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Mobile Home Park Investors with Jefferson Lilly & Brad Johnson

The Mobile Home Park Investors Podcast is the world’s first podcast dedicated to mobile home park investing. This weekly podcast explains the intricacies of this unique real estate niche and details why an investor would want to own a mobile home park, either directly or through a real estate fund. Current manufactured housing community owners will find this podcast helpful in improving their mobile home park’s operations and profitability. The Podcast is hosted by Jefferson Lilly and Brad Johnson who are the co-founders of Park Street Partners, a private real estate investment firm focused on mobile home parks. The company seeks to deliver its investors superior cash flow returns by acquiring and investing in undervalued mobile home parks. Park Street Partners does this while helping to solve America’s affordable housing crisis by improving communities and increasing the supply of housing in the markets it operates in.
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Now displaying: June, 2016
Jun 30, 2016

Welcome to episode 26 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. Real estate investor and educator, Dyches Boddiford, shares his wealth of knowledge with Jefferson and Brad in a two part interview. Listen to part one to hear about buying real estate (including mobile home parks), how to protect that real estate by using land trusts and personal property trusts, how to form entities properly, how to protect your assets, and more. Make sure to listen to the second part of the interview next week, to discover ways to own real estate that are more tax-advantaged such as using a self-directed IRA or an educational savings account, and more.   

  

Key Takeaways:

[2:09] Interview with Dyches Boddiford, real estate investor and educator.

[4:21] Find out why Dyches saw mobile home parks as an investment opportunity back in the 80’s. 

[5:22] Land trusts, liability protection, and 3 types of statutory entities: LLCs that hold the land, LLCs that hold the homes, and the S Corporation that holds the management of the property.

[7:36] Benefits of structuring your entities properly. Meaning, not co-mingling funds, not co-mingling assets, and treating each entity as totally separate from each other.

[9:20] Insurance is always your first line of defense.

[10:09] Dyches’ recommendations on insurance for mobile homes and mobile home parks.

[15:04] Another reason to have LLC as the beneficiary of the land trust.

[18:05] Find out why Dyches says “You won’t get a bank to agree to finance property that’s had a land trust.”

[21:43] Discover how land trusts provide anonymity and estate planning benefits.

[25:15] Hear more about successor or alternate trustees that have the ability to step in for the trustee if something happens to them.

[26:59] How to find a trustee that you can trust.

[28:55] Tune in next week for part 2 of the interview to hear about self-directed IRAs, health savings and educational accounts, other ways to own real estate, and more.

 

Mentioned in This Episode:

Park Street Partners www.parkstreetpartners.com

Mobile Home Park Investors www.mobilehomeparkinvestors.net

Park Street Partners - Investment Opportunities

Park Street Partners - Resources

Mobile Home Park Investors

Mobile Home Park Investors Group on LinkedIn

Email your deals to: deals@parkstreetpartners.com

Dyches Boddiford

Jun 23, 2016

Welcome to episode 25 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. In today’s episode, Jefferson and Brad talk about a necessary but not always pleasant topic: how to hire and work with contractors. Whether you have a clean park and just own the land or you own any mobile homes, you’re bound to deal with contractors sooner or later. Listen in to find out how to navigate conflicts that may arise, mitigate losses, get contractors to perform, manage their expectations, and to deliver on time/on budget.

  

Key Takeaways:

[2:32] Discover tips and resources on finding the contractor for your newly purchased Mobile Home Park. 

[6:39] What are the next steps after finding/hiring a contractor?

[8:20] Do pay the contractor upfront for all the material. Do pay them after the job is done for the labor. Do NOT pay them for the tools they should already have for the job.

[10:50] How exactly do you pay for the materials when you’re living thousands of miles away from your mobile home park?

[13:07] Find out why it’s beneficial to get a general contractor to get the bids from subcontractors.

[16:15] Problems that pop up with independent contractors and how to manage their expectations upfront.

[22:17] You can get workers comp on an independent contractor.

[23:20] Jefferson shares a story about one of the best contractors he’s ever had. Listen in to find out what things to look for in a good contractor.

 

Mentioned in This Episode:

Park Street Partners www.parkstreetpartners.com

Mobile Home Park Investors www.mobilehomeparkinvestors.net

Park Street Partners - Investment Opportunities

Park Street Partners - Resources

Mobile Home Park Investors

Mobile Home Park Investors Group on LinkedIn

Email your deals to: deals@parkstreetpartners.net

Craigslist

Home Depot

Jun 16, 2016

Welcome to episode 24 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. This is the sequel of the interview that began on episode 23 with MJ Vukovich of Bellwether Enterprise. Tune in for the remainder of Jefferson and Brad’s discussion with MJ on various options for financing a mobile home park.

  

Key Takeaways:

[1:18] Find out what makes conduit loans so interesting.

[2:40] What insurance companies look for in a borrower.

[5:07] The kind of  insurance companies MJ is referring to include, All State, Nationwide, MetLife, John & Cook’s, Lincoln Financial Group, American Equities, etc.

[6:31] Do mobile home park mortgages ever get placed directly with some of the CalPERS or big pensions?

[7:49] What CMBS lenders look for and what might disqualify a loan, either on the property side or the borrower side?

[10:07] CMBS lenders, park-owned homes and the metro area population.

