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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: October, 2017
Oct 27, 2017

Welcome to Episode 80 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This is a part 2 of a 2-part interview, so if you missed the first episode, be sure to listen to that one first! Jefferson showcases the talk he did at the SECO conference and continues his discussion about how he structures his accounting for his business and more!

 

Key Takeaways:

[1:25] Jefferson discusses why he likes to use Rent Manager.

[5:35] Jefferson has been using Dropbox as well to keep track of any documents for each property.

[9:05] Jefferson and his team are also developing an operations manual to help document how they do things internally.

[10:15] Another product the team uses is Grasshopper, which is a virtual phone software.

[10:45] The great part of using these products is that most of it is free and a smaller company can use these tools to their advantage.

[11:40] What is Jefferson’s vision for the organization?

[14:00] Jefferson really wants his team to feel like they’re franchisees — like they own the park themselves. This gives them more incentive to take care of it.

[15:15] That concludes Jefferson’s talk for today! Jefferson now answers the audience’s questions.

[18:50] Jefferson still needs to know how to budget for a park a bit better.

[22:40] How does Jefferson compensate his park managers?

[24:35] What does Jefferson think of third-party managers?

 

Mentioned in This Episode:

Park Street Partners

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to Deals@parkstreetpartners.com

Asana.com

Rentmanager.com

Dropbox.com

Rentertext.com

Grasshopper.com

Oct 27, 2017

Welcome to Episode 80 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This is a part 2 of a 2-part interview, so if you missed the first episode, be sure to listen to that one first! Jefferson showcases the talk he did at the SECO conference and continues his discussion about how he structures his accounting for his business and more!

 

Key Takeaways:

[1:25] Jefferson discusses why he likes to use Rent Manager.

[5:35] Jefferson has been using Dropbox as well to keep track of any documents for each property.

[9:05] Jefferson and his team are also developing an operations manual to help document how they do things internally.

[10:15] Another product the team uses is Grasshopper, which is a virtual phone software.

[10:45] The great part of using these products is that most of it is free and a smaller company can use these tools to their advantage.

[11:40] What is Jefferson’s vision for the organization?

[14:00] Jefferson really wants his team to feel like they’re franchisees — like they own the park themselves. This gives them more incentive to take care of it.

[15:15] That concludes Jefferson’s talk for today! Jefferson now answers the audience’s questions.

[18:50] Jefferson still needs to know how to budget for a park a bit better.

[22:40] How does Jefferson compensate his park managers?

[24:35] What does Jefferson think of third-party managers?

 

Mentioned in This Episode:

Park Street Partners

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to Deals@parkstreetpartners.com

Asana.com

Rentmanager.com

Dropbox.com

Rentertext.com

Grasshopper.com

Oct 26, 2017

Welcome to Episode 79 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. On today’s show, Jefferson plays the talk he did at the SECO conference about how you can take your mobile home investing to the next level and scale up! This is a part 1 of a two-part interview, so keep your eyes peeled for the second recording coming out soon!

 

Key Takeaways:

[7:25] Jefferson will discuss today how he’s grown from being a sole proprietorship to running an organization that runs parks, buys parks, and produces financial reports for his investors.

[11:00] When Jefferson first started Park Street Partners, he was working 3 jobs.

[14:20] Jefferson discusses the staff he’s brought on and the kinds of responsibilities they each have.

[20:15] Jefferson discusses the growth his company has had over the last 3 years.

[20:45] If Jefferson had to do it all over again, the first person he should have brought on should have been the asset manager.

[22:15] If you have over 1,000 pads, that’s when you should consider finding someone to help manage deal flow.

[24:40] Jefferson uses a project management software called Asana to help keep track of each property.

[26:50] How does Jefferson manage the accounting side of things?

[27:55] Stay tuned to the second part of this talk to hear more of what Jefferson has to say about Rent Manager!

