But yeah, I just mean, that's it's one of the every single you get a lot of what I like to call professional operators like guys like you and me, we run it like a business or at least try to and all that. And then you got the guys that built the mobile home park that owned the park for twenty years. And they're just such a unique type of individual that we learn so much from, right? And they're just such good down to earth people that it's just one of the things I love about this business. And I think the lesson learned is like, we just have to follow up every month or two. I mean, you can't let two months go by because they get that. That's a perfect example. Hot markets like that. He literally does get one hundred phone calls a week. And why these guys lost all these people. Who knows? I don't know
Why they don't take it to market. I mean, we probably bought that deal for like two point seven million. It was worth every bit of three million on the day we closed and then it was below market rents. We raised rents, 20 bucks and they were like 385 to four, oh, five. Well, now it's like a seven point seventy five cap on direct bill water sewer. 90 days in, you know, and and zero park on homes and zero vacancy and, you know, like somebody would have paid him, somebody would have paid him a five cap on that.
Oh, easily, maybe even more. I mean, just because it's like such a great, great market. So. And yeah, it's just you get a lot of since COVID to I think more than anything, there's just so much money floating in the space and you see these deals and you talk to the broker like there's no way it's going to trade at that. And sure enough, it does. And it's just wild. So actually. So that was one of my questions for you kind of leads into that. So I actually was talking to a broker and you said something to the broker. I don't know how it came up, but basically you're like, Oh, I don't I don't negotiate with like and maybe I'm wrong. It was something the effect of like, you just don't you don't compete on like it was a call to offer. So how do you handle oh, okay. So the broker in general, like, what do you do for underwriting to stay competitive, right? Like how do you even look at broker deals? You just focus off the market? What are your tips and how do you compete in this crazy competitive environment?
You know, it's a call for offers. I rarely put the energy into them because in order to be competitive, you got in order for me to put my best offer forward. I need to kick the tires on that deal. I need to really underwrite the financials. I need to underwrite the property tax projections. I need to visit the park. I need to look at the infrastructure. I'll make the preliminary assumption that the survey is good. The title is good, phase one is good. I'll have to understand the microeconomic market of that particular geographic location. And then I got to run a number of iterations. From a financial performance, this kind of cash flow analysis, including depending on the deal, let's say the deal was eight million dollars and I'm going to need two and a half three million dollars. Cash is getting the deal. I also need it if I don't have two and a half three million dollars laying around. I also need to underwrite or make an estimation of. How well I'll be able to raise that kind of capital in this kind of time because I'm going have to recognize there'll be somebody else, you know, at this, at this dance, it's going to be a pretty girl, right? They're going to have 25 million in checking and they're going to show their sticky statement. So that person is going to be able to pay less than me because they're quote better buyer.
So they're going to pay. So I've got to beat their offer. And chances are the guy of 25 million and checking is has got some serious cash dragons looking for a lower yield just to put his money in the game. So he's going to make it a strong offer anyway. May have already raised. I was competing one day against somebody that $500 million line of credit with JPMorgan. Mean so on a call for offers in order to put my best foot forward. There's a lot of work and I've been on them and I've been off by half. And I'm sitting like. I mean, Sam Zell says this in his book. When they say this is back in mostly multifamily, but they were missing deals and all these new guys are coming in, all these, all this new money, all these new projects. And he wasn't buying. They were bidding and he said, we're cursed because we know the numbers. And that's my problem on some of these call for offers like I know what I can afford to pay. And it's not like it's off market. There's some brinksmanship and negotiation with I'm trying to buy your can of coke with a couple of dance for 80 cents and you're trying to sell it for a dollar and a call for offers somebody so thirsty they're going to pay $2 for that can of Coke, even if it doesn't make any economic sense.
But then also there are people who have a different cost of capital. When I used to work at a big law firm and we represented one of the 10 or 15 wealthiest families in the world, and they had a cost to capital and both debt and equity. It was cheaper than ours, cheaper than the average bear because they had so much money to place. They had major borrowing power. But they also look, we're sitting on two billion right now. We'll put some in a three percent, four percent yield because what we want to diversify against the stock market, we already got enough Treasury stuff. You know, when we're losing how much in interest, you know, potential interest. So it's hard to know who you're competing with on any on market deal on a call for offers. A lot of times I had, I had a broker on my show. I don't think he told me this on on the air. But what he told me is he had a listing and it was it was a substantial listing, he, his client, said. We'll give you a commission, but normally your commission statement agreement will say if you get 10 million, you get paid your five percent his case, it said. Market price Subject to our review, he brought an offer that was like a four cap premium as a Denver, Colorado, deal.
