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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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Apr 21, 2016

Welcome to episode 17 of the Mobile Home Park Investors podcast hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, Jefferson and Brad discuss taxes and share helpful tips to help you save on your mobile home park property taxes. Listen in for advice on tax depreciation, how not to pay double taxes on your ‘wheel estate property,’ preparing your CPA for the April 15th deadline, miscellaneous business expenses, and more.

 

Key Takeaways:

[1:39] Today’s episode will cover depreciation briefly. Check out episode 18 for a more in depth discussion on tax depreciation.

[2:18] You can save on your taxes by segmenting out the component costs of any mobile homes that come with your park.

[4:36] Jefferson shares another tax saving idea. 

[8:45] Brad shares tips, especially for 1st time mobile home park owners, on getting your CPA prepared for the April 15th deadline.

[10:36] Jefferson and Brad always advise purchasing your property in some sort of an entity such as a LLC. 

[13:29] What is a promissory note income?

[15:13] What is rent credit income? 

[16:18] Miscellaneous and other types of business expenses for tax deductions. 

[18:14] What other types of expenses are really good for the ‘wheel estate property’ business?

[19:57] Talk to your CPA to make sure you understand how your tax basis is being adjusted every year.

[21:37] A 1031 exchange is always a good idea. Upcoming podcasts will feature a 1031 exchange expert who will step us through the 1031 process. 

 

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

Mobile Home Park Investors Group on LinkedIn

Send your deals to: deals@parkstreetpartners.com

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