Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will discuss mistake number 8 from our popular eBook, “The 21 Biggest Mistakes Investors Make When purchasing their First Mobile Home Park…and how to avoid them.” One thing we see often is that many investors will choose to look for parks locally for the sole purpose of being near the park. There is nothing wrong with being close to your park, but you definitely don’t need to be. If you find that you live in a market where CAP rates are insanely low or in a market that is going through tough times, you would be much wiser to invest outside of your immediate area.
The business model and management style we teach is effective whether you live across the street from your park or across the country. Don’t put yourself in the position of buying a bad investment just for the sake of being close to it. Proximity does not correlate to success in this business.
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Welcome to the Mobile Home Park Academy Podcast. In this episode, Charles and I will share with you the 5 quickest ways to add value and increase the cash flow in a mobile home park. These 5 methods are first things we consider when evaluating a mobile home park for purchase and are by far the most effective ways to increase your bottom line cash flow and skyrocket your appreciation.
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Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will discuss mistake number 7 from our popular eBook, “The 21 Biggest Mistakes Investors Make When purchasing their First Mobile Home Park…and how to avoid them.” In this episode we will discuss what specific criteria we use to evaluate a local marketplace and how you can use our process to avoid buying a park in a depressed or declining market. Get this step wrong an you’re setting yourself up for a potential financial disaster.
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Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will discuss the down and dirty details of two recent on-site visits to parks we are currently in contract to purchase. Each one of these parks presented us with very unique circumstances and challenges and we’re going to share with you the lessons we learned from each park visit and how you can apply these same skills and tactics to your own mobile home park business.
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Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will discuss mistake number 6 from our popular eBook, “The 21 Biggest Mistakes Investors Make When purchasing their First Mobile Home Park…and how to avoid them.” This episode will cover why you need to adjust your property taxes when running your proforma. This is an area that gets overlooked by investors from time to time. It is also a miscalculation that can completely wipe out your return in the right circumstances.
Most counties assess the property taxes by using comparable sales. This is very difficult in the park industry, because most counties haven’t seen a park sell in years. The assessed value on many parks is well below where they should be.
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Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will discuss mistake number 5 from our popular eBook, “The 21 Biggest Mistakes Investors Make When purchasing their First Mobile Home Park…and how to avoid them.” This episode will cover why you should always perform thorough due diligence if you are planning to purchase a park on private utilities. You also need to have a plan for how you will handle the eventual failure of the system. Navigating the world of private utilities is not for the faint of heart but it can be done.
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