Welcome to Episode 102 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Sonya Salamon and Katherine MacTavish have been researching mobile home parks and the tenants in them, and now have published a book. On today’s show, Sonya and Katherine share their findings with the audience and discuss everything from quality of life, finances, tenant aspirations, and more.
Key Takeaways:
[3:20] How did Sonya and Katherine get into mobile home park research?
[5:05] How did Sonya and Katherine find people to interview and study?
[10:55] What were some of the key findings when researching the three mobile home parks in geographically and ethnically different areas?
[14:45] How does growing up in a mobile home park impact the wellbeing and career choices of the children living there?
[19:45] In what ways did the children flourish?
[21:35] How did Sonya and Katherine find these three park owners?
[24:55] Sonya and Katherine studied how each of the tenants in these mobile home parks managed their finances. What did they discover?
[27:05] Why did these folks decide to live in a mobile home park?
[31:15] Are mobile home tenants unhappy that they’re living in a mobile home?
[32:40] Can people really form a community when somebody else is forming all the rules?
[41:25] Mobile homes are a private solution to a really pressing public house need.
[43:05] Sonya and Katherine offer their final thoughts.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Todd Foster’s Podcast Interview
Email Katherine: Katherine.MacTavish@oregonstate.edu
Welcome to Episode 102 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Sonya Salamon and Katherine MacTavish have been researching mobile home parks and the tenants in them, and now have published a book. On today’s show, Sonya and Katherine share their findings with the audience and discuss everything from quality of life, finances, tenant aspirations, and more.
Key Takeaways:
[3:20] How did Sonya and Katherine get into mobile home park research?
[5:05] How did Sonya and Katherine find people to interview and study?
[10:55] What were some of the key findings when researching the three mobile home parks in geographically and ethnically different areas?
[14:45] How does growing up in a mobile home park impact the wellbeing and career choices of the children living there?
[19:45] In what ways did the children flourish?
[21:35] How did Sonya and Katherine find these three park owners?
[24:55] Sonya and Katherine studied how each of the tenants in these mobile home parks managed their finances. What did they discover?
[27:05] Why did these folks decide to live in a mobile home park?
[31:15] Are mobile home tenants unhappy that they’re living in a mobile home?
[32:40] Can people really form a community when somebody else is forming all the rules?
[41:25] Mobile homes are a private solution to a really pressing public house need.
[43:05] Sonya and Katherine offer their final thoughts.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Todd Foster’s Podcast Interview
Email Katherine: Katherine.MacTavish@oregonstate.edu
Welcome to Episode 101 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. On today’s podcast, Jefferson shares his first-hand experience at buying an ‘easy-to-fill’ mobile home park. It was his second mobile home park that he had bought and he ended up walking away with a lot of wise experience from that purchase.
Key Takeaways:
[1:20] Jefferson shares a story of what happened in the due diligence process when he bought his second mobile home park.
[1:45] How do you fill your park with new tenants?
[4:25] By not running a background check, the previous owner was allowing a very rough tenant base.
[6:00] Beware of the very easy-to-fill mobile home park. It could be a warning sign.
[7:45] Make sure the previous owner is running a background check on their tenants and accepting safety deposits.
[8:35] When Jefferson bought that park, it was 100% full. However, it had a lot of unsavory types in it and about 50% of the tenants turned over during the first 12 months.
[10:30] As part of your due diligence, always ask for at least a year’s worth of bank statements.
[11:05] You want tenants with skin in the game.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 101 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. On today’s podcast, Jefferson shares his first-hand experience at buying an ‘easy-to-fill’ mobile home park. It was his second mobile home park that he had bought and he ended up walking away with a lot of wise experience from that purchase.
Key Takeaways:
[1:20] Jefferson shares a story of what happened in the due diligence process when he bought his second mobile home park.
[1:45] How do you fill your park with new tenants?
[4:25] By not running a background check, the previous owner was allowing a very rough tenant base.
[6:00] Beware of the very easy-to-fill mobile home park. It could be a warning sign.