 

Mentioned in This Episode:

Park Street Partners

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to Deals@parkstreetpartners.com

Asana.com

Rentmanager.com

Oct 26, 2017

Welcome to Episode 79 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. On today’s show, Jefferson plays the talk he did at the SECO conference about how you can take your mobile home investing to the next level and scale up! This is a part 1 of a two-part interview, so keep your eyes peeled for the second recording coming out soon!

 

Key Takeaways:

[7:25] Jefferson will discuss today how he’s grown from being a sole proprietorship to running an organization that runs parks, buys parks, and produces financial reports for his investors.

[11:00] When Jefferson first started Park Street Partners, he was working 3 jobs.

[14:20] Jefferson discusses the staff he’s brought on and the kinds of responsibilities they each have.

[20:15] Jefferson discusses the growth his company has had over the last 3 years.

[20:45] If Jefferson had to do it all over again, the first person he should have brought on should have been the asset manager.

[22:15] If you have over 1,000 pads, that’s when you should consider finding someone to help manage deal flow.

[24:40] Jefferson uses a project management software called Asana to help keep track of each property.

[26:50] How does Jefferson manage the accounting side of things?

[27:55] Stay tuned to the second part of this talk to hear more of what Jefferson has to say about Rent Manager!

 

Mentioned in This Episode:

Park Street Partners

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to Deals@parkstreetpartners.com

Asana.com

Rentmanager.com

Oct 19, 2017

Welcome to Episode 78 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Rick Cheek has been working for Home Depot for the last 20 years. Rick oversees the renovation division of Home Depot. On today’s show, Rick discusses some of the ways mobile home park owners can benefit from Home Depot’s service and also discusses some of the things you can expect from working with them.

 

Key Takeaways:

[1:05] Did you know Home Depot has an entire division that helps rehab mobile homes?

[2:35] What did Rick do before he joined Home Depot?

[5:10] The renovation division was originally created to serve single-family homes, but over the years the division has expanded into the mobile home park industry.

[7:30] In the last three years, Home Depot has rehabbed roughly around 3,000 mobile homes.

[9:40] What kinds of markets is Home Depot serving and where can owners find this service?

[12:50] How turnkey is the service? What kinds of things will Home Depot do vs. won’t do?

[20:35] Once the rehab job is done, what kind of inspection period does the homeowner have?

[21:40] Home Depot will stand by the work they do for a year after once they’ve finished with the property.

[22:45] Home Depot vets their service providers really well. It takes roughly 120 days for them to fully vet someone and very few people are accepted.

[24:55] How did this division even get started?

[28:00] How big is this division?

 

Mentioned in This Episode:

Park Street Partners

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to Deals@parkstreetpartners.com

HomeDepot.com

Email Rick: Richard_Cheek@HomeDepot.Com

Oct 19, 2017

Welcome to Episode 78 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Rick Cheek has been working for Home Depot for the last 20 years. Rick oversees the renovation division of Home Depot. On today’s show, Rick discusses some of the ways mobile home park owners can benefit from Home Depot’s service and also discusses some of the things you can expect from working with them.

 

Key Takeaways:

[1:05] Did you know Home Depot has an entire division that helps rehab mobile homes?

[2:35] What did Rick do before he joined Home Depot?

[5:10] The renovation division was originally created to serve single-family homes, but over the years the division has expanded into the mobile home park industry.

[7:30] In the last three years, Home Depot has rehabbed roughly around 3,000 mobile homes.

[9:40] What kinds of markets is Home Depot serving and where can owners find this service?

[12:50] How turnkey is the service? What kinds of things will Home Depot do vs. won’t do?

[20:35] Once the rehab job is done, what kind of inspection period does the homeowner have?

[21:40] Home Depot will stand by the work they do for a year after once they’ve finished with the property.

[22:45] Home Depot vets their service providers really well. It takes roughly 120 days for them to fully vet someone and very few people are accepted.

[24:55] How did this division even get started?

[28:00] How big is this division?

