Welcome to Episode 106 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Patrick McKenna joins Jefferson on today’s show to share his journey into mobile home park ownership. He shares mistakes and lessons learned from buying his second park, the quality of RV tenants, and his plans to acquire a third park!
Key Takeaways:
[1:15] Patrick originally had some issues with brokers behaving unprofessionally. How did he handle that?
[3:15] How did Patrick find his second park?
[6:50] What was occupancy like when Patrick bought the second park?
[12:15] Since all the pipes need to be replaced in this second park, how did Patrick find a reliable and good contractor?
[14:35] How has Patrick been able to finance this infrastructure upgrade?
[18:05] How do Patrick and his business manage these two parks from out-of-state while also working a day job?
[19:45] Does Patrick have any plans to buy a third park?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Call Patrick: 978-204-4242
Email Patrick: PatrickMcKenna@gmail.com
Welcome to Episode 106 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Patrick McKenna joins Jefferson on today’s show to share his journey into mobile home park ownership. He discusses how he did his due diligence on his first park and why he and his business partner are a great business match. This is a two-part episode, so be sure to check back next week to find out more about Patrick’s second mobile home park!
Key Takeaways:
[2:30] What did Patrick do before he became a mobile home park owner?
[6:15] Since Patrick has a business partner helping him manage the mobile home park, how did Patrick structure that partnership?
[9:50] How did Patrick find his first mobile home park?
[13:15] What kind of due diligence process did Patrick undergo?
[17:50] How did Patrick and his business partner market their park?
[19:30] Why did Patrick decide to keep the current park manager? And how does he compensate him?
[22:40] What was the lot rent when Patrick purchased the park and what is it now?
[26:20] Patrick’s first park is on a lagoon! How was he comfortable buying that?
[29:35] Please join us next week for part two of this interview!
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 105 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad Huffines is the Chief Meteorologist and VP of Risk Communication for Weathercall Services. Brad discusses the benefits of using Weathercall's product, HazardCall, and how it can inform hundreds of tenants if they're in danger within a couple of seconds.
Key Takeaways:
[2:50] What did Brad did prior to joining HazardCall?
[5:10] What is HazardCall about and why was it Founded?
[8:00] Did you know there hasn't been a mobile home manufactured in this country since 1976?
[11:25] Brad believes there are no HOA organizations as big or as successful as MHI.
[12:00] You can lower someone's risk from a level 7 to a level 5 just by equipping them with good information.
[12:40] What types of hazards will HazardCall alert tenants with?
[17:25] What other benefits can HazardCall offer tenants and park owners?
[24:40] What's the best way for a park owner to incorporate a product like this into their park?
[30:55] How many alerts has HazardCall sent out to this day?
[34:00] By telling people in one simple text to 'drip your pipes', for example, you've already saved yourself huge insurance deductibles when it gets cold at night.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Email: Bradh@Hazardcall.com
Call Brad: 256-682-9217
Welcome to Episode 104 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson with the Park Street Partners. Kurt Kelly joins us once again to cover all of your insurance questions. He dives into what mobile homeowners need to know about insurance, how to properly cover and insure your staff, and what to do when you have damages.
Key Takeaways:
[3:00] What do listeners need to know about insuring their rental home?
[8:55] Unfortunately, there is no perfect decision when it comes to homeowner insurance options.
[9:20] Do park owners have to pay more money for insurance on older homes than new homes?
[12:45] Does a park owner’s claim history have an impact on their insurance rates?
[18:45] What do park owners need to know about workers comp insurance?
[23:55] Is it possible to get workers comp on an independent contractor?
[26:25] How do you make sure you’re not discriminating against your tenants?
[33:15] In the state of Oklahoma, you do not want to lie about your dog being an emotional support animal. They are taking serious measures to stop people from faking it.
[38:25] Have more insurance-related questions? Feel free to reach out to Kurt!
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Email: Kurt@mobileagency.com
Call: 800-458-4320.
Welcome to Episode 104 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson with the Park Street Partners. Kurt Kelly joins us once again to cover all of your insurance questions. He dives into what mobile homeowners need to know about insurance, how to properly cover and insure your staff, and what to do when you have damages.
Key Takeaways:
[3:00] What do listeners need to know about insuring their rental home?
[8:55] Unfortunately, there is no perfect decision when it comes to homeowner insurance options.
[9:20] Do park owners have to pay more money for insurance on older homes than new homes?
[12:45] Does a park owner’s claim history have an impact on their insurance rates?
[18:45] What do park owners need to know about workers comp insurance?
[23:55] Is it possible to get workers comp on an independent contractor?
[26:25] How do you make sure you’re not discriminating against your tenants?
[33:15] In the state of Oklahoma, you do not want to lie about your dog being an emotional support animal. They are taking serious measures to stop people from faking it.
[38:25] Have more insurance-related questions? Feel free to reach out to Kurt!
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Email: Kurt@mobileagency.com
Call: 800-458-4320.