Premium pricing brought it to the client, the client said. I'm really looking for like a three and a half cap. He's like, I put hundreds of hours into this project and your expectations are unreasonable in the marketplace. I'll just hold it then. So that's kind of like call for offers for me. So what I've done is I've really kind of shied away from him. If it was like in my lap, like in a priority on the park, I'd probably do it. But I've looked at some that are call for offers and five or six portfolio in Iowa. And I'm like free to go look at five or six parks and do all this work, spend the time and money to be off it. It just became kind, disheartening. So that's kind of how I approach those from a valuation perspective. You've got to look at your yield profile and then I've had one deal where I really pursued it hard. I basically was willing to pay a little premium and take less of a piece for myself and syndication, and it still made sense for me. But you know, I know you and Jason, your big fans of Tony Robbins. And at his conference, I listened to Keith Cunningham, the original rich dad, and I sat there and talked to Keith in the lobby and in my company is growing.
And he said, Let's say your company makes a million dollars and you got four people. Let's say your company makes a million dollars and you've got four hundred people. Which company would you rather run the company going for people is considerably less stressful. Maybe you want to feed more families and some other alternative motives, but his point was you only got so much energy, so much time to chase so many dollars and. I can't chase every single off market deal or on market call for offers deal because you might be, you know, picking up pennies and stepping over dollars. And so we've really focused on off market and it's worked out pretty well for us. I mean, in this market, we've been buying deals and I'm under contract right now on a deal that's a thirteen point five cap. Forty minutes where I want another park in a good trade area that's off market. Eighty nine year old lady is selling it right, so I can't get that on a call for offers. So in the last couple of years, cap rate compression is covered up a lot of sins of the past. Conservative off market pricing covers up a lot of sins of future operations or missed assumptions. So there's a long, long answer to your question, Nic, but that's how we look at them. Open to, you know, do you have any better ideas on how missing there?
Well, I don't you even look at broker listings like, do you?
Take a look at it? I look at them, but not very hard, be honest. Yeah, I have. I have not looked at any one of them for more than about a half an hour in the last six months. Yes, I'm mostly Muslim. There are some brokers. That I delete them as soon as they come in because I've I've chased their deals and there and they're so unreasonable on their price expectations and on their getting you to pay for vacant lots and you pay for for future market rent growth that I don't even. I'm like, I'm not going to waste my time and then they'll sit there. They'll sit there for a year in the hottest economic climate for this industry, and it's like you've been on the market for a year. I'm not so so I've and I've made reasonable offers on them, and they don't even it's not made sense. So there's some brokers that I don't even I'm not going to say who, but there are some brokers that I don't. Even if the deal was next door, I wouldn't even look at their listing.
Yeah, no, I hear you. I think I think that's a challenge for us is sometimes these owners, park owners are pretty unrealistic. And then you also have brokers that are telling them, Oh, we'll sell this and it's it's crazy times, but you know, we just do what we can.
So and the brokers don't even agree with it always. I have a broker who I've bought from before, and he told me about a deal in my trade area and he started calling me pocket listing. It's coming online soon. All right, it's here. I know that. Here's something 140 lots he's not yet submitted below market rents. I'm like, okay, and I'm like, Get on my jacket. I'm like leaving my desk. And then he says he goes, It's only a five point two million and I go, Wait a second, I do the math. Five point two million. How many do it again? I go, it's supposed to be like two point six million. And he said, well, let's just say that the. The value it took to get the listing is much higher than the value we proposed in our first listing proposal. So if he goes by the way, would you help me out? Would you make a lowball offer to get this guy sensible so we can sell this deal? I was just like, so I took my jacket back off, went back to my desk and I was just like. Call me when it sat there for like eight or nine months. And then I sold the deal and I'm going to do it. Ten thirty one, maybe I can pay a little premium. I got 10 thirty one and I called him and it got tied up that day and it dropped like two point seven million. I mean, but he got his commission, you know, so that's.
Is the world seem to work? Yeah. I've got another question for you. Just curious. So I know I think about lessons learned and mistakes a lot. And I think everybody, when their new first or second part, they make mistakes, but any lessons learned or mistakes you see people make when they get that like, say, two hundred to a thousand lot range. Like, I think there's a difference between somebody new. They're always going to fumble, right? But do you see any common things that happen when you're when somebody kind of scaling and growing that you might caution against or anything along those lines?
