The Mobile Home Park Investing Podcast - Real Estate Investing Niche

In this episode we're going to be sharing the stage with two mobile home park investors who are fairly new to the business being that they bought their first park less than 1 year ago but who are absolutely crushing it and have acquired 3 parks to date totaling 652 lots. These two rockstars go by the name Ryan Narus and Ian Tudor and are based out of Charlotte, NC. Today we're going to dig deep into their business and learn how they went from struggling new investors to owning a portfolio worth in excess of $13 million in just a few short years. Recommended Resources Check out our company and our investment opportunity by visiting www.SunriseCapitalInvestors.com Self Directed IRA Investment Opportunity – Click Here To Learn More About How You Can Invest With Us Through Your SDIRA Accredited Investors Click Here to learn more about partnering with me and my team on Mobile Home Park deals! Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them MobileHomeParkAcademy.com Schedule your free 30 minute "no obligation" call directly with Kevin by clicking this link https://www.timetrade.com/book/KV2D2 Subscribe to Our Weekly MHP Blog: https://www.biggerpockets.com/blogs/9911-mobile-home-park-management

In today's show we're going to go through the step-by-step process to completing that life-changing event of buying your very first mobile home park. One small to medium sized park purchased correctly at the right price can be an absolutely life changing event. Towards the end of the show today Charles and I are going to share with you a case study of a smaller park that we own that could easily replace, or even double, the average Americans yearly salary. Based on what we paid for this park it would have easily been in reach for pretty much everyone who listens to this show. Recommended Resources Check out our company and our investment opportunity by visiting www.SunriseCapitalInvestors.com Self Directed IRA Investment Opportunity – Click Here To Learn More About How You Can Invest With Us Through Your SDIRA Accredited Investors Click Here to learn more about partnering with me and my team on Mobile Home Park deals! Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them MobileHomeParkAcademy.com Schedule your free 30 minute "no obligation" call directly with Kevin by clicking this link https://www.timetrade.com/book/KV2D2 Subscribe to Our Weekly MHP Blog: https://www.biggerpockets.com/blogs/9911-mobile-home-park-management

In this episode Charles and I dive deep into the operational side of the business by discussing in detail the four main core components that one must master to successfully operate a park to it's fullest potential. Operating a mobile home park can essentially be boiled down to managing these four things: Collections Repairs The Rules Expenses Listen in as we share our real-life experiences and teach you the proper way to run a park. You can also watch the video version of this show by clicking on this link Click Here to Grab a free copy of our latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Want to Learn How to Invest in The Lucrative Niche of Mobile Home Parks? Check out our Free Training that Will Teach You The Systems and Processes We Use To Find The Most Profitable Deals. Click Here to Learn More Have An Interest In Partnering with a Team with a Proven Track Record in the Mobile Home Park Space? Click HERE to Learn More About Our Partnership Opportunities.

So, today's show is going to be slightly different from the norm. You see, a few days ago I had a breakfast meeting with a good friend mine who also happens to be a fellow park investor during his visit to the Tampa Bay area. During this meeting he said something that resonated with me and that was that although he's known both Charles and I for a few years, he doesn't know our full story of where we got our start as real estate investors and how we ended up in mobile home parks. And so, I thought that it would only be fair if we did a show where Charles and I can interview the other about our background so that you can get a better feel for who we are as people and how we ended up in this niche of mobile home parks. Click Here to Grab a free copy of our latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Want to Learn How to Invest in The Lucrative Niche of Mobile Home Parks? Check out our Free Training that Will Teach You The Systems and Processes We Use To Find The Most Profitable Deals. Click Here to Learn More Have An Interest In Partnering with a Team with a Proven Track Record in the Mobile Home Park Space? Click HERE to Learn More About Our Partnership Opportunities.

