Welcome to episode 54 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad is off on this week’s episode. Jefferson does a quick recap of the MHI Show that was hosted in Vegas this year, and shares some of the useful technologies he found out about while at the tradeshow.
Key Takeaways:
[1:25] Jefferson ended up getting a handful of deals at the tradeshow.
[2:45] What kind of technological tools did Jefferson see?
[6:15] Jefferson would like to have several of these tech founders on the show to get a deeper dive on the tech.
[10:00] Gama Sonic Lights can help light up your park for free through the use of solar power.
[11:00] Moving away from tech, let’s talk about some of the useful credit companies your tenants can benefit from.
[12:25] Jefferson saw a booth there that almost brought tears to his eyes. Yes! Need mobile home park renovations done? Home Depot has a specific branch about it now!
[15:45] Should you attend MHI next year? Yes. Even beginners can benefit a lot from a trade show like this.
[17:15] Want to know what other cool events Jefferson and Brad are attending this year? They now have a calendar listing them all on the website!
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 53 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad and Jefferson are joined by Paul Bradley, the Founding President of ROC USA. The guys continue last week’s conversation about how mobile home park residents are able to go from rentee to owner. If you hadn’t had the chance to listen to part one, be sure to listen to that episode first!
Key Takeaways:
[1:30] When it comes to sign for the big bank loan, how many tenants are in charge of signing it?
[2:30] If you’re working with a company like ROC USA, their minimum membership requirement is 51% of owner-occupied homes must be members of the co-op.
[7:00] Many residents are willing to invest in the property when they’ve lived there for 10+ years or more. Residents who have only been there for 2 or so years are more likely to oppose to the co-op.
[9:15] To be clear, Paul’s company is not just a brokerage or lending operation. His team focuses on helping tenants with the purchasing process before and after the deal has been made.
[14:50] How does Paul make money on these deals?
[17:05] Once the tenants have acquired the property, how does the park get managed?
[22:05] Paul offers post-purchase education to the residents. What does that training entail?
[24:30] Have any questions? Feel free to reach out to Paul and his team!
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Brad and Jefferson are joined by Paul Bradley, the Founding President of ROC USA. Paul helps tenants acquire their mobile home parks, and explains in detail the steps residents need to take to go from rentee to owner. This episode is part one out of a two part interview, so be sure to come back next week and hear more from Paul!
Key Takeaways:
[1:10] Last week Brad was hacking through the Everglades of North Carolina, looking for good mobile home park deals.
[1:30] Paul and his company help tenants buy their mobile home parks from their park owners.
[2:35] Who is Paul, and how did he get involved with ROC?
[6:10] Paul spent 2006-2007 writing a business plan for ROC USA.
[6:40] Is it true that 20% of all mobile home parks in New Hampshire are owned by the residents?
[7:10] In what states is the ownership by residents high/low, and why?
[9:00] What does a limited equity model mean, and how does it work?
[12:30] Homeowners benefit from this model by essentially borrowing equity at market rates.
[15:25] How does Paul generate his deal flow?
[17:20] How do residents buy a park?
[24:15] The first due diligence loan typically runs between $20,000-30,000.
[25:40] Paul and his team have a $12 million dollar balance sheet in assets, which is why they are able to hold, retain, and position themselves well, in these loans.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 51 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad is off this week looking at houses in North Carolina! Instead, Jeferson invites four people, probably the most he’s ever had on a single podcast episode, from the Tric Tools team to discuss their pipe bursting technology. On this show, you’ll hear CEO Ward Carter, CFO Michael Lien, Director of Marketing, Tech Support John Rafferty, and Market Strategist Eli Nir on the call!
Key Takeaways:
[2:20] Ward’s grandfather was an inventor, and invented the Coleman stove, among other things!
[6:25] Jefferson had a problem with one of his mobile parks. He had an infiltration problem as well as some old sewer pipes, but according to the guys at Tric Tools, they’ve got a way to fix this cost effectively without replacing the pipes.
