Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will be discussing how to successfully turnaround and reposition a distressed mobile home park. Buying a turnaround park isn’t for everyone, but if executed properly, your efforts should reward you handsomely in both substantial returns on your investment as well as huge amounts of built in equity and cash flow. But on the flipside, buying the wrong distressed park might potentially lead you into a downward tailspin, which will inevitably lead you to a financial loss. Our goal is to educate you so that you only buy the distressed parks that make sense.
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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!
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Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will be discussing how to successfully manage your mobile home park. Over the last few weeks, we’ve personally been flooded with emails from people who asked questions relating to this topic. Instead of responding to each individually, we decided that it would provide much more value if we take each of your questions about the management and make a show on it.
This is broken down into four basic sections. These will be:
We’ll cover everything from A to Z as it relates to running a successful mobile home park.
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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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Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will discuss mistake number 3 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 some of the pitfalls of owning a 100% rental park where the landlord owns all of the mobile homes. Although the revenues in this type of park can be quite exciting on paper, the actual process of running it can easily turn into your worst nightmare. Tune in to learn how to avoid being a victim.
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Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will discuss mistake number 3 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 it is important to always get a complete handle on the current revenue of a property. This mistake is vitally important to avoid because you don’t want to buy a revenue stream that just isn’t there.
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Welcome to the Mobile Home Park Academy pod cast. In this episode, Charles and I take you from start to finish on a deal we recently purchased in Petersburg, VA. We’ll discuss everything from how we found the deal, negotiated it, performed diligence on it, and turned it around. We hope this episode will inspire you on your journey to owning a mobile home park. As good as this deal sounds, there are many more just like it. They are just waiting for someone like you to find them!
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In this episode, Charles and I will discuss mistake number 2 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 shouldn’t self-manage your mobile home park. We understand that some owners do so and if you happen to fall into this category, you should still be building in the expense of a manager in your numbers when you go to purchase a mobile home park investment. Avoiding this mistake can save you a ton of time and allow you to more effectively scale your business.
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Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I take you through our process for identifying strong markets to buy parks in. We’ll go in depth on what market indicators you should be looking at and add in some of the experiences we’ve had while looking at parks and the markets they are in. A link to the to best places website which we mention in the show can be found in the resources below.
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Welcome to the Mobile Home Park Academy pod cast. In this episode, Charles and I will discuss mistake number 1 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 it is important to never capitalize the home rental portion when valuing a mobile home park to purchase. Avoiding this mistake can save you big bucks when you are looking to purchase your first mobile home park.
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Welcome to the introductory episode of the Mobile Home Park Academy’s weekly podcast. Charles and I are very pleased to bring this podcast series to you and hope that you find a lot of enjoyment and value from it. In this show, you’ll learn the reasons why we love the mobile home park business, why we started this show, and what to expect in future episodes.
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