[7:45] Make sure the previous owner is running a background check on their tenants and accepting safety deposits.
[8:35] When Jefferson bought that park, it was 100% full. However, it had a lot of unsavory types in it and about 50% of the tenants turned over during the first 12 months.
[10:30] As part of your due diligence, always ask for at least a year’s worth of bank statements.
[11:05] You want tenants with skin in the game.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 100 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson is celebrating the big 100th episode by giving you a quick and helpful guide to the last 99 episodes. He lists some of his top favorite/most useful podcasts for someone who might be in the beginning stages of buying a park all the way to someone getting ready to sell their park.
Key Takeaways:
[1:30] Thank you for listening! This is episode 100! Let’s do a quick recap of the past 0-99 episodes for those first-time listeners out there.
[3:15] If you’re an investor or considering on investing in mobile home parks, listen to episode 1-3, 19-20, 74-76.
[5:25] Want to buy your own mobile home park? Listen to the first 20 episodes, then 23-24, 90.
[7:25] When you’re about to scale up and have to manage employees, listen to episode 56, 73, 79-80, 93-94, 97-99.
[12:15] If you’re a park owner and thinking about selling, listen to episodes 52-53, 66-67.
[14:00] Know of a mobile home park for sale? Give Jefferson a call and listen to episode 14.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 100 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson is celebrating the big 100th episode by giving you a quick and helpful guide to the last 99 episodes. He lists some of his top favorite/most useful podcasts for someone who might be in the beginning stages of buying a park all the way to someone getting ready to sell their park.
Key Takeaways:
[1:30] Thank you for listening! This is episode 100! Let’s do a quick recap of the past 0-99 episodes for those first-time listeners out there.
[3:15] If you’re an investor or considering on investing in mobile home parks, listen to episode 1-3, 19-20, 74-76.
[5:25] Want to buy your own mobile home park? Listen to the first 20 episodes, then 23-24, 90.
[7:25] When you’re about to scale up and have to manage employees, listen to episode 56, 73, 79-80, 93-94, 97-99.
[12:15] If you’re a park owner and thinking about selling, listen to episodes 52-53, 66-67.
[14:00] Know of a mobile home park for sale? Give Jefferson a call and listen to episode 14.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 99 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Spencer Roane is the Founder of SECO, a mobile home park conference that caters to expert mobile home parks owners and novices. This is interview part two so be sure to listen to last week’s show (if you haven’t already) to find out more about Spencer. Today, Spencer shares details about his SECO (South East Community Owners) Conference and why he is starting a community chattel finance program.
Key Takeaways:
[1:25] Why did Spencer start SECO?
[3:25] How many SECO Conferences has Spender held so far?
[5:50] Spencer has already sold out all the exhibit space for 2018.
[6:45] How does Spencer manage the conferences?
[7:55] Spencer shares how he markets the conference.
[10:35] Spencer is working on a community chattel finance program. What is it about?
[16:40] When does this program take place?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Secoconference.com
Email Spencer: SpencerRoane@SECOConference.com
Call Spencer: 678-428-0212
Welcome to Episode 99 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Spencer Roane is the Founder of SECO, a mobile home park conference that caters to expert mobile home parks owners and novices. This is interview part two so be sure to listen to last week’s show (if you haven’t already) to find out more about Spencer. Today, Spencer shares details about his SECO (South East Community Owners) Conference and why he is starting a community chattel finance program.
Key Takeaways:
[1:25] Why did Spencer start SECO?
[3:25] How many SECO Conferences has Spender held so far?
[5:50] Spencer has already sold out all the exhibit space for 2018.
[6:45] How does Spencer manage the conferences?
[7:55] Spencer shares how he markets the conference.
[10:35] Spencer is working on a community chattel finance program. What is it about?
[16:40] When does this program take place?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Secoconference.com
Email Spencer: SpencerRoane@SECOConference.com
Call Spencer: 678-428-0212
Welcome to Episode 98 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Spencer Roane is the Founder of SECO, a mobile home park conference that caters to expert mobile home parks owners and novices. Spencer owns four communities with 450 spaces and shares his experience of how he manages his parks as well as shares timeless advice for those who are looking to jump in and become a mobile home park owner.
