Mobile Home Park Investors with Jefferson Lilly & Brad Johnson

EP015: Tales from the Road to Closing 0

Email your deals to: deals@parkstreetpartners.net

Craigslist

Facebook’s Ads Manager

Cherry Woods Mobile Home Park

Download this Episode

Mar 24, 2016

Welcome to episode 15 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, Jefferson and Brad discuss some of their deals that have fallen out of bed for various reasons. These include deals they passed on after having done varying levels of diligence, all the way to the point of having them under a contract. Listen in to learn how not to let your emotions lead you to closing a bad deal.

Key Takeaways:

[1:12] What not to do when closing a deal? Don’t let your emotions guide you no matter what.

[2:44] Tale from the road to closing the Blue Grass State deal.

[5:21] As Warren Buffet advises…invest in a business that any idiot can run because sooner or later, one will!

[6:07] What are some red flags to look out for when you’re in the process of closing a deal?

[9:37] Tale from the road to closing the Texas deal.

[13:19] Why was the Park Street Partners’ 1^st deal (a single-wide Michigan) a bummer and why did they call 113 banks?

[18:06] Another tale from the road to closing a double-wide Michigan deal.

[20:59] The Indiana deal seemed like a great opportunity, but the seller back paddled out of the deal.

[25:31] What kind of due diligence issues have lead the Park Street Partners to cancel a deal?

[26:42] What are the key lessons learned from some deals which have fallen out of bed for various reasons?

Mentioned in This Episode:

Park Street Partners www.parkstreetpartners.com

Mobile Home Park Investors www.mobilehomeparkinvestors.net

deals@parkstreetpartners.com

EP014: How to Partner with Park Street Partners and/or 'Bird Dog' for us 0

Send your deals to: deals@parkstreetpartners.net

Download this Episode

Mar 17, 2016

Welcome to episode 14 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 details on how you can partner with them or 'bird dog' for them. Over the last year, many people have reached out to PSP and shown interest in jointly investing and partnering with them. They will talk about some of the partnerships they have done in the past and guide you on what they look for in parks. Their goal is to help you be more efficient in your search, also to be more efficient for them when they get deal flow that is really focused on what they consider to be the best kind of parks to acquire.

Key Takeaways:

[1:53] What kind of deals add value for the Park Street Partners?

[4:41] Brad details some of their acquisition criteria.

[8:03] Jefferson lets us in on a little secret!

[9:56] Brad talks about some red flags on a property.

[11:34] Details on specific situations that they have partnered with folks, in the past.

[12:21] Their 1031 exchange deals, main ways you can partner with them, and how they have partnered with people in the past.

[14:20] Jefferson & Brad are flexible to work with people! They are happy to explore partnerships, and to educate/coach you on a deal.

Mentions:

Park Street Partners www.parkstreetpartners.com

Mobile Home Park Investors www.mobilehomeparkinvestors.net

deals@parkstreetpartners.com

EP013: Capital Expenditure (CAPEX) Items and Your Mobile Home Park 0

You can send us deals to deals@parkstreetpartners.com

Sperling’s Best Places

City Data

LoopNet

Download this Episode

Mar 10, 2016

Welcome to episode 13 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 Capital Expenditures (CAPEX), which are generally larger ticket items that you will be paying for with your mobile home park property, at some point or another. Of course, if you do your due diligence up front, you might not need some of these, at least not in the near-term. So today, Jefferson and Brad will talk about some of the large ticket items they have had to spend relatively larger dollars for, such as roads and utility lines.

Key Takeaways:

[1:26] These large ticket CAPEX items may sound scary, but here is the bright side!

[3:19] Capital expenditures for repair & maintenance on buildings vs. land.

[4:57] The biggest large ticket/one-time, non-recurring expenses for mobile home parks are water & sewer pipes.

[8:47] New technologies can reduce repair & maintenance costs and help keep your capital expenses lower.

[9:52] Roads are probably the 2nd biggest capital expense that you can have.

[15:37] Note: we have covered CAPEXs on roads & utility lines, assuming your park is on the public water & sewer system.

[16:40] Another potentially large capital expenditure item: Water meters.

[19:39] American Lead Detection (ALD) is technically not a capital expense but it can lead to some capital expense work.

[23:28] Improvements you can make to the signage of the park that are not expensive from a capital stand point.

[24:46] Info. on tax treatments for all of these capital expenditures.

[25:27] Rough rule of thumb on how much you should budget for CAPEXs.

Mentions:

Park Street Partners www.parkstreetpartners.com

Mobile Home Park Investors www.mobilehomeparkinvestors.net

deals@parkstreetpartners.com