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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, 2017
Jun 29, 2017

Welcome to Episode 61 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad is off this week, which leaves just Jefferson as today’s host. How do mobile home park owners increase the value of their property? That’s exactly the topic that Eric Hanson, MAI will be discussing on today’s show. Erik is the Executive Vice President of Midwest Appraisal Group, and works specifically in appraising the mobile home park industry. Listen in as Erik has some advice for all you park owners out there on how to retain, and increase, your park value.

 

Key Takeaways:

[2:40] How did Erik Hanson first get involved in mobile home park appraisals?

[8:20] Erik has MAI in his official title, what do those letters mean and how does someone get that type of certification?

[10:45] When evaluating properties, do the banks ever try to influence Erik into giving them a higher value estimate (so that they can charge more interest)?

[13:15] What are some of the steps to appraise a mobile home park?

[18:45] Erik runs a ‘potential gross income’ report to see what’s the maximum amount of income the property can make.

[20:25] Since Erik has appraised a lot of parks, he typically can see right off the bat where all the mobile home park expenses should be.

[23:45] Join us next week for part 2 of this interview!

 

Mentioned in This Episode:

Park Street Partners

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

 

Jun 22, 2017

Welcome to Episode 60 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This episode is a continuation of Dick Ernst’s interview from last week. If you haven’t heard Part 1, be sure to check it out before listening to this episode! Dick continues his discussion on what it takes to help people buy mobile homes, and discusses in detail how the Dodd-Frank regulation has helped/hurt families.

 

Key Takeaways:

[1:30] Has the Dodd-Frank regulation helped families making 30K a year get mobile homes or has it hurt them?

[8:45] Lenders in the industry don’t want to make high-cost loans because they’ll become branded as a predatory lender.

[9:45] What’s happening with the CFPB (Consumer Financial Protection Bureau) right now?

[14:30] In an attempt to get Fannie and Freddie to be investing more into mobile home parks, who is leading the lobbying efforts in this?

[17:40] What can listeners do to help support this cause?

[22:35] Have more questions for Dick? You can give him a call!

 

Mentioned in This Episode:

Park Street Partners

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

Mfghome.org

Finmarkusa.com

Email: Dick@FinMarkUSA.Com

Dick’s Cell Phone: 214-335-2708

Dick’s Office Line: 972-503-3201

Jun 15, 2017

Welcome to Episode 59 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Dick Ernst has been involved with the Manufactured Housing Institute (MHI) for the last 25 years, and currently serves on the board of directors. On the show, Dick discusses MHI’s financial lobbying efforts, and offers a behind-the-scenes look at what it takes to help people buy mobile homes.

 

Key Takeaways:

[1:20] Who is Dick, and how did he get into manufactured housing?

[5:45] How did Dick end up on the board of directors for MHI?

[9:05] What’s MHI’s vision for mobile home park financing?

[13:40] The whole reason banks and mortgage companies are not in this business right is because they don’t have any place to sell their loans. However, that’s about to change.

[16:10] Fannie & Freddie have dipped their toes in manufactured housing, and it has not ended well for them.

[18:30] The industry continues to grow every year at about an 8% annual rate.

[23:00] Dick believes that direct lending is the best way to deal in the manufactured housing business.

[26:25] Join us next week to listen to part 2 of Dick’s interview!

 

Mentioned in This Episode:

Park Street Partners

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

Mfghome.org

Finmarkusa.com

 

Jun 8, 2017

Welcome to Episode 58 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This episode is a continuation of last week’s interview with Donald Westphal. Jefferson, Brad, and Donald discuss how older mobile home parks change overtime as the city grows bigger, creating a good image for mobile home parks, and what it takes to make a community as a whole look good.

 

Key Takeaways:

[3:15] What kind of land makes it difficult to build a mobile home park?

[6:15] As the city gets built up around mobile home parks, the industry begins to lose a lot of older mobile home communities to higher density and higher value property development.

[7:35] How many mobile home parks got re-development last year?

[10:25] How many new mobile home pads or mobile home park expansions were added last year?

[14:35] Donald tries hard to inform people in the community of the benefits of a new mobile home park in the area.

[16:30] What do the conversations look like when speaking one-on-one to a mobile home park owner?

[21:55] Donald shares a funny story that have happened to him while on the job.

 

Mentioned in This Episode:

Park Street Partners

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

DCWestphal.com

Email Donald: Don@DCWestphal.com

Call Donald: 248-651-5518

Jun 1, 2017

Jefferson and Brad interview Donald Westphal for this week’s episode. This show is part one of a two-part interview. The men discuss zoning restrictions, what it takes to take a raw piece of land and turn it into a mobile home park, and all the red tape that’s associated with government bureaucracies.

 

Key Takeaways:

[2:25] How did Donald get into designing mobile home parks?

[6:45] A quick plug for State Associations. They really help give the mobile home park industry a good image.

[8:15] What’s the process towards taking a piece of land and turning it into a mobile home park?

[16:25] Why has it become difficult to build affordable housing?

[20:40] Most people think zoning is a frivolous activity. It’s not!

[22:15] Townships, councilmen, and mayors often do not approve of the ‘trailer trash’ image. This is why it’s important that Donald get to work earlier, rather than later, on developing a good reputation and image when he begins building a new mobile home park.

[26:25] You have do your research and look very professional while giving a presentation on why mobile home parks are good for the community.

 

Mentioned in This Episode:

Park Street Partners

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

DCWestphal.com

Jun 1, 2017

Jefferson and Brad interview Donald Westphal for this week’s episode. This show is part one of a two-part interview. The men discuss zoning restrictions, what it takes to take a raw piece of land and turn it into a mobile home park, and all the red tape that’s associated with government bureaucracies.

 

Key Takeaways:

[2:25] How did Donald get into designing mobile home parks?

[6:45] A quick plug for State Associations. They really help give the mobile home park industry a good image.

[8:15] What’s the process towards taking a piece of land and turning it into a mobile home park?

[16:25] Why has it become difficult to build affordable housing?

[20:40] Most people think zoning is a frivolous activity. It’s not!

[22:15] Townships, councilmen, and mayors often do not approve of the ‘trailer trash’ image. This is why it’s important that Donald get to work earlier, rather than later, on developing a good reputation and image when he begins building a new mobile home park.

[26:25] You have do your research and look very professional while giving a presentation on why mobile home parks are good for the community.

 

Mentioned in This Episode:

Park Street Partners

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

DCWestphal.com

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