[11:25] Ward discusses his second client ever, who was a lawyer, and some of the challenges his client had.
[14:00] What kind of equipment do the guys at Tric Tools work with?
[17:00] This new technology can help save you around 50% off the standard cost.
[20:20] This is why Tric Tools tagline is, “You couldn’t even tell we were here.”
[25:00] Tric Tools machines give off a very small footprint!
[30:45] What does Tric Tools do when a homeowner has a blocked up sewer or water pipe?
Mentioned in This Episode:
www.parkstreetpartners.com
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Call the toll free Tric Tools number: 888-883-8742
Welcome to episode 50 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson and Brad interview Mike Renz, an environmental geologist & consultant. Mike’s clients hire Mike to test the soil of properties and sites prior to purchase. Mike talks in detail about the type of work he does for property investors, and why it’s so important to understand what kinds of toxins are in your soil.
Key Takeaways:
[1:35] Mike takes long motorcycle rides just to go look at rocks.
[2:45] How did Mike into this work?
[6:25] Jefferson and Brad call in Mike and he usually does a ‘Phase 1’ on the property. What does that entail?
[12:50] For Phase 1, some of the work can be done remotely.
[20:55] It takes Mike around 2-3 weeks to do both the onsite and offsite work.
[21:35] When does a phase 2, 3, 4, or 5 happen? Is there a phase 11?
[26:45] Mike’s goal with his clients is to discover the property’s deal breaker as quickly and as cheaply as possible.
[28:25] What’s the worst ’bad stuff’ Mike has ever found on a property?
[30:45] Once it’s been established the soil has been contaminated, who removes the toxins from the ground?
[33:55] What advice does Mike have for a new investor?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 49 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. March 2nd marks Jefferson’s 10th year in the mobile home park industry! As Brad is off this week, Jefferson reflects on the many, many lessons he’s learned over the years.
Key Takeaways:
[1:00] Jefferson has been in the business for 10 years!
[2:15] Jefferson never would have been able to predict everything that’s happened over the last 10 years. He thought that after he spent a year in this business, he was going to go back to his ‘day job.’
[3:00] How did Jefferson get into this business?
[5:45] Jefferson found his first property on eBay!
[7:45] Jefferson decided to do this full-time, but only for a year. He really wanted to double his assets before going back to his day job.
[8:25] After around the 4 year mark, Jefferson bought his second mobile home park.
[10:50] If you’re still working a day job and looking to invest in your first park, pay for value.
[13:55] If you have to pick between cheap and speed, always pick quality work. Never go for cheap!
[14:15] Jefferson was around 39 years old when he bought his first park. He wishes he got involved sooner!
[16:55] Keep your day job!
[17:05] Take your time in finding your first park. Pay for quality and don’t do anything rash.
[19:45] Jefferson owns around 18 parks, but you don’t have to personally own that many to have a nice side income.
[21:55] Jefferson is excited for the next ten years in this industry!
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.com
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 48 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad is off on this week’s episode, but Jefferson has a powerful tip that took him nearly ten years to figure out! If you’re looking for a creative way to reduce that costly electric bill, then this is an episode you surely do not want to miss!
Key Takeaways:
[1:15] Today’s podcast is going to be like an espresso — very concentrated!
[2:00] It took Jefferson nearly 10 years to figure out this trick to save on his electric bill.
[2:20] After having over 117 electric bills pass through Jefferson’s desk, he finally took a look at one.
[3:55] Service availability charge. Look out for those words!
[5:10] Jefferson was getting charged $279 a year for both bills!
[7:25] Remember, a penny saved is a penny earned!
[7:45] If you have multiple bills, take a look at them carefully.
[8:45] Shoutout: Thank you Pastor Joshua for listening to this podcast!
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.com
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 47 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson and Brad continue their discussion about CMBS financing, and outline what you need to know before you get one! Be sure to listen to last week’s episode to get caught up to speed.
