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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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Jan 28, 2016

Welcome to episode 7 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 third party reports. If you have a mobile home park under contract and are looking for any type of debt, this is the time for getting down to brass tacks. Even if you’re paying all cash for a park, 2 of the 3 third party reports are very important no matter what, and the 3rd one is important specifically to a bank.  

 

Key Takeaways:

[1:23] 1st third party report: the Phase 1.

[3:02] How you could be liable for ‘LUST’? – Leaking. Underground. Storage. Tanks.

[4:50] If there is LUST, you’ll need to do a Phase 2 report.

[5:47] More on phase 1 – costs and desktop reviews.

[7:05] 2nd third party report: the Survey.

[8:29] Boundary survey vs. full ALTA survey.

[9:49] Key things to look for on the survey.

[12:00] 3rd third party report: the Appraisal.

[15:26] Problems with appraisers who are not specialized in park appraisals.

 

Mentions:

www.parkstreetpartners.com

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