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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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Dec 29, 2016

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

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

Rentometer.com

Contact Robert: DivergentProperties@Hotmail.com

Call Robert: 972-742-0079

Dec 22, 2016

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:

Park Street Partners

parkstreetpartners.com

Mobile Home Park Investors

mobilehomeparkinvestors.net

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

Rich Dad Poor Dad, by Robert Kiyosaki

Dec 15, 2016

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:

Park Street Partners

www.parkstreetpartners.com

Mobile Home Park Investors

www.mobilehomeparkinvestors.net

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

Dec 8, 2016

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:

Park Street Partners

www.parkstreetpartners.com

Mobile Home Park Investors

mobilehomeparkinvestors.net

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

Yellowpages.com

Nov 24, 2016

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:

Park Street Partners

www.parkstreetpartners.com

Mobile Home Park Investors

mobilehomeparkinvestors.net

 

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

Secoconference.com

Homeforlife.net

Mhvillage.com

Nov 17, 2016

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:

Park Street Partners

www.parkstreetpartners.com

Mobile Home Park Investors

mobilehomeparkinvestors.net

 

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

Ideal MHP

Nov 10, 2016

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

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

Manufactured Housing

Nov 3, 2016

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

 

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

SECO Conference

Renter Text

Roof Wrap

ABT Water

Oct 20, 2016

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

 

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

Charles Becker

Oct 13, 2016

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:

Park Street Partners

www.parkstreetpartners.com

Mobile Home Park Investors

www.mobilehomeparkinvestors.net

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

Charles Becker

Sep 29, 2016

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.parkstreetpartners.com

www.mobilehomeparkinvestors.net

Park Street Partners

Mobile Home Park Investors

Investment Opportunities

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

 

Sep 22, 2016

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

 

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

Craigslist

Green Tree

Vanderbilt Wholesalers

21st Mortgage

KILZ Paint

Sep 15, 2016

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

 

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

Cherrywoods.net

Google Map

Google Earth

Burner App

Dropbox

Squarespace

WordPress

GoDaddy

Grasshopper

Asana

Slack

Avidpay

Rent Manager

Sep 1, 2016

Welcome to episode 30 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson and Brad are joined by a very special guest, John Hurd, on this episode. John is a mobile home park owner, broker, fee manager as well as turnaround expert for parks for other owners. John’s favorite quote is, “When in trouble, make more money”. Listen in to discover John’s experiences and insights on running a successful mobile home park business.

 

Key Takeaways:

[1:40] How did John get into the business of mobile home parks?

[4:16] How to go about sourcing the best mobile home park deals―John shares his experiences.

[8:15] True Blood, gunshots, a lost baby, and other creepy stuff―John has seen a fair share of horror stories when turning around some parks.

[12:03] What are some of the most difficult problems to deal with? A park with a drug problem? High vacancy? Tenants that culturally don’t think they have to pay rent?

[12:57] Cleaning out a meth house is a seriously tough business.

[14:11] How do you know if there’s a meth house in a park?

[15:46] How to effectively deal with a meth problem to ensure a safer park for tenants.

[17:25] Not all parks have a meth problem and John has seen a dramatic drop in the last couple of years.

[17:55] How to avoid making some common due diligence mistakes made by mobile home park buyers.

[22:26] Why Managing mobile home parks is John’s favorite part of his business.

[26:25] How did John find the asset managers and book keepers working at his headquarters? 

[27:28] How to find houses when you’ve got vacant lots to infill―Do you buy new or used homes for your park?

[30:16] Has John seen any material change in valuations of parks over the last couple of years?

[32:17] What is John’s compensation for taking over a turnaround park vs. a more stabilized park?

[33:24] John tells us more about his 38 foot mobile home and how he got it tricked out! 

 

Mentioned in This Episode:

Park Street Partners www.parkstreetpartners.com

Mobile Home Park Investors www.mobilehomeparkinvestors.net

 

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

John’s website: Johnhurd.com

Email John: john@johnhurd.com

Call or Text John: 361-522-5564

Aug 11, 2016

Welcome to episode 29 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly, as Brad Johnson is off this week. This week, Jefferson dives into three hypothetical scenarios and offers practical math on whether you should build your mobile park home from scratch or purchase a pre-existing mobile home park.  And he covers using Berkshire Hathaway's 21st Mortgage CASH program (or equivalent) to infill your mobile home park with mobile homes. Find out more by listening to Jefferson's detailed analysis.