In today's show we'll be sharing the stage with real estate investor and mobile home park owner/operator, Rich Ferradino. Rich has been active in the mobile home park business for just a little more than a year but he's been making waves during his short stint. Here's the part that's so interesting about Rich and his involvement in the park business – he loves park owned rental trailers. Now, if you've been following any of our teachings for any reasonable period of time then you probably already know that we highly dislike rental units and do everything in our power to sell them off asap. Well, there are many others who disagree with my business model and prefer the rental method and so today we're going to dig deep and find out the good, the bad, and the ugly directly from someone who lives and breathes park owned homes on a daily basis. Click Here to Grab a free copy of our latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Want to Learn How to Invest in The Lucrative Niche of Mobile Home Parks? Check out our Free Training that Will Teach You The Systems and Processes We Use To Find The Most Profitable Deals. Click Here to Learn More Have An Interest In Partnering with a Team with a Proven Track Record in the Mobile Home Park Space? Click HERE to Learn More About Our Partnership Opportunities.

In today's show we'll be speaking with, Steve Tomaso, an industry expert who specializes in the brokerage and management of RV and Mobile Home Parks. Steve loves RV parks and so we dig deep into why he prefers the RV park business model over the typical mobile home park that we know and love. Recommended Resources: Self Directed IRA Investment Opportunity – Click Here To Learn More About How You Can Invest With Us Through Your SDIRA Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them MobileHomeParkAcademy.com Schedule your free 30 minute "no obligation" call directly with Kevin by clicking this link https://www.timetrade.com/book/KV2D2

In today's show we're going to be sharing the stage with two incredibly successful and brilliant mobile home park operators, Mike Conlon & Chris Barry from Affordable Communities Group. Mike is the president and CEO with Chris filling the critically important role of Chief Operations Officer and together own and manage a portfolio of more than 4,000 lots throughout the eastern half of the US. We're going to dig deep into Mike and Chris's business to see what makes it tick, but more importantly we're going to pull back the layers and dive deep into how you can go from your very 1st park all the way to owning thousands of lots spread amongst multiple states. And not only will be discussing how Mike and his team find their deals, but more importantly, what specific systems and processes they use to effectively manage and maintain this large number of communities. After all, it's one thing to find great deals but it's a completely different ball game when it comes to building a scalable business.

In today's show we're going to be covering the top 10 most important questions that you should be asking when purchasing a mobile home park. And this doesn't just apply to new investors but even seasoned investors like Charles and myself. Obtaining the answers to these questions will help paint a clear picture of the parks current operations and whether or not it's something you have an interest in pursuing.

On today's show we are going to be sharing the stage with, Jim Johnson, an industry veteran based in Denver, CO. In today's show we're going to discuss how Jim leverages technology in his mobile home park business. More specifically, we'll cover how his unique systems and processes allows him to effortlessly manage five parks spread throughout four different states. The best part of this show is that the strategies that Jim uses can easily be adopted in your very own business. The future is very bright for those park investors who are willing to adopt and utilize technology to grow their business. Click Here to Grab a free copy of our latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Want to Learn How to Invest in The Lucrative Niche of Mobile Home Parks? Check out our Free Training that Will Teach You The Systems and Processes We Use To Find The Most Profitable Deals. Click Here to Learn More Have An Interest In Partnering with a Team with a Proven Track Record in the Mobile Home Park Space? Click HERE to Learn More About Our Partnership Opportunities.

On today's show we are going to be sharing the stage with, Noel Scruggs. A mobile home park investor based in San Diego, CA. Learn how Noel went from being a professional poker player to being a full-time mobile home park investor. Noel's path wasn't an easy one and was full of challenges, frustrations, and many late nights but Noel pushed through and was able to persevere and now enjoys a significant cash flow all created from his park investments. Click Here to Grab a free copy of our latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Want to Learn How to Invest in The Lucrative Niche of Mobile Home Parks? Check out our Free Training that Will Teach You The Systems and Processes We Use To Find The Most Profitable Deals. Click Here to Learn More Have An Interest In Partnering with a Team with a Proven Track Record in the Mobile Home Park Space? Click HERE to Learn More About Our Partnership Opportunities.

Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will discuss mistake number 20 from our popular eBook, "The 21 Biggest Mistakes Investors Make When purchasing their First Mobile Home Park…and how to avoid them." There are many different ways to obtain financing on a mobile home park. Everything from a master-lease with purchase option all the way to doing sophisticated CMBS loans, we cover it all. As an investor, you need to understand what these options are and when they are appropriate. Certain parks you will run into throughout your search will simply need to be creatively financed based on how they are performing. Being able to recognize this immediately will allow you to become a better negotiator and will keep you from wasting your time with unrealistic sellers. Our goal is to show you how to identify the most appropriate financing options for the park you are looking at. We will also give you strategies to help make the financing process easier and make you more effective at conveying your needs to a seller. In addition to this we will show you the proper ways to structure these creatively financed deals. Click Here to Grab a free copy of our latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Want to Learn How to Invest in The Lucrative Niche of Mobile Home Parks? Check out our Free Training that Will Teach You The Systems and Processes We Use To Find The Most Profitable Deals. Click Here to Learn More Have An Interest In Partnering with a Team with a Proven Track Record in the Mobile Home Park Space? Click HERE to Learn More About Our Partnership Opportunities.

Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will discuss mistake number 19 from our popular eBook, "The 21 Biggest Mistakes Investors Make When purchasing their First Mobile Home Park…and how to avoid them." You'll run across many parks during your search that have park owned units that are being sold on rent to own contracts or owner financing notes. In todays show Charles and I will discuss why you don't want to pay face value for these notes. Click Here to Grab a free copy of our latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Want to Learn How to Invest in The Lucrative Niche of Mobile Home Parks? Check out our Free Training that Will Teach You The Systems and Processes We Use To Find The Most Profitable Deals. Click Here to Learn More Have An Interest In Partnering with a Team with a Proven Track Record in the Mobile Home Park Space? Click HERE to Learn More About Our Partnership Opportunities.

Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will discuss mistake number 18 from our popular eBook, "The 21 Biggest Mistakes Investors Make When purchasing their First Mobile Home Park…and how to avoid them." One extremely common mistake that new investors find themselves making is that they don't have enough capital to operate their assets after they buy them. Think of the following scenario. You are an investor who has $100,000 to invest. With this money, you conclude that the bank will match your down payment 4 to 1 and that you can afford a park that is $400,000. That's great news! Time to get to work finding it right? Maybe not! Let's also think about some other things that could happen. Most parks need some form of capital repair on the front end. This may be in the form of resealing/resurfacing roads, putting up new signage, removing homes, getting rid of debri and junk, painting and/or renovating homes, etc. Where is your allowance for these items? How do you determine how high this amount should be? As a general rule of thumb, you should set aside about 4% of your purchase price in order to establish an initial operating budget. Something else to consider is that normally your bank will want to see that you have some liquidity even after you purchase the asset and may require you still have up to 10% of the purchase price available in short term assets. Click Here to Grab a free copy of our latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Want to Learn How to Invest in The Lucrative Niche of Mobile Home Parks? Check out our Free Training that Will Teach You The Systems and Processes We Use To Find The Most Profitable Deals. Click Here to Learn More Have An Interest In Partnering with a Team with a Proven Track Record in the Mobile Home Park Space? Click HERE to Learn More About Our Partnership Opportunities.

Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will discuss mistake number 17 from our popular eBook, "The 21 Biggest Mistakes Investors Make When purchasing their First Mobile Home Park…and how to avoid them." When you start looking at parks, you will begin to notice revenue items such as Late Fees, Application Fees, and Other Income. Brokers and sellers alike will try to tell you that it is appropriate to capitalize these income sources. I'm here to tell you that that is not necessarily the case! One of the great things about owning mobile home parks is that your average lot renter is an extraordinarily stable tenant. So, how much money do you really think you'll be getting from application fees year in and year out? The same goes for late fees. It is true that you will receive late fee income through the year. However, this should not be a significant source of income for any park. If it is, you may need to ask yourself if this is truly a stable and reliable tenant base. The "Other Income." We've seen "other income" run as high as half the park's revenue. Brokers and sellers will put whatever they can think of in this category. Single family homes, small apartments, self-storage, vending machines, laundry income, etc. For these items, we prefer to break out the separate income streams and evaluate the reliability of each separately. We also want to see the expenses broken out for each to determine if they are truly worth having. This gives us a complete picture of what we are buying rather than lumping it together in vagueness. When looking at your next deal, add together these revenue items and multiply them by 10. The number you come up with is the amount you could potentially be overpaying if you don't have a handle on these items. Click Here to Grab a free copy of our latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Want to Learn How to Invest in The Lucrative Niche of Mobile Home Parks? Check out our Free Training that Will Teach You The Systems and Processes We Use To Find The Most Profitable Deals. Click Here to Learn More Have An Interest In Partnering with a Team with a Proven Track Record in the Mobile Home Park Space? Click HERE to Learn More About Our Partnership Opportunities.

Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will discuss mistake number 16 from our popular eBook, "The 21 Biggest Mistakes Investors Make When purchasing their First Mobile Home Park…and how to avoid them." One of the great things about owning multifamily real estate is that it is just that, multi-family. On a 100-unit property, losing one tenant is relatively insignificant. What if that one tenant was an investor and they owned 10, 20, or 30 of the units in the park? This is something that we have seen time and time again in the mobile home park industry. One might think, on the front end, that it would be nice to only have to collect one big check on those units. You may also like the idea of dealing with less tenants and having someone else handle tenant relations on those units. Where is the problem in this thinking? If this sounds like a nice arrangement, I would also like to pose the following potential problems: What happens if your investor/tenant doesn't screen their tenants properly? What happens when your investor/tenant doesn't like the recent rent raise or having utility costs passed along to them? What happens when your investor/tenant doesn't maintain their homes? What happens when your investor/tenant moves these homes elsewhere? What happens if your bank has the same concerns? Having a third party investor in your park is not always a bad thing. It can sometimes be a good thing. However, you need to know how to remain in control of your park and protect your investment. We can show you how to maximize this arrangement and work with these investors properly. Click Here to Grab a free copy of our latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Want to Learn How to Invest in The Lucrative Niche of Mobile Home Parks? Check out our Free Training that Will Teach You The Systems and Processes We Use To Find The Most Profitable Deals. Click Here to Learn More Have An Interest In Partnering with a Team with a Proven Track Record in the Mobile Home Park Space? Click HERE to Learn More About Our Partnership Opportunities.

Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will discuss mistake number 15 from our popular eBook, "The 21 Biggest Mistakes Investors Make When purchasing their First Mobile Home Park…and how to avoid them." There are times when using the owner's expenses can work in your favor and there are times where it can work against you. As with any business venture, there are certain expenses you have to take into account. Virtually every property we have pursued has had some of their expenses under reported or completely left off of the profit and loss statements. So how do you determine what you are buying and what the appropriate operating expenses should be? Typically, we will start out assuming that any park the pays for water/sewer or has private utilities will have an expense load close to 45-55%. If the park is on city water/sewer and the residents are billed for the usage, we typically assume an expense load closer to 30-35%. This is usually a good rule of thumb on the "eye ball" test but each deal will require you to put a microscope on each expense in order to get a truly realistic budget. Click Here to Grab a free copy of our latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Want to Learn How to Invest in The Lucrative Niche of Mobile Home Parks? Check out our Free Training that Will Teach You The Systems and Processes We Use To Find The Most Profitable Deals. Click Here to Learn More Have An Interest In Partnering with a Team with a Proven Track Record in the Mobile Home Park Space? Click HERE to Learn More About Our Partnership Opportunities.

Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will discuss mistake number 14 from our popular eBook, "The 21 Biggest Mistakes Investors Make When purchasing their First Mobile Home Park…and how to avoid them." As you go out into the market place and look for deals, a common theme you'll see is that virtually none of the marketing packages pitched by brokers have a yearly allowance for capital expenditures. You must budget for these large capital items down the road. Every park will be different on this subject based on its unique characteristics. Parks with a large volume of park owned units will obviously require more frequent home repairs. Parks on private utilities will require you to save larger sums of money to deal with potential utility problems. Parks with dirt and gravel roads will need more frequent repairs to stay in good working order. Click Here to Grab a free copy of our latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Want to Learn How to Invest in The Lucrative Niche of Mobile Home Parks? Check out our Free Training that Will Teach You The Systems and Processes We Use To Find The Most Profitable Deals. Click Here to Learn More Have An Interest In Partnering with a Team with a Proven Track Record in the Mobile Home Park Space? Click HERE to Learn More About Our Partnership Opportunities.

Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will discuss mistake number 13 from our popular eBook, "The 21 Biggest Mistakes Investors Make When purchasing their First Mobile Home Park…and how to avoid them." You can fix many things in a mobile home park, but the one thing you can't fix is the size of your lots. There are many parks that were built many, many years ago when mobile homes were routinely 40-50' in length with lots designed with that size of home in mind. The problem is that most newer post-HUD era homes are much larger (60', 70', and even 80'+ in length) and would never fit onto those smaller lots and there aren't many options to purchase smaller homes should you need to replace on of these smaller 40 to 50' homes. It's imperative that you understand what your backup plan is should you ever lose a home and need to reoccupy that empty lot. A lost home equals lost revenues and if that lot can never again be occupied due to it's size then you might find yourself in a situation where you have a shrinking park on your hands. Know your options… Click Here to Grab a free copy of our latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Want to Learn How to Invest in The Lucrative Niche of Mobile Home Parks? Check out our Free Training that Will Teach You The Systems and Processes We Use To Find The Most Profitable Deals. Click Here to Learn More Have An Interest In Partnering with a Team with a Proven Track Record in the Mobile Home Park Space? Click HERE to Learn More About Our Partnership Opportunities.

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." There is a reason that apartment builders erect their apartments close to population centers. After all, it's where all the people live! The same should be true for you when you look for a park to buy. We see many "great deals" on parks that are off in the boonies. But are these great deals? You have to have demand for your product in order to run a successful business. Rural parks simply may not have the same demand as parks that are closer to town. You can fix many things in a mobile home park, but the one thing you can't fix is your location and your demand. Our program will show you the tried and true methods of figuring out if there is enough demand for your lots. Click Here to Grab a free copy of our latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Want to Learn How to Invest in The Lucrative Niche of Mobile Home Parks? Check out our Free Training that Will Teach You The Systems and Processes We Use To Find The Most Profitable Deals. Click Here to Learn More Have An Interest In Partnering with a Team with a Proven Track Record in the Mobile Home Park Space? Click HERE to Learn More About Our Partnership Opportunities.

Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will discuss mistake number 11 from our popular eBook, "The 21 Biggest Mistakes Investors Make When purchasing their First Mobile Home Park…and how to avoid them." This is a very easy step that is sometimes overlooked by investors entering into this industry. You need to check to see if the park you intend to buy is legally allowed to be there. This may seem like a weird thing to be worried about, but the truth is that there are parks out there that don't have permits or are permitted for fewer spaces than they currently operate with. Essentially, there are three types of parks: Legal, grandfathered, and illegal. You need to know what each means and who to ask about this prior to ever considering this type of investment. In addition, you also need to know how to find out how many spaces the park is allowed to have and you need to know if there are any outstanding violations. This is not a difficult step, but it is one that is essential to confident investing. Click Here to Grab a free copy of our latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Want to Learn How to Invest in The Lucrative Niche of Mobile Home Parks? Check out our Free Training that Will Teach You The Systems and Processes We Use To Find The Most Profitable Deals. Click Here to Learn More Have An Interest In Partnering with a Team with a Proven Track Record in the Mobile Home Park Space? Click HERE to Learn More About Our Partnership Opportunities.

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. Click Here to Grab a free copy of our latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Want to Learn How to Invest in The Lucrative Niche of Mobile Home Parks? Check out our Free Training that Will Teach You The Systems and Processes We Use To Find The Most Profitable Deals. Click Here to Learn More Have An Interest In Partnering with a Team with a Proven Track Record in the Mobile Home Park Space? Click HERE to Learn More About Our Partnership Opportunities.

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! Click Here to Grab a free copy of our latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Want to Learn How to Invest in The Lucrative Niche of Mobile Home Parks? Check out our Free Training that Will Teach You The Systems and Processes We Use To Find The Most Profitable Deals. Click Here to Learn More Have An Interest In Partnering with a Team with a Proven Track Record in the Mobile Home Park Space? Click HERE to Learn More About Our Partnership Opportunities.

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. Click Here to Grab a free copy of our latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Want to Learn How to Invest in The Lucrative Niche of Mobile Home Parks? Check out our Free Training that Will Teach You The Systems and Processes We Use To Find The Most Profitable Deals. Click Here to Learn More Have An Interest In Partnering with a Team with a Proven Track Record in the Mobile Home Park Space? Click HERE to Learn More About Our Partnership Opportunities.

