Welcome to episode 53 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad and Jefferson are joined by Paul Bradley, the Founding President of ROC USA. The guys continue last week’s conversation about how mobile home park residents are able to go from rentee to owner. If you hadn’t had the chance to listen to part one, be sure to listen to that episode first!
Key Takeaways:
[1:30] When it comes to sign for the big bank loan, how many tenants are in charge of signing it?
[2:30] If you’re working with a company like ROC USA, their minimum membership requirement is 51% of owner-occupied homes must be members of the co-op.
[7:00] Many residents are willing to invest in the property when they’ve lived there for 10+ years or more. Residents who have only been there for 2 or so years are more likely to oppose to the co-op.
[9:15] To be clear, Paul’s company is not just a brokerage or lending operation. His team focuses on helping tenants with the purchasing process before and after the deal has been made.
[14:50] How does Paul make money on these deals?
[17:05] Once the tenants have acquired the property, how does the park get managed?
[22:05] Paul offers post-purchase education to the residents. What does that training entail?
[24:30] Have any questions? Feel free to reach out to Paul and his team!
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Brad and Jefferson are joined by Paul Bradley, the Founding President of ROC USA. Paul helps tenants acquire their mobile home parks, and explains in detail the steps residents need to take to go from rentee to owner. This episode is part one out of a two part interview, so be sure to come back next week and hear more from Paul!
Key Takeaways:
[1:10] Last week Brad was hacking through the Everglades of North Carolina, looking for good mobile home park deals.
[1:30] Paul and his company help tenants buy their mobile home parks from their park owners.
[2:35] Who is Paul, and how did he get involved with ROC?
[6:10] Paul spent 2006-2007 writing a business plan for ROC USA.
[6:40] Is it true that 20% of all mobile home parks in New Hampshire are owned by the residents?
[7:10] In what states is the ownership by residents high/low, and why?
[9:00] What does a limited equity model mean, and how does it work?
[12:30] Homeowners benefit from this model by essentially borrowing equity at market rates.
[15:25] How does Paul generate his deal flow?
[17:20] How do residents buy a park?
[24:15] The first due diligence loan typically runs between $20,000-30,000.
[25:40] Paul and his team have a $12 million dollar balance sheet in assets, which is why they are able to hold, retain, and position themselves well, in these loans.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 51 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad is off this week looking at houses in North Carolina! Instead, Jeferson invites four people, probably the most he’s ever had on a single podcast episode, from the Tric Tools team to discuss their pipe bursting technology. On this show, you’ll hear CEO Ward Carter, CFO Michael Lien, Director of Marketing, Tech Support John Rafferty, and Market Strategist Eli Nir on the call!
Key Takeaways:
[2:20] Ward’s grandfather was an inventor, and invented the Coleman stove, among other things!
[6:25] Jefferson had a problem with one of his mobile parks. He had an infiltration problem as well as some old sewer pipes, but according to the guys at Tric Tools, they’ve got a way to fix this cost effectively without replacing the pipes.
[11:25] Ward discusses his second client ever, who was a lawyer, and some of the challenges his client had.
[14:00] What kind of equipment do the guys at Tric Tools work with?
[17:00] This new technology can help save you around 50% off the standard cost.
[20:20] This is why Tric Tools tagline is, “You couldn’t even tell we were here.”
[25:00] Tric Tools machines give off a very small footprint!
[30:45] What does Tric Tools do when a homeowner has a blocked up sewer or water pipe?
Mentioned in This Episode:
www.parkstreetpartners.com
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Call the toll free Tric Tools number: 888-883-8742