That's a good question. I mean, I see this mistake and I made a mistake. There are some big, skilled operators that operate portfolios in all parts of the country. I just think that's a lot harder. And you're going to need a lot more and a lot better staff and it's going to reduce your margins. But if you can scale, maybe it's OK. But but I see you guys doing this once you get outside your get, you're at two parks or three or four or five, well, then you've kind of tapped your current markets in a lot of cases. And then you say, Oh, I'll just stretch and I'll go six hours away. I'll just stretch and I'll go five hours away their direction. I'll just stretch and I'll go to this tertiary market that doesn't have any. I can't get to very easily. And and then the things that we'll start to come off because it's it's not twice as hard, it's five times as hard and you only get twice as much top line revenue. Yeah. And then incrementally, you know, you add 50 pads, you can't hire a regional manager. Right. So you've got to make the decision or you're going to hire.
Before you need it or after you need it. And and I've done both and I've seen both, and I come back to you at this point in my life. Noah didn't build the ark when it started raining. He built it in preparation for the flood. So I kind of just budget like I got another attorney position posted, Right now I'm going. I'm anticipating more legal work coming in. I need an attorney. I'm going to hire that person now if I can't keep them busy eight, 10 hours a day. Well, and I'll find something else to work on in house if I. But I don't want to have five hours, six hours, eight hours, 10 hours. Additional legal work come in every day. And then I got to just me and the other guys got to just absorb that. So that's kind of how we look at it. I love it. Yeah. What are your what are you've grown considerably the last two or three years? What are some lessons you've learned or some maybe some growing pains or some, you know, tactics that you implemented that are not that you avoided potential pain?
Yeah, yeah. Well, I made a list, so I'll just run through the list and then you can pick, maybe pick one to dive into. Zoning, always zoning. You probably deal with that almost every week. I would assume it's not just getting the zoning letter, though. It would be my suggestion, but actually like looking into like permitting and like talking to the fire department. Make sure there's no fire hazard. So you had my good friend Steve at due diligence partners on and I've learned so much from them and hiring them like just the little things that other people have run into that they now ask for can really help you hear crazy things about, you know, just cities being crazy, fire departments being crazy, and that they can always pull that health and safety trump card. So you got to just double check on that and your due diligence. Park owned homes, old parkland homes are terrible. I told somebody last week, I'm like, I'm just so burnt out on park on homes right now because some of these parks we bought last year, like 60 70, so we're trying to get rid of them and just they just don't look crush your bottom line, five, seven.
Increase your reserves and they're not a short term fun project. I mean, I've done it where I was telling somebody earlier, like I've spent $20000 on a $10000 mobile home, and that is not fun. So I would rather spend, you know, I'd rather give it away for free, give away a $10000 loan for free, then spend twenty thousand to make it worth 10, you know. And I've done it 10 times in one park and you're like, Why am I? Why am I in for $200000 on ten nineteen seventy five trailers? Because you want to save them. You want the occupancy.
Yeah, it's a tough one. So that's that's a brutal night. We pay attention to that now. Like track every, every home in our, you know, I think we're at 12 to 15 on a couple and you can learn a lot just by looking at the numbers. So that's a big thing. That's a huge focus for for me, it's just operating procedures, traction, knowing your numbers, look in your reports every month. I've just learned that's just critical for any business owner. But in our business, it's very management intense and you have to be focused and disciplined and hold people accountable and that type of thing. A couple of other random lessons learned. We can elaborate if you want so HUD, even know what HUD was, what part you go, boot camp and a lot of it goes over your head like, Oh, you've got to prep this. I still remember like, Oh, we got these two lots and we want to move new homes in, and I talk to the installer. He's like, Oh man, that's not going to pass. So I don't like what's hot. And so the cost of a new home or crazy, especially now with COVID. So just understanding the actual costs of to bring in a home, it's not just the home, it's prepping the pad with the six inch Frost Free Foundation and all that fun stuff.
Let me touch on that more because I got a fun story on that. And just for our listeners that don't know HUD. I mean, everybody knows the department, but there are some states that are HUD states like I'm sitting in Missouri right now. Missouri's a HUD state, Kansas, two miles away, not a HUD state. It's a HUD state. You have to install the homes to their guidelines. And then the Missouri depends on where the frost line is. So where I'm sitting in central Missouri, it's 36 inches. So I have to put in thirty six inches deep of concrete and then appear and then then two feet wide by two feet wide by thirty six inches deep and then on a single wide. You've got to do those. About every eight feet typically get ninety foot centered in your eye underneath the home. And then you probably have like an extra big concrete anchor on one in the middle. On the back, you're talking twenty one, piers, you're talking three thousand six hundred dollars in concrete and then you had to hire a licensed installer and then you have you have certain requirements for skirting with some baseboard underneath and you've got you've got to have a vapor barrier. It's got to be level and which makes sense, right? But you add that all up, you're talking a good time to put an air conditioner in there to deck.