 

Key Takeaways:

[1:10] Today's topic is about why you should never build a mobile home park from scratch!

[3:05] Do you want to buy an up and running property or build it? Jefferson goes through three different scenarios.

[4:35] Let's talk numbers with these three hypothetical scenarios.

[13:00] What would your first year of business look like if you built from scratch?

[21:10] What happens if you pay for your mobile homes using Berkshire Hathaway?

[27:00] If you bought an already established mobile home business, what would the cost come out to be?

[32:50] Being generous with the numbers, if you try to sell your mobile home property after 5 years, your IRR will be -9% every year.

[36:15] If you bought an already established mobile home business, you would have made 23% per year.

[38:40] What's the liability if you were to use Berkshire Hathaway?

[45:45] When would it make sense to buy a mobile home from scratch?

[47:15] There's a big difference in being in the affordable housing business vs. being in the construction business.

 

Mentioned in This Episode:

Park Street Partners www.parkstreetpartners.com

Mobile Home Park Investors www.mobilehomeparkinvestors.net

Park Street Partners - Investment Opportunities

Park Street Partners - Resources

Mobile Home Park Investors

Mobile Home Park Investors Group on LinkedIn

Email your deals to: deals@parkstreetpartners.net

Jul 28, 2016

Welcome to episode 28 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly, as Brad Johnson is off this week. This episode is quick but informative. We get a lot of questions, at Park Street Partners, about whether Section 8 is something that people should accept. In a nutshell, the answer is that it varies, based on where your mobile home park is. Listen in to find out if it makes sense for you to accept Section 8.    

  

Key Takeaways:

[1:13] Jefferson has been accepting Section 8 vouchers for ~ 7 years, in Oklahoma, and it’s worked out quite well. Find out why!

[2:23] Jefferson has heard that section 8 tenants are really rough in the Southeast.

[2:50] Great tips on whether it makes sense for you to accept section 8, but don’t rule it out.

[4:28] Quick little tidbit on the H.R. 3700 legislation. Find out what the significance of this legislation is in relation to Section 8. 

[6:34] Jefferson speaks on his experiences for those who may actually start accepting Section 8.

[9:55] Some reasons why you would want to accept Section 8.

[11:51] Couple of caveats to be aware of with respect to Section 8.

[16:16] How to best connect with the Park Street Partners if you’re interested in co-investing in a mobile home park.

 

Mentioned in This Episode:

Park Street Partners www.parkstreetpartners.com

Mobile Home Park Investors www.mobilehomeparkinvestors.net

Park Street Partners - Investment Opportunities

Park Street Partners - Resources

Mobile Home Park Investors

Mobile Home Park Investors Group on LinkedIn

Email your deals to: deals@parkstreetpartners.net

Jul 7, 2016

Welcome to episode 27 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. Dyches Boddiford, real estate investor and educator, shares his wealth of knowledge with Jefferson and Brad in a two part interview. If you missed the first part of the interview, check out episode 26, where Dyches talks about his background, having nearly 4 decades of experience investing in real estate, and how he uses land trusts and personal property trusts to protect his assets. Today, in the second part of the interview, you’ll hear more about how Dyches uses tax-advantaged accounts such as self-directed IRAs, health savings accounts and educational savings accounts to own real estate, and more. 

  

Key Takeaways:

[2:02] The best ways to buy real estate using more tax-advantaged accounts such as IRAs, solo 401(K), Coverdell ESA, and HSA.

[2:55] You’ve got to understand the prohibited transaction and disqualified party rules before starting to do self-directed investments. 

[7:59] Dyches talks on rules pertaining to the Coverdell savings account.

[10:23] Discover more tax saving advice from Dyches.

[13:14] Dyches shares some major lessons learned from his nearly 4 decades of experience in real estate investment.

[15:37] Contact information for Dyches Boddiford.

 

Mentioned in This Episode:

Park Street Partners www.parkstreetpartners.com

Mobile Home Park Investors www.mobilehomeparkinvestors.net

Park Street Partners - Investment Opportunities

Park Street Partners - Resources

Mobile Home Park Investors

Mobile Home Park Investors Group on LinkedIn

Email your deals to: deals@parkstreetpartners.net

Dyches Boddiford

Jun 30, 2016

Welcome to episode 26 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. Real estate investor and educator, Dyches Boddiford, shares his wealth of knowledge with Jefferson and Brad in a two part interview. Listen to part one to hear about buying real estate (including mobile home parks), how to protect that real estate by using land trusts and personal property trusts, how to form entities properly, how to protect your assets, and more. Make sure to listen to the second part of the interview next week, to discover ways to own real estate that are more tax-advantaged such as using a self-directed IRA or an educational savings account, and more.   