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. Click Here to Grab a free copy of our latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Want to Learn How to Invest in The Lucrative Niche of Mobile Home Parks? Check out our Free Training that Will Teach You The Systems and Processes We Use To Find The Most Profitable Deals. Click Here to Learn More Have An Interest In Partnering with a Team with a Proven Track Record in the Mobile Home Park Space? Click HERE to Learn More About Our Partnership Opportunities.

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. Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Want to Learn How to Invest in The Lucrative Niche of Mobile Home Parks? Check out our Free Training that Will Teach You The Systems and Processes We Use To Find The Most Profitable Deals. Click Here to Learn More

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! Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Want to Learn How to Invest in The Lucrative Niche of Mobile Home Parks? Check out our Free Training that Will Teach You The Systems and Processes We Use To Find The Most Profitable Deals. Click Here to Learn More

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! Recommended Resources Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them

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! Recommended Resources: Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them

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! Recommended Resources: Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them

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 Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them

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! Recommended Resources: Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them

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 Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them

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. Recommended Resources: Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them

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. Recommended Resources: Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them

In Todays show, Charles and I will interview new Mobile Home Park investor, Dan Gibson, to discuss his involvement in this business as well as his trials and tribulations. We'll cover details on his very first acquisition as well as a current 150+ space park he has under contract. Dan's story is as real as they come and will prove that as long as you possess a strong will power and a desire to be successful, that anyone can find HUGE success (and returns) in this business. Recommended Resources Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them

Today we will cover the 7 most important questions that you need to be asking when qualifying a potential mobile home park investment. These are the same questions that we use in our very own business and so we know they work. These questions will help you quickly determine whether the park you're looking at is a deal or a dud. Time is money in this business and we want to ensure that you're spending your time wisely. Enjoy! Recommended Resources Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them

In todays show I thought I would do 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 will be the first of many shows where we directly address your most pressing questions regarding mobile home park investing. Enjoy the show! Recommended Resources: Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them

In todays show, Charles and I are going to be doing a little something different based on direct feedback from numerous listeners who suggested that it would be helpful if we, Charles and I, did a show that specifically went through deals that we are working on and/or have under contract so you can view it from our eyes. As you know, we typically do case studies on parks that we've recently acquired but I can see the many benefits that one might receive by having us go through a park that we've recently tied up but haven't yet closed on yet. And so we're going to walk you through all the particulars of a deal that we recently tied up in Charleston, WV so that you can better understand our deal selection process. And as a side note, Charles and I are also looking for potential partners on this deal. so if this sounds like something you might be interested in, we'd love to discuss the possibility of partnering with you. Send us an email to [email protected] for more information. Park Characteristics: 135 total spaces 128 occupied – All TOH Average lot rent: $160 (market rents are $225) Water/Sewer: City direct billed Wide Concrete Streets Great school district (If you are a buy and hold long term investor like us… then this is important) Purchase price $1.8 million Built in 1980's Recommended Resources: Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them

In today's episode, we'll walk you through the step-by-step process for conducting your initial pre-visit due diligence. In the last episode we covered how to perform your pre-visit due diligence and so todays show is somewhat of an extension as it will immediately follow. Proper due diligence can often make or break a deal and so it's your #1 priority to become a due diligence expert. Enjoy the show! Recommended Resources: Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them

In today's episode, Charles will be going solo and he'll be taking you through the step by step process for conducting your initial pre-visit due diligence. These steps are absolutely critical and will save you a ton of time if you do them before your actual visit to the property. In addition, he'll also give you some insight into another form of prospecting that can be highly effective! Recommended Resources Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them

So, as most of you can already know, Charles and I absolutely love Mobile Home Parks and think that they are "hands-down" the best investment vehicle known to man as far as real estate investments are concerned. I've personally owned hundreds of single-family rental homes, hundreds of apartment units, as well as other commercial income property and none of them have ever come close to the performance that we've achieved from the parks we own and operate. So in todays show, Charles and I are going to give you our top 7 reasons why we love parks so that you can get a clear perspective of all the benefits that exist in this asset class when compared to other real estate investment types Recommended Resources Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them

Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I discuss how to add rocket fuel to your advertising efforts and absolutely dominate craigslist. Our strategy will show you how to hire and train a Virtual Assistant to post continuous ads for your available homes and lots, thus creating an endless supply of prospective residents. This is a must for any mobile home park operator who has either available homes or lots within their community. Recommended Resources: Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them

Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will be speaking about our recent experience in a park we own in Raeford, NC. We recently acquired this park and quickly realized that both the on-site management and maintenance staff needed to be replaced ASAP! We discuss how we quickly identified the challenges associated with their poor performance and how we handled the transition with a completely new management team. This is a common scenario you will experience when purchasing turnaround or distressed mobile home parks and so we thought you might learn from our personal experience. Recommended Resources: Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them

In this episode, Charles and I will be speaking with MAI Appraiser and Industry expert, Erik Hanson, from Midwest Appraisal Group. During our time with Erik we'll be covering anything and everything regarding mobile home park appraisals. But it doesn't stop there, we'll also be diving into industry trends, more specifically, cap rates and rental trends, what kind sales activity Erik has been seeing in the marketplace, as well as his perspective as to what direction he sees this industry heading over the coming years. Recommended Resources: Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them

Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will be discussing the specifics on using 21st Mortgages CASH program to fund both new and used homes within your mobile home park. More importantly, we'll share with you how to use this powerful resource to sell off your park owned units and put large sums of cash in your pocket…FAST! We'll also share a case study on a deal we're working on in Alabama where we will be utilizing this program to sell off (44) 2002 3 bedroom 2 bathroom inventory homes, thus allowing us to pocket more than $500,000 from these sales. Recommended Resources: Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them

Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will be interviewing private water and sewer expert, Phillip Merrill. We discuss anything and everything related to the private water and private waste treatment systems that can be found within mobile home parks. These private systems can include: Wells, Septic, Package Plants, and Lagoon Systems. Phillip is the owner and head of operations of Merrill Water Systems and was born into the well drilling and the water business. And so basically, from the time he was crawling around in diapers, he was essentially an apprentice. He learned this skill set from his father and worked his adolescent years for Merrill Drilling and later branched off into water system management after his father's retirement. Merrill Water Systems is dedicated in providing services to drinking water and waste water systems to assist them with compliance, operations, billing and maintenance of their utilities in order to help its residents have the safest drinking water and wastewater treatment possible. Recommended Resources: Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Our Guest – Phillip Merrill with Merrillwater.com You can also reach him at [email protected]

Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will be interviewing private water and sewer expert, Phillip Merrill. We discuss anything and everything related to the private water and private waste treatment systems that can be found within mobile home parks. These private systems can include: Wells, Septic, Package Plants, and Lagoon Systems. Phillip is the owner and head of operations of Merrill Water Systems and was born into the well drilling and the water business. And so basically, from the time he was crawling around in diapers, he was essentially an apprentice. He learned this skill set from his father and worked his adolescent years for Merrill Drilling and later branched off into water system management after his father's retirement. Merrill Water Systems is dedicated in providing services to drinking water and waste water systems to assist them with compliance, operations, billing and maintenance of their utilities in order to help its residents have the safest drinking water and wastewater treatment possible. Recommended Resources: Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them Our Guest – Phillip Merrill with Merrillwater.com You can also reach him at [email protected]

Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will be discussing the specifics on how to successfully determine market demand while performing your pre-purchase due diligence. After all, the last thing you want to do is purchase a park in a market that has little to no demand for your product. We will share our step-by-step process of using both craigslist and bandit signs to prove the overall demand for the park you're purchasing. We will also share some tips and strategies on how to turbo boost your marketing efforts once you close on your acquisition to ensure maximum exposure. Recommended Resources: Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them

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. Recommended Resources Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them

Welcome to the Mobile Home Park Academy podcast. In this episode, Charles demystifies the incredible important process of defining your investment criteria. He'll share his opinions on the various park types, why you should think twice about buying a small park, and how you can best determine what your own personal investment criteria should be when it comes to buying the "ideal park". Recommended Resources: Click Here to Grab a free copy of my latest book "The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them