You're talking good 13 to 16 thousand. It conservatively on site prep per home, and I owned a park since sold it in Taylorville, Illinois, which is 20 miles south of Springfield. And when I was doing my due diligence, I was looking for comps in Springfield and Big National Operator came into Springfield, Illinois, and put in. They literally told all the old homes to move out, which is crazy. They weren't that old. They moved to the park next door, so I heard a story from the guy next door. He's like, I got like 60 organic MoveOn's overnight. The new guys with all their money came in. They put in all brand new houses like a hundred of them at once, and they were all the same like, same model, same color. He's like, It looks stupid. It looks super cookie-cutter. Came back couple weeks later. All of them are sitting on the street, double stacked and triple stacked and parked elsewhere. And what happened, he said the state came by and said he didn't do HUD sets, and they said, What are HUD sets? And they had to move every one of those houses that had uninstalled, move them, put in concrete, reinstall them again. I mean, it was a substantial, substantial expense and it set them back months. But so you definitely don't want to get on the wrong side of the law with that stuff.
Yeah. That's uh, that's crazy. Yeah, I just started budgeting 15 to 20 grand just to prep, you know, like you said, everything install pad prep. It just makes sense to budget and end, you know, estimate higher. And then, you know, if you save some money, that works great. So yeah, HUD is a crazy, crazy little thing we deal with in our business. Let's see what's my other lessons learned. You just got to get creative and be real with sellers. You know, we have a motto in our company, tie it up and figure it out later. So you know, we you know, there's a lot of times you're like, yeah, not really sure. But the money will come for the right deals, whether you're going to raise money or there's a lot of guys that are hungry to get in the space. And we partner with a lot of folks currently, guys like you, you know, that do a lot of deals. And if it ever doesn't work out for me personally or for my company, like there's always a buyer for for the park so we can save somebody so much time to get get a deal. A lot of times people know the deal and it's just like, Oh yeah, I know the deal.
You're under contract. All right, let's do it. We had a little one right now. We're doing like Guy was under contract two years ago, couldn't come to terms and we get on a contract. We're like, This is too small for us. It's not a fit. And he's like, Yeah, I'll take it new everything, new park, better than we did. So just tie it up. Figure it out later. Just good professionals. I mean, I just, you know, I've enjoyed working with you. I haven't, Adam. I just decide we're going to use you as our attorney moving forward for your mobile home park stuff. But I've learned a ton in the few deals that we've done together and good attorneys, hire professionals. Frank, we're all talks about pros vs. Joes. Like just looked at a couple mistakes that I made last year and trying to save a couple of bucks. It's never, ever worth it. So good professionals, high standards is really important. So in the last thing is, winter's coming up winter eyes. We got hit hard. You know, it's funny. We had one of our guys, it took him forever, but he went in, he went. It was a new park, right? We we bought it in February.
Covid happened in March, so just nothing we can do to change change that. But come wintertime, we're like, we're winterizing all these towns. And he spent a long time and he buttoned everything up. And then we close on a property February of this year and the owner just he would like, you know, a typical owner. Oh, just we just tell everybody to keep their water on a slow drip because, you know, that's the best way to do it. And those work, it's like, Well, if you have good heat trace, it should work. It's sweat and St. Louis, right? It's not like we're up in Minnesota, but the one park that we spent a ton of money and a ton of time on and make sure everything is buttoned up, literally zero issues of lines, freezing or anything. And then all kinds of issues at the one that just just by spend a little money taking the time to inspect each unit is huge, especially this time of year. So I remember I think you talked about your podcast, I felt bad for you. You had he had some issues. You're getting out there, getting after it with those guys, too. So yeah, I
Mean, we got bad timing. We have one. It felt it was a mistake. On her run on due diligence, we didn't check the tenant own homes to see if they had heat tape because it's in Kansas City market, it's cold. They've been here every year. Presumably they have heat tape. So we didn't worry about it, own homes. And then we end up getting a prolonged dated closing. And we closed late January and then it got crazy cold for like two weeks. Here in Missouri, it was minus 10 degrees or whatever, and every one of those homes froze and then they had sewer clogs and the sewers. They weren't clogged enough normally to like because we didn't have complaints from them. They weren't clogged to keep the toilet from flushing until the the water and the pipe was frozen was cold. So basically the sewer lines were all like half clogged. We never knew. And then once it slow drip, it became ice and then they had ice coming up their toilets. It was all their crap in it and it was a huge mess and you couldn't even put heat tape. You couldn't put a heat tape on the plastic sewer pipes, really? Anyway, so it was it was a big problem. Yeah, we were out there. We had guys out there. They were taking shifts in the truck. We were out there from dark till dark for days and days. You know, he then it got so cold or they ran out of kerosene in the market, so we had to use diesel fuel. I don't even know this diesel fuel freezes if it gets so cold. So then you had to put thinner in there. So then because then your propane or your kerosene heater wouldn't work because you had jelly in there for diesel. So yeah, man, the polar vortex made us really that one bark. But it was it was brutal. So yeah,