  

Key Takeaways:

[2:09] Interview with Dyches Boddiford, real estate investor and educator.

[4:21] Find out why Dyches saw mobile home parks as an investment opportunity back in the 80’s. 

[5:22] Land trusts, liability protection, and 3 types of statutory entities: LLCs that hold the land, LLCs that hold the homes, and the S Corporation that holds the management of the property.

[7:36] Benefits of structuring your entities properly. Meaning, not co-mingling funds, not co-mingling assets, and treating each entity as totally separate from each other.

[9:20] Insurance is always your first line of defense.

[10:09] Dyches’ recommendations on insurance for mobile homes and mobile home parks.

[15:04] Another reason to have LLC as the beneficiary of the land trust.

[18:05] Find out why Dyches says “You won’t get a bank to agree to finance property that’s had a land trust.”

[21:43] Discover how land trusts provide anonymity and estate planning benefits.

[25:15] Hear more about successor or alternate trustees that have the ability to step in for the trustee if something happens to them.

[26:59] How to find a trustee that you can trust.

[28:55] Tune in next week for part 2 of the interview to hear about self-directed IRAs, health savings and educational accounts, other ways to own real estate, and more.

 

Mentioned in This Episode:

Park Street Partners www.parkstreetpartners.com

Mobile Home Park Investors www.mobilehomeparkinvestors.net

Park Street Partners - Investment Opportunities

Park Street Partners - Resources

Mobile Home Park Investors

Mobile Home Park Investors Group on LinkedIn

Email your deals to: deals@parkstreetpartners.com

Dyches Boddiford

Jun 23, 2016

Welcome to episode 25 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. In today’s episode, Jefferson and Brad talk about a necessary but not always pleasant topic: how to hire and work with contractors. Whether you have a clean park and just own the land or you own any mobile homes, you’re bound to deal with contractors sooner or later. Listen in to find out how to navigate conflicts that may arise, mitigate losses, get contractors to perform, manage their expectations, and to deliver on time/on budget.

  

Key Takeaways:

[2:32] Discover tips and resources on finding the contractor for your newly purchased Mobile Home Park. 

[6:39] What are the next steps after finding/hiring a contractor?

[8:20] Do pay the contractor upfront for all the material. Do pay them after the job is done for the labor. Do NOT pay them for the tools they should already have for the job.

[10:50] How exactly do you pay for the materials when you’re living thousands of miles away from your mobile home park?

[13:07] Find out why it’s beneficial to get a general contractor to get the bids from subcontractors.

[16:15] Problems that pop up with independent contractors and how to manage their expectations upfront.

[22:17] You can get workers comp on an independent contractor.

[23:20] Jefferson shares a story about one of the best contractors he’s ever had. Listen in to find out what things to look for in a good contractor.

 

Mentioned in This Episode:

Park Street Partners www.parkstreetpartners.com

Mobile Home Park Investors www.mobilehomeparkinvestors.net

Park Street Partners - Investment Opportunities

Park Street Partners - Resources

Mobile Home Park Investors

Mobile Home Park Investors Group on LinkedIn

Email your deals to: deals@parkstreetpartners.net

Craigslist

Home Depot

Jun 16, 2016

Welcome to episode 24 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. This is the sequel of the interview that began on episode 23 with MJ Vukovich of Bellwether Enterprise. Tune in for the remainder of Jefferson and Brad’s discussion with MJ on various options for financing a mobile home park.

  

Key Takeaways:

[1:18] Find out what makes conduit loans so interesting.

[2:40] What insurance companies look for in a borrower.

[5:07] The kind of  insurance companies MJ is referring to include, All State, Nationwide, MetLife, John & Cook’s, Lincoln Financial Group, American Equities, etc.

[6:31] Do mobile home park mortgages ever get placed directly with some of the CalPERS or big pensions?

[7:49] What CMBS lenders look for and what might disqualify a loan, either on the property side or the borrower side?

[10:07] CMBS lenders, park-owned homes and the metro area population.

[14:54] Non-recourse loans, bad-boy carve-outs and what CMBS lenders look for in a borrower.

