Buying the first mobile home is the easy part, it’s getting the second one that gets a bit tricky!
Welcome to Episode 88 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This episode is a continuation of last week’s interview with Ralf Gomm. Ralf discusses how he markets his parks, manages his parks remotely, and how he builds a good rapport with his tenants. Find out more about Ralf’s mobile home park journey on this week’s show!
Key Takeaways:
[1:15] How does Ralf market his parks?
[2:40] When Ralf finds a park he’s interested in buying, what kind of marketing did the seller do?
[4:35] Ralf is thinking about doing drone footage on one of his properties. Jefferson chips in on his experience with it.
[6:45] How does Ralf manage his homes remotely?
[10:45] Ralf credits his wife for remembering every little detail about the tenants, all the way down to what their dogs and cats’ names are. This helps Ralf build better rapport with everyone.
[11:50] How much does Ralf pay his managers?
[14:00] When Ralf started getting bigger, he made the switch from traditional spreadsheets to RentManager — best thing he ever did.
[17:45] What does the future hold for Ralf and his wife? Does he plan to quit his day job anytime soon?
[21:00] How has Ralf found a reliable crew to do maintenance work on the homes?
[25:55] What is it like working with a spouse on the parks?
[30:45] What advice does Ralf have for new investors interested in getting into mobile park homes?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Email Ralf: JuliReality@Gmail.com
Welcome to Episode 87 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson interviews Ralf Gomm, who has been a mobile home park owner for the last 4 years. Ralf currently has 100 pads right now. Ralf really likes mobile homes because he’s able to passively invest in property while he is working a full-time job. However, Ralf does see himself leaving his job when he eventually obtains more pads! Find out about Ralf’s journey and how he got started buying his first park on this week’s episode, and also don’t forget to tune in next week to hear the second part of Ralf’s interview.
Key Takeaways:
[3:05] What did Ralf do prior to getting into mobile home parks?
[4:00] Ralf wanted to start his own business, but the ‘traditional’ methods didn’t make sense to him.
[4:25] Ralf even looked at real estate investing in Europe, but the numbers for it just weren’t good.
[5:00] When Ralf discovered mobile home parks, things finally made sense for him. He could get into this business part-time while he works at his full-time job.
[5:35] Ralf has four parks right now and he’s still not quite ready yet to quit his job and work on this business full time, which is what he eventually wants to do. Maybe a park or two extra will finally tip him over to the dark side.
[6:00] How did Ralf get educated in this market?
[7:30] When Ralf was first getting started in this business, he had no idea what a ‘good’ park looked like, so he just started making calls and shopping around.
[11:10] Buying the first mobile home park was easy. The second one was a bit harder to obtain. 50-100 pad parks are much more competitive.
[15:00] With one of Ralf’s pads, he’s been able to obtain 100% occupancy over the last four years.
[18:05] How did Ralf financially structure himself to buy these mobile homes?
[24:05] Of the 100 pads Ralf has, how many of those are park-owned homes vs. resident-owned homes?
[27:10] It is so, so, so critical to do business with the right people. Ralf has even passed on deals because he didn’t get a good vibe from the seller. Be cautious about whom you work with, especially as a small investor. Bad mistakes are way more costly than for a big-timer!
[28:30] Ralf currently has 20 vacant pads. How does he plan to fill them?
[30:00] Tune in next week for part 2!
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 86 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This episode is a continuation of last week’s interview with Ben Braband, a park owner who owns 2,300 pads and has been in business for the last 12 years. On the show, Ben shares how he organizes and manages his mobile homes and where he sees his business heading in the future.
Key Takeaways:
[1:40] With 2,300, how does Ben keep organized?
[5:20] How empowered are Ben’s managers? What do they handle?
[7:45] How does Ben compensate his managers?
[16:40] Would Ben like to grow and expand his business in the next couple of years?
[17:45] How does Ben approach his deal sourcing opportunities?
[18:55] Does Ben plan on selling anytime soon?
[20:40] How has Ben involved his kids in the business that they may inherit one day?