We when I got friends down in Texas, Austin, Texas, they're like no power for three, three weeks. I mean, it's just crazy. That is the same time of year, I think. So you just, you know, got to do your best and prepare. But, you know, can't change things like global pandemics or natural disasters and just got to deal with these first world problems that we we deal with. So yeah,
We actually got lucky on that. I thought my whole water system maybe was going to blow at that park because the clogs were so bad and and we ended up losing. We had leaks and we end up losing, I don't know, a couple. The water bill was something like 10000 a month before we bought the park and it was just consistent and then we got a leak and jumped like 15000 in the next month. So it was a mainline leak. We wouldn't found it. We fixed it and do the process. We found two. Well, it turns out one of them had been there forever and we didn't know it. So our next water bill was five thousand a month, so we fixed the problem without even. We never would have found out if it wasn't for the freeze, causing the second one on the same line. So for a while there, I was really stressed I was going to have a half a million dollar water issue. Instead, I started saving five grand a month.
So there is always a. Oh, that's great. Yeah, we had an issue with metro meters like just haven't been able to recapture like what the heck is going on have leaked out. It's like no leaks. I talked to Bill Baird at Metro. You had them on recently and he's like, Oh, well, we pulled up the water scope and I'm like, What's water scope? My assistant was always in there, like, didn't pay attention to it, right? Just so, such a that's a huge lesson learned like like thousands of dollars we lost by me, neglecting to pay attention to something like that. But the meters just weren't getting a proper read. He's like, Oh, you just got to take them off, clean them out. They're probably, you know, dirt debris stuck in there. You've had them for a couple of years. These parts of the old infrastructure, you know this part, very old infrastructure, one of the when we were infill and Helmsley put in, you know, four new sites and brought in three homes and like the plumber was like this. They they had the waterline was actually like a refrigerator line, like not even like copper or anything like the line for that you would use for like a residential refrigerator. That's what was running the water to one of the homes. Just you can't make it up, right? So just dealing with the infrastructure is tough, and I think that's the biggest thing that everybody harps on. You just got to be very thorough with your due diligence. And yeah, so anyway, I love it. Yeah, man, what do you got any other questions for me?
No, I mean, just in general, any other tips you got or any other fun stories from your experience?
Oh man, I could share stories all day. I trying to think of fun stories. Yeah, I don't. Nothing comes to mind. Maybe on another episode or so.
Who's the craziest? Who's the craziest show or what's the craziest cell response you've ever got or dealt with? Anybody pull a gun on you or anything like that?
Yeah. No, we're dealing with the most challenging deal right now, so you're familiar with the deal. We're under contract and I'm going to say where or anything, but my buddy Adam and I are partnering on it and we talk to you about it and seller finance really good terms. Last week, we call the the title company calls the seller to work the loan payoff, right? He owes the bank some money and it's like, Hey, got to coordinate the loan pay off. He's like, What do you mean? I'm not paying off the loan, but we're talking about so. So then that immediately obviously triggers the call to our attorney. And he explains and like, what do you mean? Like, he didn't know. And it's like kind of a rookie mistake for my my buddy Adam. Like to not ask the seller, Hey, how much money do you owe? We just like he's own parks. He's the old school, he's a maintenance guy. He built a park. This is another park like his old school maintenance is just he's in his eighties. And yeah, just, I don't know. We're still kind of confused like he didn't know or didn't think about it or what. So what was he?
Did he think he was going to just, you guys won't accept him as a second? Or was he planning on just taking your your down payment and be like sweet, I'm floating on. These guys are screwed.
We think that he thought that he could take our down payment of two hundred and fifty three grand and keep his note. He I think he owes like three hundred and seventy grand. So basically, yeah, he thought he wouldn't need to come up with 120 grand. So we're just we're still dealing with it, man. It's just crazy and it's just very difficult right now. So I mean, think we've done I think we have like 11 under contract right now and hands down the hardest deal this year, actually. Ever, I think he's all over the place. He's like, What do you mean? He's like changing his mind and like, we think that he just doesn't want to sell our finance anymore, didn't fully think through it. Probably had bad legal counsel, but we'll see. I'll let you know on that one. I'm hoping and praying we get that close. That's like crazy, difficult seller's story.
