Welcome to Episode 110 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. In part 2, Jefferson continues his book report on Am I Being Too Subtle? by Sam Zell. Sam has made over a billion dollars in smart investments in industries such as real estate, energy, manufacturing, healthcare, and more. Jefferson was curious to read Sam’s book for his real estate and mobile home knowledge and shares what he has learned in this 3-part series.
Key Takeaways:
[1:40] Sam recognized there was an unfilled demand in secondary and tertiary markets.
[2:45] At 24 years old, Sam had already made a million dollars in today’s money.
[3:30] Sam applied to 43 law firms and got rejected at all of them. He had no idea why!
[6:15] Just off of referrals alone, Sam was making 3x what junior partners were making at a small law firm.
[7:40] Sam met billionaire real estate mogul, Jay Pritzker and Jay would later become his mentor.
[11:05] For the first 10 years of business, Sam had a relatively small team and he split profits with everyone, including the secretary.
[14:10] Sam predicted there would be a real estate crash due to how easy it was to lend money in commercial real estate.
[23:15] In the late 80’s, Sam warned that there were structural changes happening in the real estate market and predicted another crash.
[26:45] How did Sam discover mobile home parks?
[30:15] In 2005, Sam and his company began to diversity in RV parks.
[31:45] Stay tuned for part 3!
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com