Welcome to episode 16 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, Jefferson and Brad talk about how to market a mobile home park. This is obviously an important thing to do and they have specific advice and resources to share on today’s episode.
Key Takeaways:
[1:39] Why is it important to market your mobile home park?
[3:18] “The 800-pound gorilla for advertising in our space is Craigslist.” Brad outlines the pros & cons of advertising on Craigslist.
[6:24] Where do the Park Street Partners get their leads from?
[6:53] What Jefferson used to do but doesn’t anymore!
[8:11] How can you use Facebook & your creativity to advertise properties?
[13:42] What are the advantages of having a website & using Squarespace to create, manage and host your website?
[15:30] How does having a website enables you to use other online services to help you promote your property?
[17:02] What other resources can you use to have a digital presence and promote your property?
[18:49] What are the advantages of using all these resources and doing all this marketing?
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 Group on LinkedIn
Email your deals to: deals@parkstreetpartners.net
Cherry Woods Mobile Home Park
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’ 1st 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
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors Group on LinkedIn
Send your deals to: deals@parkstreetpartners.net
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
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors Group on LinkedIn
You can send us deals to deals@parkstreetpartners.com
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
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors Group on LinkedIn
You can send us deals to deals@parkstreetpartners.com
Welcome to episode 12 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This is part 3 of a 3 part series where Jefferson and Brad discuss what you should do over the first 30 days that you own your park. On this last episode of the 3 part series, Jefferson and Brad will discuss managing the books, the new rules and regulations, why Pitbulls are a ‘vicious’ breed, and more!
Key Takeaways:
[1:20] After covering PNLs on episode 11, the discussion moves onto the books.
[2:40] Jefferson managed his books for his park for about the 1st 4 months.
[3:31] You can use software to make the process simple!
[4:50] Distributing the new rules & regulations to your tenants.
[5:20] The No Vicious Breed Dogs Policy in the rules & regulations is very important.
[7:37] Why Pitbulls are now a high risk breed? See article by Malcom Gladwell!
[8:26] What if a tenant rejects the rules & regulations? Or what if they don’t sign the rules & regulations & return it?
[10:03] Join your local state’s Manufactured Housing Association for free resources on rules & regulations.
[11:11] Make sure all utilities are put into the new entity name.
Mentions:
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 Group on LinkedIn