So yeah, there's lots of those. Those guys can be obstinate. We had one client deal where the guy didn't realize you had a prepayment penalty on his CMBS loan. It was like $300000, and he only had $100000 equity. Yeah, like. And he's filing bankruptcy, I just got the mail right here. We dropped the deal, but you know, our firm was in the case and he became non-responsive. We sued him for specific performance. He never showed up in court. No, we're going to get default judgment. We'll then find out the debts more than we knew because he had a different loan that wasn't there, wasn't shown up in title and all this. So it was a prepayment. Was a big headache. But yeah, crazy sellers did decide not to sell or decide to change the terms.
I got another funny story. I just thought this is like get a new manager and her husband just for some reason thinks that he's taking over. So we got to have a riser issue. Plumbers out there, he's out there talking to the contractor. We're like, Literally, why even talk to the contractor? But plumbers are like, Oh yeah, I'll you know, I can fix it. It'll be 300 bucks. I'll get it done today. He's like, No, I got this, I got this. I'll do it for 50. Goes talk to another resident, gets a resident. Dig the hole first or second. Dig with the shovel. Bust the waterline. We've got a main line break. We got like, we don't even know how. Like, where does this resident even think that he has a right to dig on our property? It's just the craziest thing ever. So we're like, you know, thirteen hundred dollar mistake that was totally just a resident being silly, but that's kind of stuff happens all day, every day. It's just part of part of our tenant base and you got to do your best. So, yeah,
There's lots of crazy stories like that. That's yeah, they're not going to end with you or me. Unfortunately, no part of the game.
Definitely part of the game, that's for sure.
Lara Nick. Well, man, I appreciate you spending time today. I appreciate you giving us some stories and some tips. Where can people reach you if they want to reach out?
I think our website, our new website, elephants keep our company's Elephant Capital Partners, so it's elephant.
There's got to be a story behind Elephant. What is that about?
Yeah, it's so funny. I hate to say this, but you have to ask Jason. So Jason is the creative marketing guru of our company, and he came up with it one night because they're were looking for something catchy. And I think there's a lot of, yeah, you have to ask Jason, we'll put it on the web. It's actually not on the brand new website, so it's not on there yet. But we'll put it up on the website and you can you can email us and we'll tell you the story behind it because there is a story. I just I'm going to not do it justice. So, all right,
The suspense continues the cliffhanger.
Go check it out. Yeah, check out the new website. Yeah, but context time, that's the easiest way to reach us and happy to help. Love partnering deals. We we do a bit of I don't like to use the word wholesaling, but but we definitely partner with other guys like you that are, you know, serious buyers that deals that don't fit too small, too big, just don't really fit our criteria. We've been doing quite a bit more of that. So happy to connect, build relationships, help however we can. So yeah, yeah, just reach out to us any time.
All right. Sounds good. Thanks, Nick.
Thanks for having me on. It's been fun. Fun. Take it easy.
You've been listening to the Mobile Home Park Lawyer podcast with Ferd Neimann. Ready to learn more, go to www.themobilehomelawyer.com for free resources and materials to help you succeed. If you love the podcast, go to Apple Podcasts, give us your review and subscribe today. Thank you for listening! Neither the Supreme Court of Missouri nor the Missouri bar reviews nor approves certifying organizations or specialist designations. The choice of a lawyer is an important decision and should not be based solely upon advertisements.
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On this episode of The Mobile Home Park Lawyer, Ferd discusses how you can go about screening potential tenants for your mobile home park. Ferd offers a generic tenant screening procedure, as well as giving us a step-by-step guide.
On this episode of The Mobile Home Park Lawyer, Ferd speaks to Larry Abramowitz. Ferd and Larry discuss Larry’s background and go through some vital tips and stories you should hear as a mobile home park owner.
On this episode of The Mobile Home Park Lawyer, Ferd speaks about leasing rules and guidelines. Ferd discusses five key areas of state-specific leases and gives his best advice to MHP owners.
On this episode of The Mobile Home Park Lawyer, Ferd sits down with Patrick Hagens to discuss the pros and cons of MHP and storage investing. Patrick gives intelligent tips and advice throughout, enjoy!
On this episode of The Mobile Home Park Lawyer, Ferd finishes up his mini-series on syndication by explaining reporting. Ferd talks about what goes into a report and why it is important to have good communication with investors. Enjoy!
