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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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Feb 4, 2016

Welcome to episode 8 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, Jefferson and Brad will discuss seller carry, also known as seller financing. This is when a seller of a mobile home park carries back the mortgage, which allows the owner of the mobile home park to not have to deal with a bank to get a mortgage and to close a deal more quickly.

If you like this podcast, please subscribe to it on iTunes or Stitcher and rate us highly.

 

Key Takeaways:

[1:29] It’s best to negotiate directly with the seller, even if buying property through a broker.

[2:30] What are the benefits for a seller to carry back the mortgage?

[7:53] Brad explains the depreciation recapture component of seller financing.

[10:07] The downside for a seller to carry back the mortgage is de minimis.

[12:37] The best part about seller financing.

[13:19] A key benefit for a seller who offers seller carry.

[13:42] What to do once you agree to seller financing.
[16:17] Much easier to get a deal done when a seller agrees to let you pay them back over time.

[16:32] Another benefit for the seller to carry back paper.

[17:52] It’s important to treat your sellers well; and they can serve as a reference for you.

[19:25] Negotiating the debt documents, cure rights, and the promissory note.

 

Mentions:

http://www.parkstreetpartners.com/

http://www.parkstreetpartners.net/real-estate-syndication/

http://www.parkstreetpartners.net/resources/

http://www.mobilehomeparkinvestors.net/

https://www.linkedin.com/groups/131404/profile

 

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