Mobile Home Park Investors with Jefferson Lilly & Brad Johnson

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EP010: Part 1 - What to Do Over the First 30 Days of Owning Your Mobile Home Park 0

Feb 18, 2016

Welcome to episode 10 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This is part 1 of 3 episodes where Jefferson and Brad will discuss what you should do over the first 30 days that you own your park. That is a very key transition period, which will set the tone for your management style with the manger as well as with the tenants. Hence, it’s a highly critical 30 days to get right. If you invest the time, effort, and a little bit of money in getting your first 30 days done correct, then you should have fairly smooth sailing going forward. Today’s episode will cover advice on the park manager, collecting rent, and the telephone!

Key Takeaways:

[1:39] One of the critical issues to address is, what to do with the park manager.

[4:00] Advice on finding a new manager for your mobile home park – Putting up flyers.

[5:55] What to do if you love the manager but they’re not tech-savvy!

[7:48] What if you’re remote & can’t put up flyers on the front doors of mobile homes?

[9:28] Other ways to find mangers – Placing ads in Craigslist or workingcouples.com.

[11:12] Don’t feel panicked if you haven’t found the perfect manager and are about to close.

[11:54] Collecting rent by using rent boxes.

[12:54] Jefferson & Brad are a big fan of onsite rent boxes.

[13:35] The advantages to having a rent box.

[15:11] You want to get the rent in as quickly as possible.

[17:01] Jefferson & Brad recommend having a centralized rent box installed onsite.

[17:25] The telephone is a critical component of the first 30 days.

[17:46] Jefferson explains setting up & working with Grasshopper.

[22:10] Stay tuned for more on what to do in your first 30 days, coming up in episodes 11 & 12.

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EP009: Closing – Money Goes One Way and Title Goes the Other 0

Feb 11, 2016

Welcome to episode 9 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, Jefferson and Brad are going to talk about closing a deal on a mobile home park. They will detail what sorts of documents and procedure are required in order to have your money go to the seller and have title come from the seller to you. At a high level, that’s what closing is all about, money goes one way and title goes the other.

Key Takeaways:

[2:14] The 1st step to take once you have an agreement to purchase property.

[3:21] If you don’t get title, what are you really buying?

[4:46] The next step to take after signing paper work.

[6:29] How can you establish yourself as a legitimate buyer?

[6:47] More importantly, you don’t wanna give the seller an excuse to cancel the deal.

[8:06] Part of opening escrow involves the title company opening their preliminary title process.

[8:30] What are you actually buying with title insurance?

[11:23] Jefferson discusses the actual process of signing documents.

[15:07] What is the settlement statement? Brad explains.

[18:44] The last step taken by the title company to close a deal.

[19:02] How does Jefferson like to celebrate when he closes a deal?

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EP008: The Benefits of Seller Carry – aka Seller Financing 0

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Feb 4, 2016

Welcome to episode 8 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 seller carry, also known as seller financing. This is when a seller of a mobile home park carries back the mortgage, which allows the owner of the mobile home park to not have to deal with a bank to get a mortgage and to close a deal more quickly.

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Key Takeaways:

[1:29] It’s best to negotiate directly with the seller, even if buying property through a broker.

[2:30] What are the benefits for a seller to carry back the mortgage?

[7:53] Brad explains the depreciation recapture component of seller financing.

[10:07] The downside for a seller to carry back the mortgage is de minimis.

[12:37] The best part about seller financing.

[13:19] A key benefit for a seller who offers seller carry.

[13:42] What to do once you agree to seller financing.
[16:17] Much easier to get a deal done when a seller agrees to let you pay them back over time.

[16:32] Another benefit for the seller to carry back paper.

[17:52] It’s important to treat your sellers well; and they can serve as a reference for you.

[19:25] Negotiating the debt documents, cure rights, and the promissory note.

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