[22:25] What advice does Ben have for those who want to get into the business?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
WWTP Inspections and Reporting
Welcome to Episode 86 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This episode is a continuation of last week’s interview with Ben Braband, a park owner who owns 2,300 pads and has been in business for the last 12 years. On the show, Ben shares how he organizes and manages his mobile homes and where he sees his business heading in the future.
Key Takeaways:
[1:40] With 2,300, how does Ben keep organized?
[5:20] How empowered are Ben’s managers? What do they handle?
[7:45] How does Ben compensate his managers?
[16:40] Would Ben like to grow and expand his business in the next couple of years?
[17:45] How does Ben approach his deal sourcing opportunities?
[18:55] Does Ben plan on selling anytime soon?
[20:40] How has Ben involved his kids in the business that they may inherit one day?
[22:25] What advice does Ben have for those who want to get into the business?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
WWTP Inspections and Reporting
Welcome to Episode 85 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Ben Braband is a fellow park owner who owns 2,300 pads. On the show, Ben shares some of his personal experiences about park ownership and what he’s learned about being a park owner for the last 12 years.
Key Takeaways:
[1:20] What did Ben do before buying his first mobile home park?
[5:35] What kind of seminars did Ben attend to help him with his mobile home park?
[7:00] How did Ben find his first park?
[10:30] At about 12 years in this business so far, Ben has a total of 2,300 pads.
[12:40] What are Ben’s acquisitions criteria and how have they evolved over the years?
[21:00] The bulk of Ben’s properties rely on city water and sewer, but they do have parks that rely on well-water also.
[21:35] How did Ben do his due diligence on his wastewater treatment plant?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
WWTP Inspections and Reporting
Welcome to Episode 85 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Ben Braband is a fellow park owner who owns 2,300 pads. On the show, Ben shares some of his personal experiences about park ownership and what he’s learned about being a park owner for the last 12 years.
Key Takeaways:
[1:20] What did Ben do before buying his first mobile home park?
[5:35] What kind of seminars did Ben attend to help him with his mobile home park?
[7:00] How did Ben find his first park?
[10:30] At about 12 years in this business so far, Ben has a total of 2,300 pads.
[12:40] What are Ben’s acquisitions criteria and how have they evolved over the years?
[21:00] The bulk of Ben’s properties rely on city water and sewer, but they do have parks that rely on well-water also.
[21:35] How did Ben do his due diligence on his wastewater treatment plant?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
WWTP Inspections and Reporting
Welcome to Episode 84 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Crystal Adkins is the Founder and Editor of Mobile Home Living. The website was inspired when she was unable to find any remodeling ideas for her recently bought a mobile home. So, she decided to take matters into her own hands and start her own online magazine!
Key Takeaways:
[2:40] What did Crystal do before joining Mobile Home Living?
[4:15] When Crystal first owned a mobile home, there weren’t any websites out there that had any mobile home remodeling ideas, so she decided to create her own website.
[5:20] What is Crystal’s online magazine about?
[7:15] Crystal wasn’t a writer when she first started her website. After 6 years of being in business, she decided it was time to hire extra help this year.
[10:25] What kind of feedback has Crystal received over the years?
[11:45] What are the top 3 most read articles on Crystal’s site?
[15:25] Does Crystal write articles catering specifically to mobile home park owners?
[18:20] Does Crystal ever want to be a park owner?
[20:35] Crystal shares her final thoughts about mobile home parks and the people who live in them.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 84 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Crystal Adkins is the Founder and Editor of Mobile Home Living. The website was inspired when she was unable to find any remodeling ideas for her recently bought a mobile home. So, she decided to take matters into her own hands and start her own online magazine!
Key Takeaways:
[2:40] What did Crystal do before joining Mobile Home Living?
[4:15] When Crystal first owned a mobile home, there weren’t any websites out there that had any mobile home remodeling ideas, so she decided to create her own website.
[5:20] What is Crystal’s online magazine about?