Key Takeaways:
[2:50] What did Spencer do before he got into mobile home parks?
[7:05] When Spencer invested in his first mobile home park, what were some of his first reactions to the park?
[14:35] For Spencer, he has not had a default payment for double wide mobile homes.
[17:30] How does Spencer manage his four communities?
[22:30] How does Spencer find his properties?
[24:15] Spencer shares how he markets his properties.
[26:10] Spencer uses Rent Manager to track the financials on his properties.
[27:30] Does Spencer have plans to grow his park?
[28:55] Spencer is thinking of passing his properties down to his employees, not his sons.
[32:15] What do newbies need to know about the mobile home park business?
[34:55] Should you be new homes vs. old homes?
[37:10] There are a lot of park owners that are more than happy to help a newbie out.
[37:55] Tune in next week to find out what it’s like to run a mobile home park trade show!
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Secoconference.com
Welcome to Episode 98 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Spencer Roane is the Founder of SECO, a mobile home park conference that caters to expert mobile home parks owners and novices. Spencer owns four communities with 450 spaces and shares his experience of how he manages his parks as well as shares timeless advice for those who are looking to jump in and become a mobile home park owner.
Key Takeaways:
[2:50] What did Spencer do before he got into mobile home parks?
[7:05] When Spencer invested in his first mobile home park, what were some of his first reactions to the park?
[14:35] For Spencer, he has not had a default payment for double wide mobile homes.
[17:30] How does Spencer manage his four communities?
[22:30] How does Spencer find his properties?
[24:15] Spencer shares how he markets his properties.
[26:10] Spencer uses Rent Manager to track the financials on his properties.
[27:30] Does Spencer have plans to grow his park?
[28:55] Spencer is thinking of passing his properties down to his employees, not his sons.
[32:15] What do newbies need to know about the mobile home park business?
[34:55] Should you be new homes vs. old homes?
[37:10] There are a lot of park owners that are more than happy to help a newbie out.
[37:55] Tune in next week to find out what it’s like to run a mobile home park trade show!
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Secoconference.com
Welcome to Episode 97 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Todd Foster currently owns six parks and has an interesting management philosophy that makes his parks easier to deal with, especially on the tenants’ side. Tenants feel empowered in Todd’s parks and Todd shares why in today’s episode.
Key Takeaways:
[1:40] What did Todd do prior to getting himself into mobile home parks?
[2:40] Todd actually grew up in a park back in Washington.
[4:10] After taking over his father’s parks, how did Todd grow from two to six parks?
[6:00] How has Todd’s management style evolved over the years?
[9:15] Todd has attended plenty of seminars and they all have an undertone theme of how to fight, and win, with their tenants/local government. Why does it have to be that way?
[9:45] Todd set out to fix this problem. He wanted to make homeownership a pleasant experience for everyone.
[10:05] None of Todd’s rental agreements say the word ‘tenant’ on them. Why is that?
[12:35] Todd makes it a point to take a bit of time before enforcing the rules. He likes to give three warnings before taking action and going to court. However, once he goes to court, it’s over.
[19:05] Todd has allowed his residents to set up a rules committee. How does he prevent abuse of the rules from happening?
[21:55] How big are Todd’s parks?
[27:15] There is no law against renting to a person who is not a U.S. citizen in Oregon or Washington.
[27:55] Todd shares some advice for fellow park owners out there.
[30:45] Remember to always hire good people. Managing a park is a lot of work, even if you live in town.
[33:00] Todd is more than happy to help. Email him and let him know you heard him on this podcast.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Email Todd: OrrenFoster@comcast.net
Welcome to Episode 96 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Michael Hughes was the head professor overseeing a unique project involving a trailer park home in Boulder, Colorado. Michael and a team of 50 students over the course of 2 years completed this project back in the early 2000s! On today’s show, Michael discusses the ins and outs of how the project came to be and the work involved behind the scenes.