 

Mentioned in This Episode:

Park Street Partners

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to Deals@parkstreetpartners.com

HomeDepot.com

Email Rick: Richard_Cheek@HomeDepot.Com

Oct 18, 2017

Welcome to Episode 77 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson recently attended the Southeastern Community Owners Trade Show, which is a smaller version of the NCC Show. There were only about 300 people who attended this year, which makes it a great place to meet fellow homeowners and industry professionals. Jefferson does a recap of some of the key takeaways he’s learned while he attended the conference.

 

Key Takeaways:

[:50] Just a quick update on the SECO conference.

[1:25] SECO was held on the 11th and 12th of October in Atlanta.

[1:45] Jefferson recommends owners should attend next year’s SECO conference.

[2:50] Jefferson recently learned that you are 50% less likely to close a sale if you take more than 5 minutes to return a call to a tenant.

[5:50] Next Step Homes is trying to help more people qualify to buy a mobile home.

[8:20] Tenants equate cleanliness to a higher rate of safety in your park. So keep that place clean!

[12:00] At the conference, they raffled off a brand new $30,000 home! Unfortunately, Jefferson did not win it this time.

[15:10] Credit Human will now lend to mobile home owners directly. Minimum score has to be 700.

[18:35] Jefferson also did a presentation at the conference. His talk was titled, “Mobile Home Park 2.0.”

 

Mentioned in This Episode:

Park Street Partners

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to Deals@parkstreetpartners.com

Seco2017.com

Mhvillage.com

Nextstepus.org

Rentertext.com

Credithuman.com

Oct 12, 2017

This episode is Part three of a three-part series. On this week’s show, Ryan continues his discussion on how the two publically traded companies, ELS and SUI, are doing in the market, where they’re headed long- and short-term, and what kind of events in the world need to happen for the industry to disappear.

 

Key Takeaways:

[1:25] Who wants to be in just ‘average’ real estate?

[2:05] How do the two management teams, ELS and SUI, treat each other?

[5:50] These teams have very little control over how strong the NOI growth is and what happens with cap rate.

[8:25] Where does Ryan see ELS and SUI going both long term and short term?

[10:40] Jefferson loves Equity Lifestyle and has been very happy with the return over the last few years.

[11:55] Most people don’t realize it but manufactured homes comprise about 7% of the total housing stock in the U.S.

[16:45] Unfortunately it’s hard to see bubbles until they’ve viciously popped. They’re difficult to predict. However, there are some current indicators that suggest we’re not in a bubble just yet.

[18:55] What’s Ryan’s opinion of mobile home park investors? He thinks they’re extremely smart!

[21:25] What kinds of books does Ryan recommend to people who want to learn more about real estate?

 

Mentioned in This Episode:

Park Street Partners

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to Deals@parkstreetpartners.com

Greenstreetadvisors.com

Email: Inquiry@Greenstreetadvisors.com

Oct 5, 2017

Welcome to Episode 75 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Ryan Burke is a Wall Street Analyst for Green Street Advisors. This episode is Part two of a three-part series. On the show, Ryan discusses why there isn’t new park development in the mobile home park industry, what kind of returns you can expect from a mobile home park, and how they’re faring with publicly traded companies like ELS and SUI.

 

Key Takeaways:

[1:25] What kinds of things or factors inhibit the construction of new parks?

[4:00] Why are there not a lot of third-party managers in this industry?

[6:15] On average, what type of return could you achieve if you were to buy a manufactured home and hold it forever?

[7:50] What are the average premiums to property value right now?

[10:15] How does Ryan conduct his research on this industry?

[13:10] What kind of differences are there between the publicly traded companies like ELS and SUI?

[18:20] Rental homes are like kryptonite in this business. How do companies like ELS and SUI manage their rental home numbers and are they making money?

[21:20] What percentage of home rents are ELS and SUI having to spend to maintain their homes? Curious about this answer? Tune in next week for part 3!

 

Mentioned in This Episode:

Park Street Partners

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to Deals@parkstreetpartners.com

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