[7:15] Crystal wasn’t a writer when she first started her website. After 6 years of being in business, she decided it was time to hire extra help this year.
[10:25] What kind of feedback has Crystal received over the years?
[11:45] What are the top 3 most read articles on Crystal’s site?
[15:25] Does Crystal write articles catering specifically to mobile home park owners?
[18:20] Does Crystal ever want to be a park owner?
[20:35] Crystal shares her final thoughts about mobile home parks and the people who live in them.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 83 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson sits down to do a quick recap of the 2017 National Communities Council that he attended in Chicago. It’s a great place to get industry-related news as well as to network!
Key Takeaways:
[1:35] Around 400-500 attendees showed up at this years NCC trade show.
[3:00] Hopefully we will see less regulation in the next couple of years.
[5:15] Jefferson attended a seminar about using technology tools (ManageAmerica) to better manage your mobile home park.
[7:25] ManageAmerica, like RentManager, works with cheque scanners!
[9:55] There was a panel on how you can better manage natural disasters.
[12:25] If you want to help the victims of East Texas, please use a reputable charity that’s helping those in need.
[14:55] It is estimated that Florida has had over 2.5m claims for assistance, and 1/3 of those have been served. 2/3 of people who have been hit by hurricane Irma are still waiting for government assistance.
[15:50] The government (Florida and Texas) is being extremely incentive towards mobile home tenants who have recently been knocked on their backs from the hurricane.
[18:25] Encourage your residents to get flood insurance. Most mobile home insurance plans don’t come with flooding.
[19:00] Jefferson recommends you attend next year’s NCC event, especially for networking!
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 82 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Michael Montiero and his co-founder founded Buildium in 2004 after being unable to see the exact amount their tenants were paying in rent each month. Their product fixed a critical pain point for them and they have since branched out to help other small to medium business owners in the same position. Find out how a product like Buildium can help you keep track of your rents!
Key Takeaways:
[3:25] What did Michael do before joining Buildium?
[6:35] Did Michael ever raise VC money for Buildium or has it always been bootstrapped?
[7:25] What problem did Buildium first solve when it was built in 2004 and how has the product evolved today?
[9:40] Who primarily uses this product? Property managers?
[12:30] Does Buildium have late notices with the right legal language in them based on the state the customer is in?
[14:40] How does Michael get feedback from the customers who use his product?
[17:55] Michael does a quick case study on how a product like his can benefit mobile home park owners.
[21:00] How does Buildium handle meter readings?
[23:55] Michael’s product can actually get you leads. He explains how!
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 82 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Michael Montiero and his co-founder founded Buildium in 2004 after being unable to see the exact amount their tenants were paying in rent each month. Their product fixed a critical pain point for them and they have since branched out to help other small to medium business owners in the same position. Find out how a product like Buildium can help you keep track of your rents!
Key Takeaways:
[3:25] What did Michael do before joining Buildium?
[6:35] Did Michael ever raise VC money for Buildium or has it always been bootstrapped?
[7:25] What problem did Buildium first solve when it was built in 2004 and how has the product evolved today?
[9:40] Who primarily uses this product? Property managers?
[12:30] Does Buildium have late notices with the right legal language in them based on the state the customer is in?
[14:40] How does Michael get feedback from the customers who use his product?
[17:55] Michael does a quick case study on how a product like his can benefit mobile home park owners.
[21:00] How does Buildium handle meter readings?
[23:55] Michael’s product can actually get you leads. He explains how!
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 81 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This week, Jefferson interviews Rich Rice, the CEO of Adventure Homes. Rich discusses their custom building process, what’s different about their homes today vs. four years ago, and how a mobile home owner can work with Rich!
Key Takeaways:
[2:15] What did Rich do before he joined the mobile home manufacturing industry?
[5:15] In 2017, Adventure Homes should exceed $47 million in total sales with close to an 8% net profit.
[6:45] What’s different about the mobile home parks Rich and his team produce today vs. the first four years of Adventure’s existence?
