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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: August, 2017
Aug 31, 2017

Welcome to Episode 70 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Steve Case has had a long history in the mobile home park industry. He cites guys like Dyches Boddiford and Ernie Tew who have helped mentor him throughout the years, and made him a smarter and wiser investor. On today’s show, Steve talks about MobileHomeUniversity.com (now being run by Frank Rolfe and Dave Reynolds), the SECO Conference hosted by Southeast Community Owners Symposium, and the best way newbies can enter into the market.

 

Key Takeaways:

[2:05] Who is Steve and how did he get into mobile home parks?

[2:45] Steve met a man named Ernie Tew who explained to him what mobile home parks were all about.

[3:50] Who is Ernie Tew?

[7:25] Steve and his business partner Corey Donaldson started hosting conferences in 2004 to help people get familiar with the industry.

[8:45] What was the purpose of Mobile Home University and why did Steve and Corey create it?

[10:15] Frank Rolfe and Dave Reynolds are now managing Mobile Home University. This is because Steve was starting to get burned out.

[12:50] Steve cites Dyches Boddiford as one of his mentors and a very knowledgeable man in real estate.

[14:15] How does Steve typically structure his joint ventures?

[18:00] What’s the best way for a newbie to get started in this industry?

[22:10] Why does Steve like self-storage facilities/properties so much?

[27:00] How does Steve market his self-storage facilities?

[29:00] What was the biggest mistake Steve made, when he first got into the mobile home park industry?

[31:10] What is the SECO Conference about?

[41:45] To be honest, Steve thought he’d be a pilot for all of his life. Sometimes, life throws you curveballs!

[42:55] Associate with successful people. Find the guys and gals who are successful in the industry you want to be in, and learn under them. Pay them or work under them for free!

 

Mentioned in This Episode:

Park Street Partners

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.com

Deals on Wheels: How to Buy, Sell & Finance Used Mobile Homes for Big Profits and Cash Flow, by  Lonnie Scruggs

Mobilehomeuniversity.com

SECOconference.com

Aug 31, 2017

Welcome to Episode 70 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Steve Case has had a long history in the mobile home park industry. He cites guys like Dyches Boddiford and Ernie Tew who have helped mentor him throughout the years, and made him a smarter and wiser investor. On today’s show, Steve talks about MobileHomeUniversity.com (now being run by Frank Rolfe and Dave Reynolds), the SECO Conference hosted by Southeast Community Owners Symposium, and the best way newbies can enter into the market.

 

Key Takeaways:

[2:05] Who is Steve and how did he get into mobile home parks?

[2:45] Steve met a man named Ernie Tew who explained to him what mobile home parks were all about.

[3:50] Who is Ernie Tew?

[7:25] Steve and his business partner Corey Donaldson started hosting conferences in 2004 to help people get familiar with the industry.

[8:45] What was the purpose of Mobile Home University and why did Steve and Corey create it?

[10:15] Frank Rolfe and Dave Reynolds are now managing Mobile Home University. This is because Steve was starting to get burned out.

[12:50] Steve cites Dyches Boddiford as one of his mentors and a very knowledgeable man in real estate.

[14:15] How does Steve typically structure his joint ventures?

[18:00] What’s the best way for a newbie to get started in this industry?

[22:10] Why does Steve like self-storage facilities/properties so much?

[27:00] How does Steve market his self-storage facilities?

[29:00] What was the biggest mistake Steve made, when he first got into the mobile home park industry?

[31:10] What is the SECO Conference about?

[41:45] To be honest, Steve thought he’d be a pilot for all of his life. Sometimes, life throws you curveballs!

[42:55] Associate with successful people. Find the guys and gals who are successful in the industry you want to be in, and learn under them. Pay them or work under them for free!

 

Mentioned in This Episode:

Park Street Partners

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.com

Deals on Wheels: How to Buy, Sell & Finance Used Mobile Homes for Big Profits and Cash Flow, by  Lonnie Scruggs

Mobilehomeuniversity.com

SECOconference.com

Aug 24, 2017

Welcome to Episode 69 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Pat has bought and sold 250 communities over the last 37 years. Everytime he thinks he knows it all, he learns something new. That’s how diverse this industry can be! On the show, Pat discusses what RenterText can do for mobile home park owners and how it makes their lives just a little bit easier.

 

Key Takeaways:

[1:50] Who is Pat and how did he get in the mobile home park industry?

[5:35] Some may not know that a F4 tornado in January (of this year) tore through a town in Albany, Georgia, and completely wiped out one of Pat’s communities, along with causing massive destruction to other communities. Pat discusses some of the lessons he learned from this.

