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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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Now displaying: May, 2017
May 25, 2017

Welcome to Episode 56 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. As Brad is off this week, Jefferson offers a case study on his recent park manager hire. This is a complementary show to Episode 45: How to Hire the Right Manager, which you can listen to on iTunes. Jefferson discusses the ins and outs of how he found his most recent manager for his new park.

 

Key Takeaways:

[1:30] Jefferson and Brad recently made an acquisition in Florida. The park came with the manager, and although the guys usually keep the manager, this one unfortunately did not fit the bill.

[4:15] In fact, some of the manager’s billing was a bit of a red flag.

[6:45] The manager was also very unprofessional and sent some nasty emails.

[8:40] Jefferson sent out a flyer notifying the residents in their 80 space park that they were hiring, but only 5 responded to it, and only 1 of them seemed qualified.

[9:40] The ad Jefferson placed in Craigslist pulled around 40 applicants.

[11:05] By this point, Jefferson already knew he was not going to be working with the current manager.

[13:20] Former park owners will try to encourage you to hire their manager, because of course, they often think very highly of them. Jefferson recommends that you cut through the noise and do what you think is best.

[19:45] Jefferson honestly has no idea what the manager was doing. She was never around!

[23:20] Jefferson has hired a new park manager for $1200 a month.

 

Mentioned in This Episode:

Park Street Partners

Mobile Home Park Investors

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

May 19, 2017

Welcome to Episode 55 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. What do mortgage bankers bring to the table? Well, in this episode, Jefferson and Brad bring on Andy Margolis, a mortgage broker from Draper & Kramer. Andy explains in detail what a mortgage broker can do for you when it’s time to borrow money.

 

Key Takeaways:

[3:10] How did Andy become a mortgage broker?

[5:00] Why should somebody use a mortgage banker?

[9:15] Andy highlights an example of how he saved a client money, and even noticed some things in the loan docs that his attorney missed.

[10:45] How does Andy work with mobile home park lenders, especially when it comes to park and home percentages?

[11:45] Why would you do a life insurance loan vs. a CMBS loan vs. a bank loan?

[13:55] When somebody comes to Andy with a deal, does he shop it around to life companies, CMBS, etc. for the best deal?

[17:30] If somebody were to buy a $500,000 park, what would that financing structure look like?

[21:10] Andy shares some examples of what some of his deal structures looked like with his most recent clients.

[28:20] When would a non-recourse lender come after you personally?

[32:30] Find a lawyer who is familiar with CMBS loans. If you’re working with an attorney who has never done one before, your legal bill will double.

[35:35] Mortgage brokers typically cost about 1% of the loan amount, which typically gets paid out on closing.

 

Mentioned in This Episode:

Park Street Partners

Mobile Home Park Investors

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

Draperandkramer.com

Email Andy: Margolis@Draperandkramer.com

Call Andy: 312-795-2507

May 11, 2017

Welcome to episode 54 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad is off on this week’s episode. Jefferson does a quick recap of the MHI Show that was hosted in Vegas this year, and shares some of the useful technologies he found out about while at the tradeshow.

 

Key Takeaways:

[1:25] Jefferson ended up getting a handful of deals at the tradeshow.

[2:45] What kind of technological tools did Jefferson see?

[6:15] Jefferson would like to have several of these tech founders on the show to get a deeper dive on the tech.

[10:00] Gama Sonic Lights can help light up your park for free through the use of solar power.

[11:00] Moving away from tech, let’s talk about some of the useful credit companies your tenants can benefit from.

[12:25] Jefferson saw a booth there that almost brought tears to his eyes. Yes! Need mobile home park renovations done? Home Depot has a specific branch about it now!

[15:45] Should you attend MHI next year? Yes. Even beginners can benefit a lot from a trade show like this.

[17:15] Want to know what other cool events Jefferson and Brad are attending this year? They now have a calendar listing them all on the website!

 

Mentioned in This Episode:

Park Street Partners

Mobile Home Park Investors

Investment Opportunities

Park Street Partners Business Resources

LinkedIn: Mobile Home Park Investors Group

Send deals to: deals@parkstreetpartners.net

Streamline App

Quotepro.com

Slcmeter.com

Shorebreakenergy.com

Gamasonic.com

Credithuman.com

 

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