[9:55] The important thing to remember is Adventure is a production facility, just like GM or Ford.
[12:05] When Rich is designing these mobile homes, does he use an interior designer of sorts?
[14:30] Rich talks about the quality of their mobile homes.
[18:05] How long does it take to get a mobile home approved through HUD?
[23:10] What kinds of trends has Rich noticed in the manufacturing home industry? What should people be prepared for in the next five years?
[26:10] Baby boomers are looking to downsize their houses and manufactured houses have been an excellent option for them.
[27:55] What happens if there’s a community owner that wants a mobile house but is not affiliated with one of Rich’s dealers (who he only works with)? How would they acquire houses from him?
[29:35] Does Rich work with people all over the U.S. or just in certain states? What is his shipping range?
[30:40] Does Rich provide financing options or does the owner need to come up with their own financing?
[33:10] Rich discusses the work that he did with the Paralympic Goalball USA team. He is very proud that his company could help them with their housing needs.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 81 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This week, Jefferson interviews Rich Rice, the CEO of Adventure Homes. Rich discusses their custom building process, what’s different about their homes today vs. four years ago, and how a mobile home owner can work with Rich!
Key Takeaways:
[2:15] What did Rich do before he joined the mobile home manufacturing industry?
[5:15] In 2017, Adventure Homes should exceed $47 million in total sales with close to an 8% net profit.
[6:45] What’s different about the mobile home parks Rich and his team produce today vs. the first four years of Adventure’s existence?
[9:55] The important thing to remember is Adventure is a production facility, just like GM or Ford.
[12:05] When Rich is designing these mobile homes, does he use an interior designer of sorts?
[14:30] Rich talks about the quality of their mobile homes.
[18:05] How long does it take to get a mobile home approved through HUD?
[23:10] What kinds of trends has Rich noticed in the manufacturing home industry? What should people be prepared for in the next five years?
[26:10] Baby boomers are looking to downsize their houses and manufactured houses have been an excellent option for them.
[27:55] What happens if there’s a community owner that wants a mobile house but is not affiliated with one of Rich’s dealers (who he only works with)? How would they acquire houses from him?
[29:35] Does Rich work with people all over the U.S. or just in certain states? What is his shipping range?
[30:40] Does Rich provide financing options or does the owner need to come up with their own financing?
[33:10] Rich discusses the work that he did with the Paralympic Goalball USA team. He is very proud that his company could help them with their housing needs.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 80 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This is a part 2 of a 2-part interview, so if you missed the first episode, be sure to listen to that one first! Jefferson showcases the talk he did at the SECO conference and continues his discussion about how he structures his accounting for his business and more!
Key Takeaways:
[1:25] Jefferson discusses why he likes to use Rent Manager.
[5:35] Jefferson has been using Dropbox as well to keep track of any documents for each property.
[9:05] Jefferson and his team are also developing an operations manual to help document how they do things internally.
[10:15] Another product the team uses is Grasshopper, which is a virtual phone software.
[10:45] The great part of using these products is that most of it is free and a smaller company can use these tools to their advantage.
[11:40] What is Jefferson’s vision for the organization?
[14:00] Jefferson really wants his team to feel like they’re franchisees — like they own the park themselves. This gives them more incentive to take care of it.
[15:15] That concludes Jefferson’s talk for today! Jefferson now answers the audience’s questions.
[18:50] Jefferson still needs to know how to budget for a park a bit better.
[22:40] How does Jefferson compensate his park managers?
[24:35] What does Jefferson think of third-party managers?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 80 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This is a part 2 of a 2-part interview, so if you missed the first episode, be sure to listen to that one first! Jefferson showcases the talk he did at the SECO conference and continues his discussion about how he structures his accounting for his business and more!
Key Takeaways:
[1:25] Jefferson discusses why he likes to use Rent Manager.
[5:35] Jefferson has been using Dropbox as well to keep track of any documents for each property.
[9:05] Jefferson and his team are also developing an operations manual to help document how they do things internally.