Key Takeaways:
[2:25] What is Michael’s background and what did he do before getting involved with mobile homes?
[6:40] How did the Trailer Wrap project get started?
[13:50] What did Michael’s students think about Michael’s crazy trailer idea?
[20:55] How did Michael structure his team for a project like this?
[25:00] Did the end-design change from what was originally on paper?
[30:50] Since the park has now been sold, is Michael aware of any future plans the current owner has with the property?
[36:40] What is Michael up to these days?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Trailerwrap.net
Email Michael: MHughes@aus.edu
Call Michael: 479-422-0133
Welcome to Episode 95 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today’s guest is Mike Johnson. He is a mobile home park owner and early retirement expert. Mike knew that if he wanted to retire early, he needed a passive income. He got creative with how he structured his deals and now owns three parks. Find out more about Mike and his story on this week’s podcast!
Key Takeaways:
[2:45] Who is Mike and what did he do before owning his mobile home park?
[6:00] How did Mike find his first mobile home?
[11:50] How does Mike market his property?
[13:15] How does Mike manage the mobile home park?
[16:25] Mike discusses how he handles all the paperwork for the property.
[18:25] What’s it like managing Mike’s other parks?
[21:20] In 15 years of owning parks, Mike has only had to go to court twice. What’s his philosophy on tenants who do not pay?
[25:30] What retirement advice does Mike have for others?
[28:40] There’s only so much you can read. Stop dragging your feet and take action.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Rich Dad Poor Dad, by Robert Kiyosaki and Sharon Lechter
Making Money with Mobile Homes, by Lonnie Scruggs
Welcome to Episode 95 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today’s guest is Mike Johnson. He is a mobile home park owner and early retirement expert. Mike knew that if he wanted to retire early, he needed a passive income. He got creative with how he structured his deals and now owns three parks. Find out more about Mike and his story on this week’s podcast!
Key Takeaways:
[2:45] Who is Mike and what did he do before owning his mobile home park?
[6:00] How did Mike find his first mobile home?
[11:50] How does Mike market his property?
[13:15] How does Mike manage the mobile home park?
[16:25] Mike discusses how he handles all the paperwork for the property.
[18:25] What’s it like managing Mike’s other parks?
[21:20] In 15 years of owning parks, Mike has only had to go to court twice. What’s his philosophy on tenants who do not pay?
[25:30] What retirement advice does Mike have for others?
[28:40] There’s only so much you can read. Stop dragging your feet and take action.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Rich Dad Poor Dad, by Robert Kiyosaki and Sharon Lechter
Welcome to Episode 94 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today’s guest is DJ Pendleton, the Executive Director of the Texas Manufactured Housing Association. DJ discuss the behind-the-scenes of what goes into lobbying for the manufactured housing industry in Texas and what kinds of things the Association pushes for in the legislature.
Key Takeaways:
[3:15] What did DJ do prior to getting into the mobile home park industry?
[6:10] What is the main mission or objective of the Texas Manufactured Housing Association?
[9:05] The Texas MHA has both annual and quarterly meetings with the members.
[10:45] What kind of data does the Texas MHA collect among its members?
[12:45] How does DJ prioritize what to lobby against?
[18:15] In what areas is Texas leading the charge in legislature compared to other states?
[22:15] What kind of legislature wins has Texas had over the years?
[29:30] DJ discusses how the Texas MHA was able to get rid of over a million tax liens on mobile homes.
[37:25] What are some of the Texas MHA goals for this year?
[41:05] If a septic field fails, you can not rebuild it in Texas if it’s within 50 ft of a property line. Is this true?
[44:15] What happens to the victims of the hurricane disaster who were living in mobile homes? Will they be able to move back into their homes?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Texasmha.com
Email DJ: dpendleton@texasmha.com
Welcome to Episode 94 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today’s guest is DJ Pendleton, the Executive Director of the Texas Manufactured Housing Association. DJ discuss the behind-the-scenes of what goes into lobbying for the manufactured housing industry in Texas and what kinds of things the Association pushes for in the legislature.