Key Takeaways:
[2:15] What third party documents/reports do you need in order to apply for CMBS financing?
[5:45] What do you know about zoning restrictions/requirements?
[9:55] Brad has never seen a survey done for CMBS under $10,000.
[10:35] You're going to need a minimum of 45 days to get the loan done.
[12:00] Tip: Plan for margin of error.
[12:50] What does the seller need to know, if the buyer is applying for CMBS financing?
[15:30] How do you find out what interest rate you’re going to be paying?
[20:00] Remember, you want to be sure you have enough money in order to see the loan through. It can be expensive and time consuming!
[21:30] Brad does a quick recap.
[24:45] With a CMBS loan, you can’t just ‘pay it off,’ like any other loan. Brad explains further.
[30:00] If you’re a fix and flip kinda of guy, then this is not the loan you should have.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 46 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson and Brad explain everything you need to know about Commercial Mortgage-Backed Securities (CMBS), and when it’s the right time to get one. Is CMBS financing right for you? Get a crash course on it in this week’s episode!
Key Takeaways:
[2:20] How does CMBS work?
[7:05] Most commercial mortgage brokers deal with CMBS loans.
[8:15] If your mobile home park’s purchase price is just above $2 million, that’s when you’ll be getting a bit of CMBS attention.
[12:40] Who ends up owning this debt? Individual investors or institutions?
[14:15] You definitely want to go with a mortgage broker that has experience with CMBS and mobile home parks. If not, the process might be tougher for you to acquire the loan.
[16:30] Another thing, be sure to have your lawyers present when applying for CMBS financing.
[20:40] Try to keep your entity structure as simple as possible.
[22:35] What does the ‘springing lockbox’ term mean in this context?
[25:15] Brad gives some advice about finding the right lawyer.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.com
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 45 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson and Brad dive right in on how to hire the right property manage for your mobile home park. What do Jefferson and Brad look for in a manager? Find out today!
Key Takeaways:
[2:00] You have to hire somebody with integrity.
[2:25] When Jefferson and Brad acquire a new property, they’re open to keeping the same manager.
[5:30] Jefferson dives into how he finds good talent.
[7:15] Despite looking for new managers, Jefferson and Brad decided to keep the current one for this particular property, because she had fire in her belly and knew the properties well.
[8:15] Managers who are in charge of the checkbooks can be dangerous.
[8:45] You can tell a lot about somebody based on the condition of their house. Managers with well-kept homes know what to look for.
[11:10] Jefferson and Brad don’t usually have full-time managers, but some parks do need them.
[15:30] Very few mobile home parks need a dedicated office for the manager.
[16:40] Jefferson likes it when a manager has good tech on them.
[19:20] Managers don’t need to have deep experience in order to be qualified.
[20:00] Basic people skills, common sense, and a good work ethic is all you need in a manager.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.com
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 44 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson and Brad welcome listeners to the new year! They do a quick year-end wrap-up of 2016, and discuss the future of mobile home parks, on this week’s episode. What can we look forward to in 2017? You’ll have to listen in!
Key Takeaways:
[:55] Happy New Year, everybody!
[1:25] Jefferson and Brad have been busy during the month of January and are getting ready to close on their second deal for the New Year.
[1:45] Jefferson has already completed 3 of his 5 New Year’s Resolutions - from 2012!
[2:10] The Park Street Partners 'Mobile Home Park Investors' podcast series is slightly over a year old! Jefferson and Brad do a year-end wrap up.
[4:15] Hi mom!
[4:45] Got some good deals in your area? Let Jefferson and Brad know! They’ll either partner with you or pay you a referral fee.
[8:15] There’s still a big stigma about mobile home parks.
[9:10] Will the mobile home park industry be affected by President Trump?
[13:35] Brad isn’t worried about the next four years.
[19:10] Brad discusses the benefits of getting a CMBS loan.
[22:40] Last year, Jefferson and Brad put some systems in place to make the business more efficient.
