Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will discuss mistake number 10 from our popular eBook, “The 21 Biggest Mistakes Investors Make When purchasing their First Mobile Home Park…and how to avoid them.”
We have all heard the phrase, “Use the seller’s numbers” time and time again. This works great when you notice a seller is paying twice as much as they should for management or when your seller is paying for a utility you plan to pass through. However, this can quickly go awry when talking about repairs and maintenance, especially when the numbers are understated.
Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will discuss mistake number 9 from our popular eBook, “The 21 Biggest Mistakes Investors Make When purchasing their First Mobile Home Park…and how to avoid them.” When performing due diligence, it is important that you determine if the park lies within a floodplain. In fact, this should be one of the first steps you do.
In today’s show Charles and I will discuss the following: How does a flood zone affect the deal? Can you even do this deal if it’s in a flood zone? Can it be financed? What will your insurance agent say? Are there scenarios where a flood plain may be OK?
We’ll cover all of this and more in todays show. Enjoy!
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.
On today’s show we are going to cover a recent trip to a park we’re in contract on in the Buffalo MSA. Like most parks, this deal also has it’s fair share of challenges that we’re working through and so we thought it might be helpful if we share our experiences and how we’re working to overcome these challenges.
Also, as an added bonus, we’ll be sharing critical feedback from our first-hand experience of selling used park owned homes using the 21st mortgage finance program. This program has proven much more difficult to we originally expected which has created unexpected challenges in converting our park owned home inventory into tenant owned units. This is a must listen if you’re considering purchasing a park with a large number of park owned units.
On today’s show we are going to be sharing the stage with, George Chen and Mark Sue, both are new park investors who just purchased their first 11 space park a few weeks ago in Connecticut. Both George and Mark are avid listeners to our show and originally reached out to Charles and I looking for advice or ideas on sourcing their second mobile home park, which is how we coaxed them to come onto the show.
And so, not only will be pull back the cover on their very first park acquisition and find out all the nitty gritty details, but we’ll also actively discuss ideas on how they should be best spending their time sourcing that second deal.
In todays show, we interview Father and Son mobile home Park investing team, Dan & Steve Warner, how they’ve built an impressive 122 space - 3 MHP portfolio in two short years. We’ll cover details on how they found the parks, how they’re handling the management and turnaround of each park, how they financed the deals, and much, much more. We’ll also discuss how they manage this business being that Steve and Dan live more than 6,000 miles apart from one another. Enjoy the show!
In todays show, Charles and I share the 4 largest challenges/roadblocks that new mobile home park investors make when getting into this business and how to overcome them. There is absolutely no reason why even someone with zero experience and zero money can’t become a successful mobile home park investor and Charles and I will show you how. Enjoy the show!
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In todays show, Charles and I share our best practices for vetting and pre-screening residents for your mobile home park communities. The amount of money you will save in the long run by doing due diligence ahead of time is well worth the extra effort and time spent upfront. Enjoy the show!
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In todays show, we interview Mobile Home Park investor, Clinton Grim. We’ll discuss Clint’s strategy for success and why he prefers to “flip” mobile home parks versus holding them for long-term cash flow. In fact, we’ll discuss a deal that we actually passed on a few years back that Clint ended up buying, which he just sold for a $600,000 profit. Enjoy!
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In todays show, Charles and I interview Mobile Home Park investor, William Noel. We’ll cover in detail, William’s very first mobile home park investment, the numerous mistakes he made along the way, why he wouldn’t buy that same park again if given the chance, why he’s avoiding private utilities on new purchases, and much, much more. We cover a lot of ground in the show with William and we’re positive that you’ll find a ton of value in the show. Enjoy!
Recommended Resources
In todays show, Charles and I are doing a little house keeping by going through a few recent questions that have been emailed to us regarding mobile home park investing so that all can benefit from the answers provided. This format will be a regular addition to our weekly show and one where we directly address your most pressing questions regarding mobile home park investing. Enjoy the show!
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In todays show, we interview Mobile Home Park investor, Paul Stout, to discuss their very first mobile home park investment. We’ll cover details on how he found the deal, how he’s handling the transition, the unique challenges he’s encounter through this journey, how he financed the park, and much, much more. We’ll also cover how he finds the time to work a very demanding full-time job while simultaneously making massive progress and finding HUGE success as a mobile home park investor.
Recommended Resources
In Todays show, we interview Mobile Home Park investors, Eric Ingvall and Adam Rourke, to discuss their very first mobile home park investment located in Webster City, Iowa. We’ll cover details on how they found the deal, how they are handling the repositioning, the unique challenges they’ve encounter through their journey, how they financed the park, and much, much more. We’ll also cover how they find the time to work full-time jobs and manage full-time families while simultaneously making massive progress and finding HUGE success as a mobile home park investor.
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In Todays show Charles and I will share the details from two challenges we recently encountered in in two parks and how we are working through each one. If you’re actively looking for parks and plan on owning more than one, then it’s almost a guarantee that you’ll run into one of these scenarios sooner or later. Listen in as we share “real life” examples of what you’ll be encountering in your day-to-day role as a mobile home park investor.
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