Key Takeaways:
[3:15] What did DJ do prior to getting into the mobile home park industry?
[6:10] What is the main mission or objective of the Texas Manufactured Housing Association?
[9:05] The Texas MHA has both annual and quarterly meetings with the members.
[10:45] What kind of data does the Texas MHA collect among its members?
[12:45] How does DJ prioritize what to lobby against?
[18:15] In what areas is Texas leading the charge in legislature compared to other states?
[22:15] What kind of legislature wins has Texas had over the years?
[29:30] DJ discusses how the Texas MHA was able to get rid of over a million tax liens on mobile homes.
[37:25] What are some of the Texas MHA goals for this year?
[41:05] If a septic field fails, you can not rebuild it in Texas if it’s within 50 ft of a property line. Is this true?
[44:15] What happens to the victims of the hurricane disaster who were living in mobile homes? Will they be able to move back into their homes?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Texasmha.com
Email DJ: dpendleton@texasmha.com
Welcome to Episode 93 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson sits down with Brandon Turner and Ryan Murdock. They’re both experienced real estate investors, but they recently purchased their first mobile home park in Maine. Brandon and Ryan give details on what their business partnership looks like, their due diligence process, and also share some of the challenges they had to face while owning and renovating this ‘new’ park.
Key Takeaways:
[3:00] How did Brandon and Ryan first meet?
[5:10] How did Brandon get into mobile home park investing?
[7:50] What kind of partnership agreement did Brandon and Ryan agree on?
[9:25] To be fair, Brandon and Ryan aren’t technically partners. They both own a piece of the mobile home park, separately.
[14:35] What kind of challenges have Brandon and Ryan experienced on the mobile home property so far?
[20:25] What was the due diligence process like?
[26:45] Did Brandon and Ryan run test ads before buying the park?
[33:35] How does a mobile home park compare to other properties Brandon and Ryan have owned in the past?
[38:50] What kind of financial goals do Brandon and Ryan have with this park?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Biggerpockets.com
Ryan on the Biggerpockets.com podcast
Welcome to Episode 93 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson sits down with Brandon Turner and Ryan Murdock. They’re both experienced real estate investors, but they recently purchased their first mobile home park in Maine. Brandon and Ryan give details on what their business partnership looks like, their due diligence process, and also share some of the challenges they had to face while owning and renovating this ‘new’ park.
Key Takeaways:
[3:00] How did Brandon and Ryan first meet?
[5:10] How did Brandon get into mobile home park investing?
[7:50] What kind of partnership agreement did Brandon and Ryan agree on?
[9:25] To be fair, Brandon and Ryan aren’t technically partners. They both own a piece of the mobile home park, separately.
[14:35] What kind of challenges have Brandon and Ryan experienced on the mobile home property so far?
[20:25] What was the due diligence process like?
[26:45] Did Brandon and Ryan run test ads before buying the park?
[33:35] How does a mobile home park compare to other properties Brandon and Ryan have owned in the past?
[38:50] What kind of financial goals do Brandon and Ryan have with this park?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Biggerpockets.com
Ryan on the Biggerpockets.com podcast
Welcome to Episode 92 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson sits down with Jill Denlea, who is in the process of buying her first mobile home park. On the show, she discusses her experiences and what kind of lessons she’s learned so far about buying her first mobile home park!
Key Takeaways:
[2:30] Who is Jill and what is her background?
[8:15] Jill recently got into mobile home parks. How did Jill find her first park and how big is it?
[13:05] How did Jill get her legal contract?
[14:55] What kind of due diligence did Jill do before purchasing the property?
[16:55] How is Jill best finding her inspectors?
[20:15] What are Jill’s plans for the property?
[23:00] The mobile park does not have a website nor are they in the yellow pages.
[26:55] Will Jill be needing to enforce the rules in this park?