[10:15] Another product the team uses is Grasshopper, which is a virtual phone software.
[10:45] The great part of using these products is that most of it is free and a smaller company can use these tools to their advantage.
[11:40] What is Jefferson’s vision for the organization?
[14:00] Jefferson really wants his team to feel like they’re franchisees — like they own the park themselves. This gives them more incentive to take care of it.
[15:15] That concludes Jefferson’s talk for today! Jefferson now answers the audience’s questions.
[18:50] Jefferson still needs to know how to budget for a park a bit better.
[22:40] How does Jefferson compensate his park managers?
[24:35] What does Jefferson think of third-party managers?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 79 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. On today’s show, Jefferson plays the talk he did at the SECO conference about how you can take your mobile home investing to the next level and scale up! This is a part 1 of a two-part interview, so keep your eyes peeled for the second recording coming out soon!
Key Takeaways:
[7:25] Jefferson will discuss today how he’s grown from being a sole proprietorship to running an organization that runs parks, buys parks, and produces financial reports for his investors.
[11:00] When Jefferson first started Park Street Partners, he was working 3 jobs.
[14:20] Jefferson discusses the staff he’s brought on and the kinds of responsibilities they each have.
[20:15] Jefferson discusses the growth his company has had over the last 3 years.
[20:45] If Jefferson had to do it all over again, the first person he should have brought on should have been the asset manager.
[22:15] If you have over 1,000 pads, that’s when you should consider finding someone to help manage deal flow.
[24:40] Jefferson uses a project management software called Asana to help keep track of each property.
[26:50] How does Jefferson manage the accounting side of things?
[27:55] Stay tuned to the second part of this talk to hear more of what Jefferson has to say about Rent Manager!
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 79 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. On today’s show, Jefferson plays the talk he did at the SECO conference about how you can take your mobile home investing to the next level and scale up! This is a part 1 of a two-part interview, so keep your eyes peeled for the second recording coming out soon!
Key Takeaways:
[7:25] Jefferson will discuss today how he’s grown from being a sole proprietorship to running an organization that runs parks, buys parks, and produces financial reports for his investors.
[11:00] When Jefferson first started Park Street Partners, he was working 3 jobs.
[14:20] Jefferson discusses the staff he’s brought on and the kinds of responsibilities they each have.
[20:15] Jefferson discusses the growth his company has had over the last 3 years.
[20:45] If Jefferson had to do it all over again, the first person he should have brought on should have been the asset manager.
[22:15] If you have over 1,000 pads, that’s when you should consider finding someone to help manage deal flow.
[24:40] Jefferson uses a project management software called Asana to help keep track of each property.
[26:50] How does Jefferson manage the accounting side of things?
[27:55] Stay tuned to the second part of this talk to hear more of what Jefferson has to say about Rent Manager!
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 78 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Rick Cheek has been working for Home Depot for the last 20 years. Rick oversees the renovation division of Home Depot. On today’s show, Rick discusses some of the ways mobile home park owners can benefit from Home Depot’s service and also discusses some of the things you can expect from working with them.
Key Takeaways:
[1:05] Did you know Home Depot has an entire division that helps rehab mobile homes?
[2:35] What did Rick do before he joined Home Depot?
[5:10] The renovation division was originally created to serve single-family homes, but over the years the division has expanded into the mobile home park industry.
[7:30] In the last three years, Home Depot has rehabbed roughly around 3,000 mobile homes.
[9:40] What kinds of markets is Home Depot serving and where can owners find this service?
[12:50] How turnkey is the service? What kinds of things will Home Depot do vs. won’t do?
[20:35] Once the rehab job is done, what kind of inspection period does the homeowner have?
[21:40] Home Depot will stand by the work they do for a year after once they’ve finished with the property.
[22:45] Home Depot vets their service providers really well. It takes roughly 120 days for them to fully vet someone and very few people are accepted.
[24:55] How did this division even get started?
