Welcome to Episode 113 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Rich Voboril is the General Manager and one of the five Owners and Founders of PEP Lending; he shares how he helps tenants with bad credit get back on their feet and become a reliable and good tenant for mobile home park owners. Rich details his services and how he can help people who are looking to invest in a mobile home.
Key Takeaways:
[1:40] What did Rich do prior to joining PEP?
[4:00] What types of lending programs does Rich offer to his customers?
[4:40] Most of Rich’s customers have dealt with credit problems in the past.
[7:10] The biggest loan Rich and his team have made was around $80,000.
[7:40] Does a park owner have to become a licensed dealer in order to work with PEP?
[11:00] How are the agreements usually structured between the park owner and tenant?
[12:15] Rich explains what a typical loan structure looks like and how much a tenant pays, on average.
[14:00] Do tenants need to find their own mobile parks or does PEP handle that?
[16:30] Why does Rich not rely on bluebook mobile home values?
[17:45] Are there characteristics of a mobile home that Rich and team will not finance?
[19:35] What happens if the tenant is paying PEP but not the park owner lot rent? Or vice versa?
[22:20] What happens if a customer defaults?
[26:30] Rich prides himself and his company for being very accessible. You will always get a real, live person answering your call!
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Call Rich: 708-478-5251
Email Rich: RVoboril@PepLending.com