[28:25] Jefferson and Brad and still tweaking some of the outsourcing that they’re doing.
[32:45] Jefferson and Brad give a shout out to their lovely wives who support them.
Mentioned in This Episode:
Park Street Partners, www.parkstreetpartners.com
Mobile Home Park Investors, www.mobilehomeparkinvestors.net
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 43 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This episode is a continuation of last week’s podcast, where Jefferson walks Robert Nelson through the math and money behind purchasing his first mobile home park. What are some telltale signs that Robert needs to look out for? Find out today!
Key Takeaways:
[1:45] It’s a good thing Robert’s first prospect park is not listed in the yellow pages.
[3:05] Jefferson is now looking up on Google Earth where the nearest Walmart is.
[7:35] Jefferson talks about a red flag he just spotted with the property.
[8:35] When looking at locations, Jefferson tries to find properties where the unemployment in the area is under 7%.
[9:40] In this area, homeownership is about 63%.
[11:35] Lot rents can go to about half of what an average 2-bedroom apartment goes for in the area.
[14:40] What does Jefferson look for in the last 12 months of bank statements?
[17:50] This property is being poorly managed.
[22:50] Jefferson recaps what he would improve upon.
[24:15] Although this property is a bit highly priced, it doesn’t look like it’s a complete disaster, in terms of repairs.
[25:25] What does Jefferson think about seller finance options?
[28:05] Interested in investing with Jefferson and Brad? Feel free to contact them today!
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Contact Robert: DivergentProperties@Hotmail.com
Call Robert: 972-742-0079
Welcome to episode 42 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson Lilly invites Robert Nelson on to the show to discuss the first mobile home park Robert found, and does an analysis on the property. Jefferson walks Robert through the process, and the math, to help him come to the conclusion whether the mobile park home he found is worth the hefty price tag.
Key Takeaways:
[2:55] How did Robert first get involved with mobile home parks?
[7:10] How did Robert find his first park?
[8:05] Robert thought the park he found was a good park, but then he listened to episode 14 of this podcast show!
[12:55] The park Robert is looking at currently has five occupied trailers, four unoccupied trailers, and three empty pads.
[15:25] One of the unoccupied trailers has been trashed, and the owners are using it for supplies.
[17:30] Jefferson is going to assume those 5 occupied trailers do not need extra work.
[18:35] If Robert were to buy this property, he should have an extra $20,000 prepared to invest in remodeling the four empty trailers.
[23:40] Jefferson believes the price for this property is worth $215,000.
[24:45] Don’t be afraid to make offers that make sense to you. Sellers might get upset, but hey!
[26:00] Let’s look this property up on yp.com
[27:50] Join us next week for part two of this show!
Mentioned in This Episode:
parkstreetpartners.com
mobilehomeparkinvestors.net
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.com
Welcome to episode 41 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This week’s episode covers Jefferson and Brad’s deal flow, along with the properties that they have in their fund right now. They discuss a little bit about the inner workings of each mobile home park, and share their expert advice to you!
Key Takeaways:
[1:00] Jefferson and Brad give an update on how their portfolio is doing right now.
[1:40] The first mobile home park property is located in Hillsborough, North Carolina.
[6:05] The second mobile home park property is in Port Huron, Michigan.
[8:55] Brad discusses the deals that are currently in progress.
[11:55] Next up, Jefferson discusses the property he acquired in the upper midwest.
[17:50] Brad talks about a mobile home park located in a fairly large metropolitan statistical area.
[20:15] Whenever you see greater than $100,000 average house prices, that's a good sign that a trailer park will do well in the area.
[22:10] Park Street Partners’ deal flow this year is better than in previous years.
[22:15] Is it too late to enter the market? No!
Mentioned in This Episode:
www.parkstreetpartners.com
www.mobilehomeparkinvestors.net
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 40 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson records this quick 9-minute episode to discuss in detail the things you can do in 30 seconds or less, to find out whether you’ve got a good mobile home park deal on your hand. As you look at more deal flow, you can’t afford to waste time on bad properties!