[28:00] How big is this division?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Email Rick: Richard_Cheek@HomeDepot.Com
Welcome to Episode 78 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Rick Cheek has been working for Home Depot for the last 20 years. Rick oversees the renovation division of Home Depot. On today’s show, Rick discusses some of the ways mobile home park owners can benefit from Home Depot’s service and also discusses some of the things you can expect from working with them.
Key Takeaways:
[1:05] Did you know Home Depot has an entire division that helps rehab mobile homes?
[2:35] What did Rick do before he joined Home Depot?
[5:10] The renovation division was originally created to serve single-family homes, but over the years the division has expanded into the mobile home park industry.
[7:30] In the last three years, Home Depot has rehabbed roughly around 3,000 mobile homes.
[9:40] What kinds of markets is Home Depot serving and where can owners find this service?
[12:50] How turnkey is the service? What kinds of things will Home Depot do vs. won’t do?
[20:35] Once the rehab job is done, what kind of inspection period does the homeowner have?
[21:40] Home Depot will stand by the work they do for a year after once they’ve finished with the property.
[22:45] Home Depot vets their service providers really well. It takes roughly 120 days for them to fully vet someone and very few people are accepted.
[24:55] How did this division even get started?
[28:00] How big is this division?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Email Rick: Richard_Cheek@HomeDepot.Com
Welcome to Episode 77 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson recently attended the Southeastern Community Owners Trade Show, which is a smaller version of the NCC Show. There were only about 300 people who attended this year, which makes it a great place to meet fellow homeowners and industry professionals. Jefferson does a recap of some of the key takeaways he’s learned while he attended the conference.
Key Takeaways:
[:50] Just a quick update on the SECO conference.
[1:25] SECO was held on the 11th and 12th of October in Atlanta.
[1:45] Jefferson recommends owners should attend next year’s SECO conference.
[2:50] Jefferson recently learned that you are 50% less likely to close a sale if you take more than 5 minutes to return a call to a tenant.
[5:50] Next Step Homes is trying to help more people qualify to buy a mobile home.
[8:20] Tenants equate cleanliness to a higher rate of safety in your park. So keep that place clean!
[12:00] At the conference, they raffled off a brand new $30,000 home! Unfortunately, Jefferson did not win it this time.
[15:10] Credit Human will now lend to mobile home owners directly. Minimum score has to be 700.
[18:35] Jefferson also did a presentation at the conference. His talk was titled, “Mobile Home Park 2.0.”
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
This episode is Part three of a three-part series. On this week’s show, Ryan continues his discussion on how the two publically traded companies, ELS and SUI, are doing in the market, where they’re headed long- and short-term, and what kind of events in the world need to happen for the industry to disappear.
Key Takeaways:
[1:25] Who wants to be in just ‘average’ real estate?
[2:05] How do the two management teams, ELS and SUI, treat each other?
[5:50] These teams have very little control over how strong the NOI growth is and what happens with cap rate.
[8:25] Where does Ryan see ELS and SUI going both long term and short term?
[10:40] Jefferson loves Equity Lifestyle and has been very happy with the return over the last few years.
[11:55] Most people don’t realize it but manufactured homes comprise about 7% of the total housing stock in the U.S.
[16:45] Unfortunately it’s hard to see bubbles until they’ve viciously popped. They’re difficult to predict. However, there are some current indicators that suggest we’re not in a bubble just yet.
[18:55] What’s Ryan’s opinion of mobile home park investors? He thinks they’re extremely smart!
[21:25] What kinds of books does Ryan recommend to people who want to learn more about real estate?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 75 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Ryan Burke is a Wall Street Analyst for Green Street Advisors. This episode is Part two of a three-part series. On the show, Ryan discusses why there isn’t new park development in the mobile home park industry, what kind of returns you can expect from a mobile home park, and how they’re faring with publicly traded companies like ELS and SUI.
Key Takeaways:
[1:25] What kinds of things or factors inhibit the construction of new parks?
[4:00] Why are there not a lot of third-party managers in this industry?
[6:15] On average, what type of return could you achieve if you were to buy a manufactured home and hold it forever?