[29:35] It’s important to really educate yourself about this space because it’s a completely different animal than traditional real estate.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Jill on LinkedIn
Email Jill: JPDenlea@comcast.net
Welcome to Episode 92 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson sits down with Jill Denlea, who is in the process of buying her first mobile home park. On the show, she discusses her experiences and what kind of lessons she’s learned so far about buying her first mobile home park!
Key Takeaways:
[2:30] Who is Jill and what is her background?
[8:15] Jill recently got into mobile home parks. How did Jill find her first park and how big is it?
[13:05] How did Jill get her legal contract?
[14:55] What kind of due diligence did Jill do before purchasing the property?
[16:55] How is Jill best finding her inspectors?
[20:15] What are Jill’s plans for the property?
[23:00] The mobile park does not have a website nor are they in the yellow pages.
[26:55] Will Jill be needing to enforce the rules in this park?
[29:35] It’s important to really educate yourself about this space because it’s a completely different animal than traditional real estate.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Jill on LinkedIn
Email Jill: JPDenlea@comcast.net
Welcome to Episode 90 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson attended for the very first time TEXCO18, which is their 2nd annual event. On the show, Jefferson does a quick highlight of the two-day event and some of the interesting things he learned while there.
Key Takeaways:
[1:35] Jefferson highly recommends going to trade shows.
[2:15] This is the second year the TEXCO conference has been running, but this was the first time Jefferson attended.
[3:35] The guys over at Sunstone MHC highlighted the importance of keeping your books separate.
[6:00] You can buy real estate through your self-directed IRA.
[7:10] There are actually seven different types of IRAs and all of them can be used to buy real estate.
[9:15] On Wednesday, Jefferson learned about the process of lobbying the government when it comes to bad mobile home park policies.
[12:10] Non-lawyers can now handle evictions. Before, it was illegal for a park owner to represent himself in court during an eviction.
[13:25] The biggest pitfalls of both buyers and sellers.
[21:00] Grandfathering mobile home parks is now being upheld for up to 5 times!
[25:20] Would you buy a park in a 100-year flood zone?
[26:15] Should you attend TEXCO next year?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Sunstonemhc.net
Anne Marie from QuestIRA on LinkedIn
Welcome to Episode 90 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson sits down with Daniel Din in San Francisco to discuss what park owners need to know about Freddie Mac’s lending opportunities. Daniel is the perfect guest for this week’s show because he has been with Freddie Mac since 2007 and oversaw the development of the manufactured housing lending department in 2014.
Key Takeaways:
[2:00] What’s Daniel’s background and what did he do before he joined Freddie Mac?
[2:45] Daniel shares a little bit of the history of Freddie and how they got into lending.
[6:00] How can mobile park owners borrow money from Freddie?
[7:10] What’s the difference between Fannie Mae and Freddie’s business model?
[9:45] How long does it take the average park owner to get approved?
[11:35] What’s the smallest loan will Freddie make?
[17:45] Daniel shares the history behind opening a manufactured housing lending department in 2014.
[24:50] Does Freddie make the distinction between ‘true’ rentals vs. homes on a rent-to-own agreement?
[26:45] Is it true that mobile home parks have the lowest default rate of any class?
[29:15] Daniel explains a bit more what Freddie’s ‘Duty to Service’ initiative is about.
[36:00] What do park owners need to know about Freddie’s supplemental program?
[39:40] Freddie’s balance sheet is around $250 Billion. How does Freddie decide what to keep on their balance sheet vs. what to sell?
[43:15] Will there be any regulations coming down the pike in 2018?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Freddiemac.com
Welcome to Episode 90 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson sits down with Daniel Din in San Francisco to discuss what park owners need to know about Freddie Mac’s lending opportunities. Daniel is the perfect guest for this week’s show because he has been with Freddie Mac since 2007 and oversaw the development of the manufactured housing lending department in 2014.
Key Takeaways:
[2:00] What’s Daniel’s background and what did he do before he joined Freddie Mac?
[2:45] Daniel shares a little bit of the history of Freddie and how they got into lending.
