Welcome to episode 49 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. March 2nd marks Jefferson’s 10th year in the mobile home park industry! As Brad is off this week, Jefferson reflects on the many, many lessons he’s learned over the years.
Key Takeaways:
[1:00] Jefferson has been in the business for 10 years!
[2:15] Jefferson never would have been able to predict everything that’s happened over the last 10 years. He thought that after he spent a year in this business, he was going to go back to his ‘day job.’
[3:00] How did Jefferson get into this business?
[5:45] Jefferson found his first property on eBay!
[7:45] Jefferson decided to do this full-time, but only for a year. He really wanted to double his assets before going back to his day job.
[8:25] After around the 4 year mark, Jefferson bought his second mobile home park.
[10:50] If you’re still working a day job and looking to invest in your first park, pay for value.
[13:55] If you have to pick between cheap and speed, always pick quality work. Never go for cheap!
[14:15] Jefferson was around 39 years old when he bought his first park. He wishes he got involved sooner!
[16:55] Keep your day job!
[17:05] Take your time in finding your first park. Pay for quality and don’t do anything rash.
[19:45] Jefferson owns around 18 parks, but you don’t have to personally own that many to have a nice side income.
[21:55] Jefferson is excited for the next ten years in this industry!
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.com
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 48 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, but Jefferson has a powerful tip that took him nearly ten years to figure out! If you’re looking for a creative way to reduce that costly electric bill, then this is an episode you surely do not want to miss!
Key Takeaways:
[1:15] Today’s podcast is going to be like an espresso — very concentrated!
[2:00] It took Jefferson nearly 10 years to figure out this trick to save on his electric bill.
[2:20] After having over 117 electric bills pass through Jefferson’s desk, he finally took a look at one.
[3:55] Service availability charge. Look out for those words!
[5:10] Jefferson was getting charged $279 a year for both bills!
[7:25] Remember, a penny saved is a penny earned!
[7:45] If you have multiple bills, take a look at them carefully.
[8:45] Shoutout: Thank you Pastor Joshua for listening to this podcast!
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.com
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 47 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson and Brad continue their discussion about CMBS financing, and outline what you need to know before you get one! Be sure to listen to last week’s episode to get caught up to speed.
Key Takeaways:
[2:15] What third party documents/reports do you need in order to apply for CMBS financing?
[5:45] What do you know about zoning restrictions/requirements?
[9:55] Brad has never seen a survey done for CMBS under $10,000.
[10:35] You're going to need a minimum of 45 days to get the loan done.
[12:00] Tip: Plan for margin of error.
[12:50] What does the seller need to know, if the buyer is applying for CMBS financing?
[15:30] How do you find out what interest rate you’re going to be paying?
[20:00] Remember, you want to be sure you have enough money in order to see the loan through. It can be expensive and time consuming!
[21:30] Brad does a quick recap.
[24:45] With a CMBS loan, you can’t just ‘pay it off,’ like any other loan. Brad explains further.
[30:00] If you’re a fix and flip kinda of guy, then this is not the loan you should have.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 46 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson and Brad explain everything you need to know about Commercial Mortgage-Backed Securities (CMBS), and when it’s the right time to get one. Is CMBS financing right for you? Get a crash course on it in this week’s episode!
Key Takeaways:
[2:20] How does CMBS work?
[7:05] Most commercial mortgage brokers deal with CMBS loans.
[8:15] If your mobile home park’s purchase price is just above $2 million, that’s when you’ll be getting a bit of CMBS attention.
[12:40] Who ends up owning this debt? Individual investors or institutions?
[14:15] You definitely want to go with a mortgage broker that has experience with CMBS and mobile home parks. If not, the process might be tougher for you to acquire the loan.
[16:30] Another thing, be sure to have your lawyers present when applying for CMBS financing.
[20:40] Try to keep your entity structure as simple as possible.
[22:35] What does the ‘springing lockbox’ term mean in this context?
[25:15] Brad gives some advice about finding the right lawyer.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.com
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 45 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson and Brad dive right in on how to hire the right property manage for your mobile home park. What do Jefferson and Brad look for in a manager? Find out today!
Key Takeaways:
[2:00] You have to hire somebody with integrity.
[2:25] When Jefferson and Brad acquire a new property, they’re open to keeping the same manager.
[5:30] Jefferson dives into how he finds good talent.
[7:15] Despite looking for new managers, Jefferson and Brad decided to keep the current one for this particular property, because she had fire in her belly and knew the properties well.
[8:15] Managers who are in charge of the checkbooks can be dangerous.
[8:45] You can tell a lot about somebody based on the condition of their house. Managers with well-kept homes know what to look for.
[11:10] Jefferson and Brad don’t usually have full-time managers, but some parks do need them.
[15:30] Very few mobile home parks need a dedicated office for the manager.
[16:40] Jefferson likes it when a manager has good tech on them.
[19:20] Managers don’t need to have deep experience in order to be qualified.
[20:00] Basic people skills, common sense, and a good work ethic is all you need in a manager.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.com
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Welcome to episode 44 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson and Brad welcome listeners to the new year! They do a quick year-end wrap-up of 2016, and discuss the future of mobile home parks, on this week’s episode. What can we look forward to in 2017? You’ll have to listen in!
Key Takeaways:
[:55] Happy New Year, everybody!
[1:25] Jefferson and Brad have been busy during the month of January and are getting ready to close on their second deal for the New Year.
[1:45] Jefferson has already completed 3 of his 5 New Year’s Resolutions - from 2012!
[2:10] The Park Street Partners 'Mobile Home Park Investors' podcast series is slightly over a year old! Jefferson and Brad do a year-end wrap up.
[4:15] Hi mom!
[4:45] Got some good deals in your area? Let Jefferson and Brad know! They’ll either partner with you or pay you a referral fee.
[8:15] There’s still a big stigma about mobile home parks.
[9:10] Will the mobile home park industry be affected by President Trump?
[13:35] Brad isn’t worried about the next four years.
[19:10] Brad discusses the benefits of getting a CMBS loan.
[22:40] Last year, Jefferson and Brad put some systems in place to make the business more efficient.
[28:25] Jefferson and Brad and still tweaking some of the outsourcing that they’re doing.
[32:45] Jefferson and Brad give a shout out to their lovely wives who support them.
Mentioned in This Episode:
Park Street Partners, www.parkstreetpartners.com
Mobile Home Park Investors, www.mobilehomeparkinvestors.net
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net