[17:18] CMBS and mixed-use properties. 

[22:03] Chattel financing or chattel loans for mobile homes.

[27:58] MJ gives a shout out to his dad, uncle and the great people at Acentia who taught him everything he knows about mobile home parks.

[30:09] MJ signs off by sharing one last story.

 

Mentioned in This Episode:

Park Street Partners www.parkstreetpartners.com

Mobile Home Park Investors www.mobilehomeparkinvestors.net

Park Street Partners - Investment Opportunities

Park Street Partners - Resources

Mobile Home Park Investors

Mobile Home Park Investors Group on LinkedIn

Email your deals to: deals@parkstreetpartners.net

Acentia

CMBS

Fannie Mae & Freddie Mac 

All State

Nationwide Insurance

MetLife

John Cook and Associates

Lincoln Financial Group

American Equities

Clayton Bank

PEP Lending

Jun 9, 2016

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.

  

Key Takeaways:

[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

Park Street Partners - Investment Opportunities

Park Street Partners - Resources

Mobile Home Park Investors

Mobile Home Park Investors Group on LinkedIn

Send your deals to: deals@parkstreetpartners.com

www.ascentia.us

CMBS

Fannie Mae & Freddie Mac 

City Group

J.P. Morgan

Bank of America

Starwood Mortgage Capital 

Jun 2, 2016

Welcome to episode 22 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. Today, Jefferson and Brad share a host of funny and true stories about things they’ve heard brokers say. Obviously, these are things that are generally not true or somewhat misleading, so you should be aware of them. Tune in for a light and fun episode that will also help you get prepared for the sort of things you may hear from real estate brokers sitting across the table from you.

  

Key Takeaways:

[1:32] Caveat - the Park Street Partners love the brokers that they deal with, but they have also been told things like, “sewage lagoons are wonderful”, by brokers. 

[3:51] Don’t let any broker tell you that anything other than City Water and City Sewer is somehow better.

[5:35] When you find red flags during diligence and a broker says, “Don’t worry about that, you’ll run the property much, much better than he will”.

[7:14] “If you don’t hurry up and buy this park…I’ve got another buyer who’s gonna snap it away from you” - said by a broker.

[9:20] One broker sent Brad an off-market deal with few details about the area it was located in - turns out it was located in a 250 person town with no county and in the middle of nowhere.

[10:31] When you ask if a deal meets all your criteria and a broker says, “Well, I think it’s gonna be right at the edge of your criteria”.

[11:40] A broker once pitched 10 million bucks for a 10-pad mobile home park located in the Canadian oil sands.

[13:27] Brokers have said, “There has never been a plumbing expense, that’s why that line item doesn’t appear”, but that’s almost never the case.

[14:27] Brad shares a few more of the funny broker stories he has heard.

[15:30] “This is a 10, 12 cap on paper - easy.”

[17:34] Any broker that’s listening to this podcast - “we are not talking about you”.

 

Mentioned in This Episode:

Park Street Partners www.parkstreetpartners.com

Mobile Home Park Investors www.mobilehomeparkinvestors.net

Park Street Partners - Investment Opportunities

Park Street Partners - Resources

Mobile Home Park Investors

Mobile Home Park Investors Group on LinkedIn

Send your deals to: deals@parkstreetpartners.com

May 26, 2016

Welcome to episode 21 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. Today, Jefferson and Brad talk about the Manufactured Housing Institute (MHI), which is the mobile home park industry’s chief nationwide lobbying group. They work to fend off government regulation that's “suppose to help” the industry and try to get some helpful regulations in place. MHI holds the two big annual meetings in the mobile home park industry. Tune in to hear the highlights of the MHI meeting in Las Vegas and learn more insider tips on doing business in the mobile home park industry.


Key akeaways:
[0:56] Quick shout out to MHPI podcast listeners - Thank you for listening to the show!
[3:07] What’s so great about attending MHI trade shows?
[5:25] Are you a newbee & considering going to MHI? Jefferson has some great tips to share.
[7:25] What’s so valuable about spending a great amount of time with brokers and other industry professionals?
[9:44] Aim to get invited to the dinner & cocktail parties. That’s where you get to know the folks that can be showing you deal flow or arranging financing, and get to meet other owners.
[11:26] Also try to meet some of the mortgage brokers.
[12:20] Listen to episode 20 to hear the interview with ndustry legend Jim Clayton, which was recorded at the MHI meeting in Las Vegas.
[13:00] What did Jefferson & Brad do after recording last week’s podcast at the MHI
conference?
[13:29] You’ll find insurance brokers and mobile insurance companies at MHI.
[15:27] On future podcasts, we’ll do some deeper dives into real estate brokerage, insurance, and water meters.
[15:39] You will also find water meter companies at MHI.
[18:00] Brad speaks to the industry lobbying part of MHI.