Key Takeaways:
[1:40] As you start seeing more deal flow, it’s very important to start separating wheat from chaff.
[2:25] Spend the first 15 seconds just seeing if the property is listed on the Yellow Pages website.
[3:15] Half of the deals that both Jefferson and Brad make are not listed in the Yellow Pages.
[3:25] This is a good thing. It means the owners are mom-and-pop places.
[4:10] You have a huge advantage if the owners aren’t advertising.
[5:45] Jefferson guesses that you can increase your cashflow by 10-20%, just because the owners haven’t reached these key advertising areas.
[6:05] Once done, take your next 15 seconds and head on over to Google Maps.
[6:25] You want to be located within 5 miles of a Super Walmart.
[7:55] If a Walmart is not in your area, it indicates the town isn’t doing that well economically.
[8:10] Jefferson and his team are actively raising money right now! Go to the website to find out more!
Mentioned in This Episode:
mobilehomeparkinvestors.net
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 39 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad is off this week, but this means that Jefferson gets to interview David Protiva. David and two other co-founders, Chuck Meek and Mark Titshaw, have been hosting the ‘Trailer Park Kings’ event every year since 2006. As Jefferson attends this event, he also gets a behind-the-scenes looks at David’s investment strategy, and how he got started in this industry.
Key Takeaways:
[1:50] David explains how these meetups at his house got started.
[2:25] How did David get into mobile home parks?
[3:50] How did David break the news to his girlfriend at the time, now wife, that he owned a couple of mobile home parks?
[5:45] David tries to buy his mobile home parks close to where he’s currently living.
[6:30] David recognizes you can not grow quickly with his strategy. He purchases homes about every 3–4 years.
[6:50] How does David find his parks?
[9:00] What works for David when he’s trying to find mobile home parks in the Greater Atlanta, Georgia area?
[11:15] Over the last couple of years, David has only purchased brand new homes.
[12:10] How does David find new tenants? What does he do in terms of marketing?
[13:15] David has had great success with Mobile Home Village, but he understands not many people do.
[15:20] What mistakes has David made over the years?
[16:45] David talks on how he sets up the loan structure with his banks.
[18:30] David encourages other mobile home park owners to take advantage of seller financing.
Mentioned in This Episode:
www.parkstreetpartners.com
mobilehomeparkinvestors.net
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 38 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad is off this week, so it’s just your co-host Jefferson! Today, in this quick 12-minute episode, Jefferson goes through the steps he takes -- what a typical diligence trip looks like for him.
Key Takeaways:
[1:00] On today's show, Jefferson will cover what a typical diligence trip looks like for him.
[2:15] Jefferson flew into Detroit, and made it a point to see the property while the sun was still up.
[4:40] Jefferson also didn’t let the manager know he was coming.
[5:20] Before leaving this part of Michigan, Jefferson visited other mobile home parks in the area to do a comparison.
[6:20] Jefferson drove to Dayton, Ohio to visit another property. Again, he didn’t tell the manager he was coming.
[8:40] Jefferson asked one of the tenants what he thought of the manager.
[9:30] It’s important to capture video on all of these properties, so you can remember them at a later time.
[9:55] Jefferson went to Michigan, Ohio, accidentally drove to Kentucky, and then onward to Indiana, before going back home.
[10:45] Only do these types of trips when you have properties under contract.
Mentioned in This Episode:
www.parkstreetpartners.com
mobilehomeparkinvestors.net
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 37 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson from Park Street Partners. Jefferson is flying solo as a host today! On November 1st - 3rd, Jefferson attended the Manufactured Housing Institute (MHI) meeting in Chicago, IL, and has some thoughts to share on what he learned. If you weren’t able to attend the meeting, you can get a quick recap of the event right here!
Key Takeaways:
[1:00] Jefferson does a recap of the latest MHI meeting in Chicago.
[1:35] This event is really focused on mobile home park owners.
