Welcome to Episode 101 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. On today’s podcast, Jefferson shares his first-hand experience at buying an ‘easy-to-fill’ mobile home park. It was his second mobile home park that he had bought and he ended up walking away with a lot of wise experience from that purchase.
[1:20] Jefferson shares a story of what happened in the due diligence process when he bought his second mobile home park.
[1:45] How do you fill your park with new tenants?
[4:25] By not running a background check, the previous owner was allowing a very rough tenant base.
[6:00] Beware of the very easy-to-fill mobile home park. It could be a warning sign.
[7:45] Make sure the previous owner is running a background check on their tenants and accepting safety deposits.
[8:35] When Jefferson bought that park, it was 100% full. However, it had a lot of unsavory types in it and about 50% of the tenants turned over during the first 12 months.
[10:30] As part of your due diligence, always ask for at least a year’s worth of bank statements.
[11:05] You want tenants with skin in the game.
Mentioned in This Episode:
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com