On this episode of The Mobile Home Park Lawyer, Ferd sits down with Andrew Keel to talk about all things MHP. Ferd and Andrew discuss Andrew’s background in MHP as well as some tips on cost segregation and management training.
On this episode of The Mobile Home Park Lawyer, Ferd continues talking about SEC regulations regarding syndication. Ferd explains the ins and outs of why you can't pay someone to raise capital for you. Enjoy!
On this episode of The Mobile Home Park Lawyer, Ferd talks about some SEC regulations regarding syndication. Ferd gets us in the know about what you can and can’t do when syndicating a property. Enjoy!
On this episode of The Mobile Home Park Lawyer, Ferd talks us through a pro forma and discount cash flow analysis. He goes through one of his properties as an example, explaining everything we need to know.
On this episode of The Mobile Home Park Lawyer, Ferd speaks to Sam Hales of Saratoga Group. Sam explains how you increase your ROI by investing in opportunity zones and much more, enjoy!
On this episode of The Mobile Home Park Lawyer, Ferd is joined by Jefferson Lilly. Ferd and Jefferson discuss the importance of expanding your in-house teams and why you should commit to hiring full-time as soon as possible. Enjoy!
On this episode of The Mobile Home Park Lawyer, Ferd talks about the top 10 formulas you need to know to be a real estate investor or syndicator. These 10 formulas will help you secure a bank loan if you’re considering syndication.
On this episode of The Mobile Home Park Lawyer Podcast, Ferd goes through all things syndication, discussing what it is and how it works in detail. Enjoy!
On this episode of The Mobile Home Park Lawyer Ferd talks to Jonathan Tuttle, a digital marketing expert and mobile home park owner. Jonathan explains how to use marketing to boost your online presence and shares some tips on how to get more interest in your ads.
On this episode of the Mobile Home Park Lawyer Podcast, Ferd goes through two simple properties with routine months as a continuation of the previous episode. Enjoy!
On this episode of The Mobile Home Park Lawyer, Ferd shows us how to use Rent Manager software. Ferd goes through some detailed examples of Profit and Loss sheets and explains each category within them.
On this episode of The Mobile Home Park Lawyer, Ferd talks about the new provisions that are now a minimum requirement in lease contracts. Ferd goes through each provision explaining what they mean for him and what they may mean for you. Enjoy!
On this episode of The Mobile Home Park Lawyer, Ferd talks with Gonzalo Castro. Gonzalo is only 25, and after having success in the tech industry, Gonzalo decided it was time to invest in MHPs. Gonzalo gives his background and shares the wisdom that he has picked up so far.
On this episode of The Mobile Home Park Lawyer Podcast, Ferd talks about taking pride in your park and gives us a few easy things we can all do to transform the look of our parks to create a better community for all residents. Enjoy!
On this episode of The Mobile Home Park Lawyer, Ferd walks us through how to wholesale or assign a property deal, and make sure that you get paid in the end. Enjoy!
On this episode of The Mobile Home Park Lawyer, Ferd talks to Alpesh Parmar of Wealth Matters about his recent venture into the mobile home park world. Ferd and Alpesh discuss how Alpesh is running his parks and his upcoming tech project. Enjoy!
On this episode of The Mobile Home Park Lawyer, Ferd talks about non-circumventing agreements. Ferd goes through the three categories involved and explains why they are important to ensure people don’t go around you to get a deal. Enjoy!
On this episode of The Mobile Home Park Lawyer, Ferd discusses non-disclosure agreements and what they look like. This information will help you not to get into any legal trouble for sharing information under an NDA. Enjoy!
On this episode of The Mobile Home Park Lawyer, Ferd talks with Michael Stilfield, a former MHP manager and now MHP owner. Michael discusses some tips and tricks he’s picked up over the years, as well as some of the differences between managing a park and owning one. Enjoy!
On this episode of The Mobile Home Park Lawyer, Ferd continues his discussion from Episode 24 on selling and divesting homes while dodging the Dodd-Frank Act and the SAFE Act. Enjoy!
On this episode of The Mobile Home Park Lawyer, Ferd talks about the Dodd-Frank Act and the SAFE Act and how they impact park-owned homes. Ferd goes through how to maneuver under these acts and explains why it is best to only own the land.
On this episode of The Mobile Home Park Lawyer, Ferd explains why the perception that your renters have of you is important and how the kind of vehicle you drive onto your park can affect that. Enjoy!
On this episode of The Mobile Home Park Lawyer, Ferd chats to cost segregation expert Yonah Weiss. Yonah explains what cost segregation is and how it can save you thousands of dollars in taxes every year.
