Welcome to episode 19 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with Park Street Partners. Today, Jefferson and Brad discuss a case study on a mobile home park that’s near and dear to their hearts. It’s called the Cherrywoods Mobile Home Park and it’s the first deal they bought in their partnership.
[1:48] The Mobile Home Park Investors podcast has over 3000 downloads per month!
[2:40] Check out Cherrywoods.net to see how the Park Street Partners set up their websites.
[2:57] Jefferson and Brad talk about how they found the Cherrywoods Mobile Home Park and all the things they love about this property.
[5:34] The Cherrywoods Park was developed in 1996, which is a rare find.
[6:56] The seller was open to seller financing, which is something the Park Street Partners love.
[11:59] Current rents on properties in the same town, according to rentometer.com.
[14:21] The type of property manager to look for and that you want to have for your park.
[17:29] Jefferson and Brad have easily doubled their money on the property, in a little under two years.
[18:57] Jefferson touches on determining capital rates from looking at the property’s PNL.
[20:42] It wasn’t obvious they were going to fill up the Cherrywoods Park as well and as quickly as they have. What were some signs of softness in that market?
[25:32] Selling the Cherrywoods property today would produce a nice return but that doesn’t beat getting 25% cash-on-cash returns for the foreseeable future.
[27:30] Check out episode 18 to hear all about how the returns can be nearly tax-free.
[30:21] What’s the debt service coverage ratio on the Cherrywoods park?
[32:56] Interested in partnering up? Check out episode 14 to learn the specifics of the Park Street Partners’ partnership strategy.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Send your deals to: firstname.lastname@example.org
EP018: Accelerate Your Depreciation to Save on Your Mobile Home Park Property Taxes
EP014: How to Partner and Invest with the Park Street Partners