[2:20] The November 2nd event kicked off with breakfast and an overview of the industry.
[2:55] The event even shared thoughts about the Presidential election.
[5:10] It’s a very mixed year so far, but by the time this podcast publishes, we will all know the Presidential results.
[5:50] In 2007, pre-recession, the average household net worth was $137,000. It’s now down to $82,000.
[7:15] At the event, there was a presentation on some of the worst deals ever.
[11:55] An update on the economy in 2016, and other projections.
[14:15] Who is this event for, and why should you attend next year’s event in April?
Mentioned in This Episode:
Park Street Partners - parkstreetpartners.com
Mobile Home Park Investors - mobilehomeparkinvestors.net
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 36 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. It’s just Jefferson on this week’s podcast, as Brad is out of the office. Jefferson does a quick recap of the SECO (Southeast Community Owners Symposium) conference he attended in Atlanta. It’s a three-day conference jammed pack with helpful information for mobile home park owners. If you’re a mobile park owner located in the Southeast, or hoping to become a mobile home park owner, please be sure to check out the details for next year’s conference!
Key Takeaways:
[1:55] John writes in and asks, “How much do you pay your on-site managers?”
[3:45] Jefferson believes there were about 250 people who attended the SECO conference.
[7:00] The first session talked about how to sell homes and what kind of homes you should put in your park.
[10:10] Jefferson discovered the company Renter Text, which will help you qualify your tenants for $195 a month. Jefferson expands a bit more on this.
[12:00] Another service that was mentioned at the conference was called Roof Wrap, which offers a dense rubber ‘wrap’ to put on your leaky mobile home roof.
[14:25] The Manufacturing Housing Association is a great resource for new mobile park owners.
[16:10] When you move into a new mobile home park, make sure you use a licensed bonded mover from your state. It will save you a lot of hassle.
[17:50] Towards the end of the conference, Jefferson attended a panel that discussed what your mobile home park is worth in today’s market.
[19:40] There you go! That was the SECO conference in a nutshell.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
EWelcome to episode 35 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This is episode part 2 of the interview with Charles Becker, a professor in the economics department at Duke University. Charles discusses why corporate buyers tend to get the better deal, his research on the amount of rent being charged, and much more, on this week’s episode!
Key Takeaways:
[1:35] What kind of park buyers get the best deals?
[3:45] What are Charles’s thoughts on the mobile home park rent amount? Is it too little, is it too high?
[7:50] What will the rate of growth be in the next ten years?
[11:00] The nation needs to see this as affordable housing.
[11:25] Will financing options change for mobile home park buyers?
[12:50] Manufactured housing parks do not make neighbors richer.
[16:25] When Charles started off researching this industry, he was a bit skeptical, but the numbers clearly show that it’s a viable option for many people.
[17:40] Charles is always looking for new data, and he is currently very interested in turnover rates.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 34 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners.Charles Becker is a professor in the economics department at Duke University. Charles somehow convinced Duke University to take a bigger interest in the economics of trailer parks. Why does it make sense for a tenant to live in a mobile home park? Charles has studied the dynamics of the trailer park industry and is here to share his insights in a 2-part interview.
Key Takeaways:
[1:55] Charles is an expert in ‘Trailer Park Economics’.
[2:15] How did Charles convince Duke University that being a professor in trailer park economics was a good idea?
[4:45] Why does it make sense for a tenant to live in a mobile home park?
[10:35] Charles believes (although it hasn’t been proven yet) that well-run manufactured housing parks are likely to be associated with lower crime.
[14:00] Charles talks about the supply and demand dynamics of the mobile home park industry.
[19:00] Mobile home parks tend to have about a 50-year life span.
[19:55] Thanks for listening to the first half of Charles’s interview. Stay tuned next week for the second half!
Mentioned in This Episode:
www.mobilehomeparkinvestors.net
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 33 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Joining Jefferson and Brad on this episode is a special guest, Kurt Kelly, Owner and President of Mobile Insurance based in Texas. Listen in to learn about animal management and rental management from a leader in property and liability insurance for the mobile home industry.