[10:45] What is Pat’s business, RenterText, about?

[15:10] How does Pat get ads posted on Craigslists in an automatic way?

[19:20] How does a mobile home park owner typically use Pat’s service? Via email? Website? What’s the process involved?

[23:55] It’s a neat tool that will make your managers and leasing agents accountable... month after month.

[25:25] What else do listeners need to know about RenterText?

[27:15] Remember, let the money follow the mission.

 

Mentioned in This Episode:

Park Street Partners

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.com

RenterText.com

Look out for the app, “Tornado Free” when it launches!

Aug 17, 2017

Welcome to Episode 68 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, our two hosts bring on Ryan Howerton from 21st Mortgage to discuss how more park owners can help their residents become owners themselves. Ryan explains that there is a ‘free’ way how you can do this!

 

Key Takeaways:

[2:30] Who is Ryan and how did he get his start at 21st Mortgage?

[5:00] 21st Mortgage has a CASH program, how does this help both the park owners and tenants?

[8:35] Every year Ryan and his partner Lance looked at how they could improve this CASH program.

[13:35] The benefits of working with 21st Mortgage’s CASH program is that you also get access to a wide variety of expertise all across the nation. Ryan and his team have learned from their mistakes, and it makes no sense why you should start from zero.

[14:30] Ryan’s main focus for the customer is affordability. He aims to get the best setup as possible at the best price possible.

[19:00] Why does Ryan deny certain applicants? What do tenants need to know before they apply with 21st Mortgage?

[21:35] What are some the reasons why park owners are denied from the CASH program?

[26:55] How long does it take to get a mobile home park from 21st Mortgage?

[36:40] How has 21st Mortgage changed since Warren Buffett of Berkshire Hathaway has bought the company?

[40:35] At the end of the day, it’s all about the people. 21st Mortgage wouldn’t have seen the growth that they’ve seen without their dedicated and hardworking team.

[43:00] Does 21st Mortgage finance tiny homes as well?

 

Mentioned in This Episode:

Park Street Partners

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

21stmortgage.com

Call Ryan: 866-727-4733

Email Ryan: RyanHowerton@21stMortgage.com

Aug 10, 2017

Welcome to Episode 67 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This week’s episode is a continuation of Craig’s interview on 1031 exchanges. Craig discusses ways you can defer, and hopefully avoid, taxes (the legal way!) on buying and selling real estate. Be sure to listen to last week’s episode, if you haven’t already!

 

Key Takeaways:

[1:20] How do you insure a home under a 1031 exchange?

[3:30] 1031 exchanges are regulated on both a federal and state level.

[3:50] How can mobile home park owners best do their due diligence when looking into a company that handles 1031 exchanges?

[7:30] Will President Trump get rid of 1031s?
[9:50] What should folks do if they’re worried they won’t make the 1031 timeline?

[16:30] Can you do a 1031 on real estate into a real estate fund? How does that work?

[20:35] Have your CPA onboard when you’re considering doing a 1031 exchange. If not, you could get into some trouble with the IRS.

[21:35] Craig and his company also do something called a construction exchange and explains what that means to you.

 

Mentioned in This Episode:

Park Street Partners

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

Starker.com

Call Starker: 800-332-1031

Call Craig: 916-261-1031

Aug 3, 2017

Welcome to Episode 66 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, we’re going to learn how to pay no taxes! Craig Procter of Starker 1031 Exchange Services explains to Jefferson and Brad how you can structure things (legally) on your real estate and save some money. Keep in mind that this interview is part one of a two-part episode. Tune in next week to hear more from your hosts and Craig!

 

Key Takeaways:

[2:45] Who is Craig and how did he get started in real estate?

[8:10] Technically, when you’re doing a 1031 exchange on your property, what you’re doing is deferring your taxes, but you’re not avoiding them. However, you can defer your taxes indefinitely.

[10:20] This applies to all types of properties, not just mobile home parks.

[15:15] What is the purpose of doing a 1031 exchange?

[17:45] Can people exchange/buy property that’s less in value than their original property value?

[21:45] What happens when you’re trading your mobile home park for another mobile home park a couple of years later? What kind of filings would you have to do?

[26:00] If Jefferson wants to work with Craig’s firm (or similar companies) what are some of the steps he needs to take to begin the process?

[31:15] Want to know more? Tune in next week for the second part of this interview!

 

Mentioned in This Episode:

Park Street Partners

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

Starker.com

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