Welcome to episode 23 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. This is part 1 of a 2 part series, where Jefferson and Brad are joined by MJ Vukovich of Bellwether Enterprise, which is a nationwide brokerage firm. MJ is out of their Minneapolis office and specializes in financing mobile home parks. Tune in as MJ shares insider tips on how to finance mobile home parks, getting into conduit financing, CMBS, and bank financing.
[0:51] Quick shout out to the show’s listeners for helping us reach about 3,500 downloads a month!
[2:41] MJ is a 3rd generation in the mobile home park business. He shares the story of how his family got into the business.
[8:50] The former Colorado Real Estate Investment Company currently has 7,000+ sites across 7 states: Colorado, Wyoming, Nebraska, Nevada, New Mexico, Texas, and North Carolina.
[10:09] Why did MJ decide to leave the family business and move on to the mortgage brokerage side of things? MJ shares the story which involves his wife.
[20:37] What are the financing options for mobile home park owners? MJ explains.
[24:34] Freddie & Fannie’s rates are very attractive but they tend to be a little less risky in their under-riding, they want higher occupancy, higher quality properties, etc.
[27:24] There are some terms that you get on a Fannie & Freddie that are unique to them and that you don’t get with CMBS. Listen in for details here.
[31:18] There’s a tough balancing act you have to do as you’re buying property. MJ provides suggestions.
[33:12] MJ compares the level of paperwork and legal opinions required by Fannie & Freddie vs. CMBS lenders.
[35:09] Where would CMBS be pricing their loans right now?
[35:48] A new regulation called Regulation AB has come to effect this year. MJ elaborates.
[39:54] MJ has one more piece of advice on MBS products from an under-riding/insider perspective.
[41:54] Tune in next week for episode 24 to continue getting mobile home park financing insights from MJ Vukovich.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
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