Key Takeaways:
[1:31] Kurt is all about helping park owners be safe rather than sorry!
[2:30] What park owners need to know about animal management for mobile home park communities.
[4:38] Basic and general rules insured individuals need to follow regarding animals, according to Mobile Insurance.
[8:19] Animal bite liability insurance coverage for mobile home park owners, and mobile home buyer’s insurance.
[13:28] What mobile home park owners need to know about the process and legitimacy of the certificate of emotional support for an animal.
[15:35] Find out about rental home management for mobile home park owners.
[23:45] How comprehensive is the general rental home liability insurance coverage?
[25:14] How Kurt and his team keep current on all of the evolving law suits across 50 states.
Mentioned in This Episode:
www.mobilehomeparkinvestors.net
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group on LinkedIn
Email your deals: deals@parkstreetpartners.net
Insurance Forms on Mobileagency.com
Loss Control Section on Mobileagency.com
Rental Home Move In Checklist on Mobileagency.com
Performance Agreement for Rental Home Contractors on Mobileagency.com
Welcome to episode 32 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson with the Park Street Partners. In this episode, Jefferson and Brad discuss many aspects of mobile homes, including stories and practical tips on how to find a mobile home, how to buy a mobile home, and how to move a mobile home. If you’re in the mobile home park business, it’s inevitable that you’re going to have to buy some mobile homes and transport them into your parks. Listen in to find out about diligence and what you need to know before moving a mobile home into your park.
Key Takeaways:
[1:52] Jefferson and Brad have bought some mobile homes using the 21st Mortgage cash program, which gets a brand new house delivered into the park.
[2:21] Tips on finding and moving a used mobile home that you can purchase off craigslist as well as some of the wholesale lists, including Greentree, Vanderbilt and 21st Mortgage.
[3:56] How to get your mobile home inspected and what to look for to inspect for water damage and other structural issues.
[8:59] Some features that swing the value of a mobile home include a new/working central heat and air system, window units, a central air conditioning system, kitchen appliances, etc.
[11:19] Be careful if moving a really old mobile home — Jefferson and Brad had a 25-year old house split in half on the road while being transported!
[12:40] Tips for dealing with and getting bids from movers before moving a mobile home.
[15:11] Jefferson shares another moving story which speaks to how it’s a bit of a red flag whenever you have a house that’s on a permanent foundation.
[18:44] How to make sure that your mobile home park lots are big enough for the mobile house before having the house moved to your lot.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 31 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad is back on this episode, which is all about how Jefferson and Brad use technology in their mobile home park business. Listen in to learn which technology to use while doing diligence on a mobile home park, as well as find out what tech tools are available to help you manage the day-to-day activities of your mobile home park.
Key Takeaways:
[1:36] Apple MacBook and iPhone — The only technology that Jefferson and Brad actually use.
[2:21] Google Map and/or Google Earth — Helpful for doing upfront diligence on a mobile home park.
[4:31] Burner and Craigslist — To test the buyability and level of domain in a given market.
[6:39] UberConference — A free call service for setting up conference calls.
[9:54] Squarespace — Dummy proof and easy to use service for making a good website.
[13:25] Email — How to use it wisely to manage your mobile home park.
[14:06] Dropbox — Helps to communicate and share information without worrying about storing paperwork.
[16:22] GoDaddy — To set up email, register URLs for each MHP property, and connect a domain to a Squarespace site.
[17:50] Grasshopper — A virtual phone system for managing calls online.
[20:02] Asana — A project management tool to keep track of various tasks at both the property and corporate levels.
[20:48] Slack — An instant messaging app to keep in touch with people in your business.
[22:18] Avidpay — An automated bill payment service that is handy if you outsource your accounts payable.
[25:02] Rent Manager — A property management software.
[27:28] Video recordings — Video inspections can help you manage your mobile home park.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net