On this episode of The Mobile Home Park Lawyer, Ferd talks about 17 amenities that can make your mobile home park stand above the rest. Enjoy!
On this episode of The Mobile Home Park Lawyer, Ferd chats with Kolman Bubis of Sunstone REA to discuss the world of mobile home park investing. Kolman tells us about what he’s seeing in the market right now and gives advice to anyone thinking about investing for the first time. Enjoy!
On this episode of The Mobile home Park Lawyer, Ferd tells us 12 simple ways to make your existing mobile home parks more profitable. Enjoy!
On this episode of The Mobile Home Park Lawyer, Ferd talks to Kris Wessel about all things mobile home park. Kris talks about the current MHP market and offers his advice on how to get noticed if you are a first-time buyer.
On this episode of The Mobile Home Park Lawyer, we have part two of a two-part series on title commitments and surveys. Ferd goes through an Alta Survey Table A, discusses his experience, and tells us why it is important and worth the money. Enjoy!
On this episode of The Mobile Home Park Lawyer, Ferd talks with Glenn Esterson of The MHP Expert about all things mobile home parks. Glenn explains that he was clueless coming into the game, but shares what he has learned over the years so that newcomers don’t repeat any of his mistakes. Enjoy!
In today’s episode of The Mobile Home Park Lawyer, Ferd discusses title commitments and surveys. In part one of this two-part series, Ferd goes through these documents step-by-step so you know exactly to look for when you are working out a deal.
On this episode of The Mobile Home Park Lawyer, Ferd chats to broker Jared Bosch of NorthMarq Manufactured Housing Group. Jared discusses the differences between RV parks and mobile home parks and gives some tips for first-time buyers. Enjoy!
On this episode of The Mobile Home Park Lawyer, Ferd talks to Jon “Mr. Landman” Fisher. Jon gives some advice to the listeners on selling, he also gives his thoughts on the current market and what effect the presidential election will have on the market.
On this episode of The Mobile Home Park Lawyer, Ferd chats with Frank Rolfe, one of the biggest mobile home park owners in America. Frank gives his insight into mobile home park management and provides some helpful tips for the listeners.
On this episode of The Mobile Home Park Lawyer, Ferd is joined by his business partner and father, Ferd Niemann III. The father-son duo gives some insight into what the MHP industry is like, and Ferd Niemann III gives a few valuable tips you can use if you’re considering buying a mobile home park.
In this follow-up to episode number 9 of The Mobile Home Park Lawyer Podcast, Ferd explains all the steps to appealing your tax bill. Enjoy!
On this episode of The Mobile Home Park Lawyer Podcast, Ferd explains to us how to underwrite property taxes. Ferd’s checklist shows us how to get the most, or should I say least, out of your tax bill. Enjoy!
On this episode of The Mobile Home Park Lawyer Podcast, Ferd talks us through 10 things to include in your zoning letter. These ten things ensure that you will be on the right side of the law and have no issues down the road after purchasing a mobile home park.
On this episode of The Mobile Home Park Lawyer Podcast, Ferd takes us through 10 land mines to avoid in due diligence. These tips can help you get the best deal, and save you from a disaster deal.
On this episode of The Mobile Home Park Lawyer Podcast, Ferd brings us a special report regarding COVID-19 eviction moratorium. Ferd clarifies what rights you have as a tenant and what requirements you must meet to be able to legally resist eviction.
On this episode of The Mobile Home Park Lawyer Podcast, Ferd takes us through 30 Seller deliverables to request for your due diligence. Ferd lets us know why we need all of these deliverables, and the best ways to approach different types of sellers. Enjoy!
On this episode of The Mobile Home Park Lawyer Podcast, Ferd takes us through 30 plus provisions, including 4 that will save or make you money, that must be in your purchase or sale contract. In this step by step guide, you’ll learn from the best on how to get the most out of your deal, as well as protect yourself from all angles
On this episode of The Mobile Home Park Lawyer Podcast, Ferd talks about underwriting assumptions for your profit and loss and your day 1 budget. Ferd explains step-by-step how you can budget effectively and why it’s so important to get an accurate read on your budget.
On this episode of The Mobile Home Park Lawyer Podcast, Ferd gives you 11 steps to consider when evaluating a mobile home park purchase. These 11 steps could help you find the perfect deal and makes life that little bit easier when you’re in the negotiation stage. Enjoy!
Welcome to the first episode of The Mobile Home Park Lawyer Podcast! In this episode, Ferd talks about seven reasons why you should be investing in mobile home parks today. Ferd gives us the inside info on how to invest in mobile home parks and potentially double, triple or even quadruple your investment in only a few years. Enjoy!