[20:28] There was a funny discussion about what to call this business. Thoughts on Land Lease Lifestyle Community?
[22:10] Check out an MHI meeting at least once if you plan on getting into the mobile home park business.
[23:23] NCC which is mainly about owners, is a subgroup of MHI. Jefferson & Brad will be attending the upcoming NCC meeting in November in Chicago.

Mentioned in his Episode:
Park Street Partners

Park Street Partners www.parkstreetpartners.com

Mobile Home Park Investors www.mobilehomeparkinvestors.net

deals@parkstreetpartners.com


Mobile Home Park Investors
Mobile Home Park Investors Group on LinkedIn
Send your deals to: deals@parkstreetpartners.net
Manufactured Housing Institute (MHI)
Security Mortgage Group
Wells Fargo
Greenfelder Insurance
Mobile Insurance by Kurt Kelley

May 12, 2016

Welcome to episode 20 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. Today we have a very special podcast, because not only we have the first interview on the show but also because it’s with industry legend Jim Clayton. The interview was recorded live at the Annual Manufactured Housing Institute Show in Las Vegas last week. Stay tuned to hear what Jim had to say about the future of mobile home park investing, estate planning, ESOP, the competitive advantage offered by Clayton Bank and Trust,  the future of manufactured housing, and even Jim's thoughts on Donald Trump vs. Hillary Clinton!  

 

Key Takeaways:

[1:06] Jim started Clayton Homes which became America’s largest mobile home park manufacturer. He took that company public & ended up selling it to Berkshire Hathaway through Warren Buffett, for about 1.7 billion dollars.

[1:57] The Park Street Partners have borrowed money from Jim’s bank & have been very happy with their relationship with Clayton Bank and Trust.

[2:26] We encourage you to reach out to Clayton Bank and to Kevin Clayton who is the President.

[2:41] Jim wrote an autobiography titled First A Dream, which turned out to be the catalyst for his deal with Warren Buffett.

[3:58] How did Jim get into the mobile home park investing business?

[5:12] How much of a plan did Jim have when he first started dealing in mobile homes? Was he surprised by his success?

[5:41] How did Jim transition from dealing in other people’s used homes to getting into manufacturing?

[7:16] Jim Started Pre-HUD manufacturing, so he could basically design a house any way he wanted.

[9:46] How did financing a mobile home work back in the 1960’s?

[10:52] Clayton Bank and Trust, compared to other banks, will lend on both the land itself and the chattel park-owned homes offered.

[12:27] What’s Jim’s take on the future of manufactured housing as it relates to the debate on nicer communities with stick-built housing vs. nice, clean, safe & affordable housing for families?

[14:19] When and how did Jim first meet Warren Buffett? What was he like to deal with when Jim was considering selling Clayton Housing to Buffett? 

[17:51] What sort of due diligence did Warren Buffett do?

[18:54] Jim’s advice to folks that might consider investing in the mobile home park business now – Jim is extremely optimistic!

[20:25] Do you think that the GSEs will eventually start buying and guaranteeing these loans for financing? Depends on Donald Trump vs. Hillary Clinton!

[21:15] When Jim sold his business to Warren Buffett, he could've easily retired – So what possessed him to keep working?

[24:18] What advice does Jim have for Jefferson and Brad and their passion for mobile home park investing?

[25:29] More about the industry legend, Jim Clayton and key takeaways from the interview. 

 

Mentioned in This Episode:

Park Street Partners www.parkstreetpartners.com

Mobile Home Park Investors www.mobilehomeparkinvestors.net

deals@parkstreetpartners.com

Park Street Partners - Investment Opportunities

Park Street Partners - Resources

Mobile Home Park Investors

Mobile Home Park Investors Group on LinkedIn

Send your deals to: deals@parkstreetpartners.net

Clayton Bank and Trust

First a Dream by Jim Clayton

Pre-HUD Manufacturing

Warren Buffett

Berkshire Hathaway

Manufactured Housing Institute

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