[6:00] How can mobile park owners borrow money from Freddie?
[7:10] What’s the difference between Fannie Mae and Freddie’s business model?
[9:45] How long does it take the average park owner to get approved?
[11:35] What’s the smallest loan will Freddie make?
[17:45] Daniel shares the history behind opening a manufactured housing lending department in 2014.
[24:50] Does Freddie make the distinction between ‘true’ rentals vs. homes on a rent-to-own agreement?
[26:45] Is it true that mobile home parks have the lowest default rate of any class?
[29:15] Daniel explains a bit more what Freddie’s ‘Duty to Service’ initiative is about.
[36:00] What do park owners need to know about Freddie’s supplemental program?
[39:40] Freddie’s balance sheet is around $250 Billion. How does Freddie decide what to keep on their balance sheet vs. what to sell?
[43:15] Will there be any regulations coming down the pike in 2018?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Freddiemac.com
Welcome to Episode 89 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. On this week’s show, Jefferson welcomes Charles Becker and Brenda Garcia-Lemus from Duke University. They have both done extensive research and have collected data on manufactured housing rents and home values. They dive in and discuss what their data can tell us about both the west and east coast markets and give us valuable insights on how we can plan for the future.
Key Takeaways:
[1:30] Charles has appeared on the show before, so Brenda gives a quick introduction about herself!
[3:00] In person, Charles and Brenda have some slides showcasing some data. They discuss what the data means for those who are just listening to the show!
[5:10] How did Charles and Brenda capture the data of how much rents vary by each state?
[6:35] In Texas, they have homes that average around 17 years old and California, for example, has homes that are in the 32-year range. This indicates Texas is building new homes and California is not.
[8:20] Did Charles and Brenda cross-reference and compare their data to see if there was any correlation between apartment rents and manufactured housing rents?
[12:55] Half of the value is in land and the other half is in structure.
[13:45] Charles and Brenda used apartment prices to compare the data they received from mobile home parks.
[18:35] Charles and Brenda foresee more and more people renting manufactured homes instead of buying. When do they think that trend will change?
[25:35] How will inflation affect mobile home park owners and renters?
[28:35] Charles and Brenda were able to get data down to the county in North Carolina. What did they find on the county level?
[34:15] What else can we learn from the data Charles and Brenda have curated?
[40:00] Want to help Charles and Brenda with their research? Feel free to email them!
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Email Charles: CBecker@Duke.Edu
Email Brenda: BG83@Duke.Edu
Welcome to Episode 89 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. On this week’s show, Jefferson welcomes Charles Becker and Brenda Garcia-Lemus from Duke University. They have both done extensive research and have collected data on manufactured housing rents and home values. They dive in and discuss what their data can tell us about both the west and east coast markets and give us valuable insights on how we can plan for the future.
Key Takeaways:
[1:30] Charles has appeared on the show before, so Brenda gives a quick introduction about herself!
[3:00] In person, Charles and Brenda have some slides showcasing some data. They discuss what the data means for those who are just listening to the show!
[5:10] How did Charles and Brenda capture the data of how much rents vary by each state?
[6:35] In Texas, they have homes that average around 17 years old and California, for example, has homes that are in the 32-year range. This indicates Texas is building new homes and California is not.
[8:20] Did Charles and Brenda cross-reference and compare their data to see if there was any correlation between apartment rents and manufactured housing rents?
[12:55] Half of the value is in land and the other half is in structure.
[13:45] Charles and Brenda used apartment prices to compare the data they received from mobile home parks.
[18:35] Charles and Brenda foresee more and more people renting manufactured homes instead of buying. When do they think that trend will change?
[25:35] How will inflation affect mobile home park owners and renters?
[28:35] Charles and Brenda were able to get data down to the county in North Carolina. What did they find on the county level?
[34:15] What else can we learn from the data Charles and Brenda have curated?
[40:00] Want to help Charles and Brenda with their research? Feel free to email them!
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Email Charles: CBecker@Duke.Edu
Email Brenda: BG83@Duke.Edu