[7:50] What are the average premiums to property value right now?
[10:15] How does Ryan conduct his research on this industry?
[13:10] What kind of differences are there between the publicly traded companies like ELS and SUI?
[18:20] Rental homes are like kryptonite in this business. How do companies like ELS and SUI manage their rental home numbers and are they making money?
[21:20] What percentage of home rents are ELS and SUI having to spend to maintain their homes? Curious about this answer? Tune in next week for part 3!
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 74 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Ryan Burke is a Wall Street Analyst for Green Street Advisors. This episode is Part 1 of a three-part series. On the show, he discusses where the future of manufactured housing is headed. There is a strong manufactured housing demand from baby boomers and millennials, and since nothing new is getting built, we are seeing the strongest revenue growth upcycle that the sector has ever seen.
Key Takeaways:
[3:40] What did Ryan do before he joined Green Street Advisors?
[6:05] What is Green Street Advisors and what does Ryan do for them?
[9:05] To remain conflict-of-interest-free, Green Street Advisors do not engage in investment banking activities nor do they own any properties.
[11:35] What kind of clients does Green Street Advisors have?
[12:55] When looking at the bigger picture, where does Ryan see the manufactured housing business going?
[14:00] Baby boomers and their children, millennials, are keeping manufactured housing in high demand.
[16:00] Ryan believes these demands drivers will be in place for the next 10 years, if not more.
[16:15] What’s going on when it comes to the supply of manufactured housing?
[17:25] Why has supply become so constricted over the years?
[18:20] What is Ryan seeing when it comes down to property-level characteristics?
[22:20] This episode is the first of three parts! Tune in next week for the second part.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Welcome to Episode 73 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Kurt Kelley is the CEO of Mobile Insurance, a family insurance business based out of Texas since 1991. On the show, Kurt discusses what kinds of insurance you need to best protect yourself against hurricanes and other natural disasters. No one loves paying premiums for their insurance, but subpar insurance can hurt you a lot more in an unexpected situation.
Key Takeaways:
[1:15] How can park owners properly prepare for a hurricane? That’s the subject for this week’s show!
[1:55] How bad is the flooding in Houston right now?
[4:25] What can park owners physically do to prepare their park for an oncoming hurricane?
[7:25] What’s the best way to prep tenants for the hurricane?
[8:25] What kind of park insurance should homeowners have?
[11:10] What kind of debris is covered in ‘debris clean up’ coverage?
[14:45] With the two recent hurricanes, how busy is Kurt at the office right now?
[18:10] What is FEMA doing both in Texas and in Florida right now?
[19:30] What can park owners do to help their tenants get assistance from FEMA?
[21:10] Take it upon yourself to know what your insurance covers and what it does not.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Call Kurt: 800-458-4320 ext 17
Email Kurt: Kurt@MobileAgency.com
Welcome to Episode 73 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Kurt Kelley is the CEO of Mobile Insurance, a family insurance business based out of Texas since 1991. On the show, Kurt discusses what kinds of insurance you need to best protect yourself against hurricanes and other natural disasters. No one loves paying premiums for their insurance, but subpar insurance can hurt you a lot more in an unexpected situation.
Key Takeaways:
[1:15] How can park owners properly prepare for a hurricane? That’s the subject for this week’s show!
[1:55] How bad is the flooding in Houston right now?
[4:25] What can park owners physically do to prepare their park for an oncoming hurricane?
[7:25] What’s the best way to prep tenants for the hurricane?
[8:25] What kind of park insurance should homeowners have?
[11:10] What kind of debris is covered in ‘debris clean up’ coverage?
[14:45] With the two recent hurricanes, how busy is Kurt at the office right now?
[18:10] What is FEMA doing both in Texas and in Florida right now?
[19:30] What can park owners do to help their tenants get assistance from FEMA?
[21:10] Take it upon yourself to know what your insurance covers and what it does not.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Call Kurt: 800-458-4320 ext 17
Email Kurt: Kurt@MobileAgency.com