[14:54] Non-recourse loans, bad-boy carve-outs and what CMBS lenders look for in a borrower.

[17:18] CMBS and mixed-use properties. 

[22:03] Chattel financing or chattel loans for mobile homes.

[27:58] MJ gives a shout out to his dad, uncle and the great people at Acentia who taught him everything he knows about mobile home parks.

[30:09] MJ signs off by sharing one last story.

 

Mentioned in This Episode:

Park Street Partners www.parkstreetpartners.com

Mobile Home Park Investors www.mobilehomeparkinvestors.net

Park Street Partners - Investment Opportunities

Park Street Partners - Resources

Mobile Home Park Investors

Mobile Home Park Investors Group on LinkedIn

Email your deals to: deals@parkstreetpartners.net

Acentia

CMBS

Fannie Mae & Freddie Mac 

All State

Nationwide Insurance

MetLife

John Cook and Associates

Lincoln Financial Group

American Equities

Clayton Bank

PEP Lending

Jun 9, 2016

Welcome to episode 23 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. This is part 1 of a 2 part series, where Jefferson and Brad are joined by MJ Vukovich of Bellwether Enterprise, which is a nationwide brokerage firm. MJ is out of their Minneapolis office and specializes in financing mobile home parks. Tune in as MJ shares insider tips on how to finance mobile home parks, getting into conduit financing, CMBS, and bank financing.

  

Key Takeaways:

[0:51] Quick shout out to the show’s listeners for helping us reach about 3,500 downloads a month!

[2:41] MJ is a 3rd generation in the mobile home park business. He shares the story of how his family got into the business.

[8:50] The former Colorado Real Estate Investment Company currently has 7,000+ sites across 7 states: Colorado, Wyoming, Nebraska, Nevada, New Mexico, Texas, and North Carolina.

[10:09] Why did MJ decide to leave the family business and move on to the mortgage brokerage side of things? MJ shares the story which involves his wife.

[20:37] What are the financing options for mobile home park owners? MJ explains. 

[24:34] Freddie & Fannie’s rates are very attractive but they tend to be a little less risky in their under-riding, they want higher occupancy, higher quality properties, etc.

[27:24] There are some terms that you get on a Fannie & Freddie that are unique to them and that you don’t get with CMBS. Listen in for details here.

[31:18] There’s a tough balancing act you have to do as you’re buying property. MJ provides suggestions.

[33:12] MJ compares the level of paperwork and legal opinions required by Fannie & Freddie vs. CMBS lenders.

[35:09] Where would CMBS be pricing their loans right now?

[35:48] A new regulation called Regulation AB has come to effect this year. MJ elaborates.

[39:54] MJ has one more piece of advice on MBS products from an under-riding/insider perspective.

[41:54] Tune in next week for episode 24 to continue getting mobile home park financing insights from MJ Vukovich.

 

Mentioned in This Episode:

Park Street Partners www.parkstreetpartners.com

Mobile Home Park Investors www.mobilehomeparkinvestors.net

Park Street Partners - Investment Opportunities

Park Street Partners - Resources

Mobile Home Park Investors

Mobile Home Park Investors Group on LinkedIn

Send your deals to: deals@parkstreetpartners.com

www.ascentia.us

CMBS

Fannie Mae & Freddie Mac 

City Group

J.P. Morgan

Bank of America

Starwood Mortgage Capital 

Jun 2, 2016

Welcome to episode 22 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. Today, Jefferson and Brad share a host of funny and true stories about things they’ve heard brokers say. Obviously, these are things that are generally not true or somewhat misleading, so you should be aware of them. Tune in for a light and fun episode that will also help you get prepared for the sort of things you may hear from real estate brokers sitting across the table from you.

  

Key Takeaways:

[1:32] Caveat - the Park Street Partners love the brokers that they deal with, but they have also been told things like, “sewage lagoons are wonderful”, by brokers. 

[3:51] Don’t let any broker tell you that anything other than City Water and City Sewer is somehow better.

[5:35] When you find red flags during diligence and a broker says, “Don’t worry about that, you’ll run the property much, much better than he will”.

[7:14] “If you don’t hurry up and buy this park…I’ve got another buyer who’s gonna snap it away from you” - said by a broker.

[9:20] One broker sent Brad an off-market deal with few details about the area it was located in - turns out it was located in a 250 person town with no county and in the middle of nowhere.

[10:31] When you ask if a deal meets all your criteria and a broker says, “Well, I think it’s gonna be right at the edge of your criteria”.

[11:40] A broker once pitched 10 million bucks for a 10-pad mobile home park located in the Canadian oil sands.

[13:27] Brokers have said, “There has never been a plumbing expense, that’s why that line item doesn’t appear”, but that’s almost never the case.

[14:27] Brad shares a few more of the funny broker stories he has heard.

[15:30] “This is a 10, 12 cap on paper - easy.”

[17:34] Any broker that’s listening to this podcast - “we are not talking about you”.

 

Mentioned in This Episode:

Park Street Partners www.parkstreetpartners.com

Mobile Home Park Investors www.mobilehomeparkinvestors.net

Park Street Partners - Investment Opportunities

Park Street Partners - Resources

Mobile Home Park Investors

Mobile Home Park Investors Group on LinkedIn

Send your deals to: deals@parkstreetpartners.com

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