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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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Mobile Home Park Investors with Jefferson Lilly & Brad Johnson
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Now displaying: 2015
Dec 31, 2015

On this podcast, Jefferson Lilly and his partner Brad Johnson will focus on answering the question, why someone would want to own a mobile home park now? In particular, they are going to talk about the demographics of their tenant base, the need for affordable housing they are trying to fill and helping others to do the same – who might be listening to this podcast and thinking about getting into the mobile home park business!

 

Key Takeaways:

[1:27] Baby boomers are coming into retirement and they need affordable housing!

[3:43] Our average price point per month matches many retirees’ budget for housing.

[4:26] The mobile home park industry can help folks in need, specially seniors, get into a house they're actually going to own.

[4:41] There is an affordable housing crisis in America.

[5:34] An affordable, safe community for those that don't have capacity in their budget to pay more for housing.

[5:53] Path to home ownership for lower income individuals, seniors, and younger people in their 20’s getting married and starting a family.

[7:00] The parks we are buying are a better product. We offer affordable housing with many other benefits.

[8:19] A strong demand from those typically making $2,500 and less per month and a business that meets a very clear and stable need.

[10:16] Brad talks about issues with the entitlement program in America.

[11:59] We are providing housing for a lot of American families that desperately need it.

[12:44] Brad expands on the entitlement issue that's not often being talked about.

[14:20] Jefferson summarizes why this is such a good and trend-favored business.

[15:25] We take pride in helping lower income and middle class American families secure housing at an affordable price.

[15:53] Thank you for listening. Please find more information on parkstreetpartners.net and on the LinkedIn group, Mobile Home Park Investors.

 

Mentions:

www.parkstreetpartners.com

Join the LinkedIn group: Mobile Home Park Investors

www.mobilehomeparkinvestors.net

Joint Center for Housing Studies at Harvard

Please rate the podcast on iTunes or Stitcher

Please subscribe to our podcast

 

Dec 24, 2015

This is the second podcast, hosted by Jefferson Lilly, joined by his partner Brad Johnson. Last week, Jefferson and Brad talked about why mobile home parks are such a good business to be in. But unless you are really looking, you're not likely to just come across one of these properties. On this episode, Jefferson and Brad talk a bit on how you can find a mobile home park to purchase. They will also share their experiences of how they have looked in some unique and unusual places.

Key Takeaways:

[1:25] Jefferson found his first mobile home park property on eBay.

[4:17] You can find mobile home parks that are listed on eBay.

[6:07] Finding a mobile home park property online.

[06:32] How does Brad typically find many of the Park Street Partners’ deals?

[07:23] How do you get access to off-market or pocket listing deals?

[10:28] Brokers often have pocket listing deals that are not posted online.

[12:16] Reasons why a seller might not want to list a property publicly.

[12:49] Reach out to brokers for some interesting pocket listings and to get a deal flow.

[16:47] Jefferson talks about his second deal that he found on Craig's List.

[18:48] Jefferson talks about one of his more unusual findings.

[20:51] Brad talks about other strategy you can use.  

[22:32] Things to keep in mind if you are going to use auction.com.

Mentioned in This Episode:

www.parkstreetpartners.com

Join the LinkedIn group: Mobile Home Park Investors

Please rate the podcast on iTunes or Stitcher

www.loopnet.com

www.mobilehomeparkstore.com

www.auction.com

www.ebay.com

www.craigslist.com

 

Dec 21, 2015

Welcome to the first official podcast, hosted by Jefferson Lilly, joined by his partner Brad Johnson. Today they will talk about why it is such a compelling business to be in the mobile home park industry – as they call it, the 'macro'. In subsequent podcasts, they will talk about how they actually operate parks by providing specific 'micro' examples. The purpose of this podcast is to cover why someone should consider investing in something as crazy as mobile home parks?

 

Key Takeaways:

[01:33] Investing in real estate – mobile home parks

[02:29] A key factor that makes mobile home parks better than investing in other types of real estate or asset classes

[03:14] The competitive advantage of investing in mobile home parks

[05:01] Supply is fixed and in fact shrinking ~ 1% a year

[06:18] Why shrinking supply is not indicative of a dead or dying business

[06:58] Tenants are typically sticky to their properties

[07:55] The tenants are not mobile – under 1% leave every year

[09:32] Lower tenant turnover + lower expenses = great combination

[11:10] Fixed low costs coupled with lower tenant turnover and low capital cost translates to very high cash on cash yields

[12:08] Another key element that makes mobile home parks a neat business

[13:40] 60-75 % of mobile home parks are owned by mom & pops

[14:00] What are the benefits of having sellers who are mom & pops?

[16:49] The higher depreciation rate associated with a mobile home park

[18:51] Jefferson and Brad are, on average, depreciating ~ 80% of their purchase price over 15 years

 

Mentioned in This Episode:

www.parkstreetpartners.com

www.mobilehomeparkinvestors.net

To connect on LinkedIn, search for "mobile home park investors group"

Please rate the podcast on iTunes or Stitcher

Dec 18, 2015

Jefferson Lilly and his partner Brad Johnson, from Park Street Partners, are launching the first podcast dedicated to mobile home park investing. Each week, they will cover a range of topics relating to mobile home park investing, including the right way to buy, operate and profit from this highly profitable investment niche.

Jefferson and Brad hope to help people get into this business, purchase properties, run them better, and achieve some financial stability. They are also an investment partnership and are interested in joint venture deals with folks that either don't have the expertise or all the capital they need to run a park. You can learn more about Jefferson and Brad’s backgrounds through their website or on LinkedIn.

 

Mentioned in This Episode:

www.parkstreetpartners.com – includes a resources page, link to Jefferson and Brad’s fund and some of the investments they have made

www.mobilehomeparkinvestors.com

To connect on LinkedIn, search for "mobile home park investors group"

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