Mobile Home Park Investors With Jefferson Lilly & Brad Johnson

Welcome to episode 40 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson records this quick 9-minute episode to discuss in detail the things you can do in 30 seconds or less, to find out whether you’ve got a good mobile home park deal on your hand. As you look at more deal flow, you can’t afford to waste time on bad properties!   Key Takeaways: [1:40] As you start seeing more deal flow, it’s very important to start separating wheat from chaff. [2:25] Spend the first 15 seconds just seeing if the property is listed on the Yellow Pages website. [3:15] Half of the deals that both Jefferson and Brad make are not listed in the Yellow Pages. [3:25] This is a good thing. It means the owners are mom-and-pop places. [4:10] You have a huge advantage if the owners aren’t advertising. [5:45] Jefferson guesses that you can increase your cashflow by 10-20%, just because the owners haven’t reached these key advertising areas. [6:05] Once done, take

Welcome to episode 39 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad is off this week, but this means that Jefferson gets to interview David Protiva. David and two other co-founders, Chuck Meek and Mark Titshaw, have been hosting the ‘Trailer Park Kings’ event every year since 2006. As Jefferson attends this event, he also gets a behind-the-scenes looks at David’s investment strategy, and how he got started in this industry.   Key Takeaways: [1:50] David explains how these meetups at his house got started. [2:25] How did David get into mobile home parks? [3:50] How did David break the news to his girlfriend at the time, now wife, that he owned a couple of mobile home parks? [5:45] David tries to buy his mobile home parks close to where he’s currently living. [6:30] David recognizes you can not grow quickly with his strategy. He purchases homes about every 3–4 years. [6:50] How does David find his parks? [9:00] What works for David whe

Welcome to episode 38 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad is off this week, so it’s just your co-host Jefferson! Today, in this quick 12-minute episode, Jefferson goes through the steps he takes -- what a typical diligence trip looks like for him.   Key Takeaways: [1:00] On today's show, Jefferson will cover what a typical diligence trip looks like for him. [2:15] Jefferson flew into Detroit, and made it a point to see the property while the sun was still up. [4:40] Jefferson also didn’t let the manager know he was coming. [5:20] Before leaving this part of Michigan, Jefferson visited other mobile home parks in the area to do a comparison. [6:20] Jefferson drove to Dayton, Ohio to visit another property. Again, he didn’t tell the manager he was coming. [8:40] Jefferson asked one of the tenants what he thought of the manager. [9:30] It’s important to capture video on all of these properties, so you can remember them at a lat

Welcome to episode 37 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson from Park Street Partners. Jefferson is flying solo as a host today! On November 1st - 3rd, Jefferson attended the Manufactured Housing Institute (MHI) meeting in Chicago, IL, and has some thoughts to share on what he learned. If you weren’t able to attend the meeting, you can get a quick recap of the event right here!   Key Takeaways: [1:00] Jefferson does a recap of the latest MHI meeting in Chicago. [1:35] This event is really focused on mobile home park owners. [2:20] The November 2nd event kicked off with breakfast and an overview of the industry. [2:55] The event even shared thoughts about the Presidential election. [5:10] It’s a very mixed year so far, but by the time this podcast publishes, we will all know the Presidential results. [5:50] In 2007, pre-recession, the average household net worth was $137,000. It’s now down to $82,000. [7:15] At the event, there was a presentation on some of the w

Welcome to episode 36 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. It’s just Jefferson on this week’s podcast, as Brad is out of the office. Jefferson does a quick recap of the SECO (Southeast Community Owners Symposium) conference he attended in Atlanta. It’s a three-day conference jammed pack with helpful information for mobile home park owners. If you’re a mobile park owner located in the Southeast, or hoping to become a mobile home park owner, please be sure to check out the details for next year’s conference!   Key Takeaways: [1:55] John writes in and asks, “How much do you pay your on-site managers?” [3:45] Jefferson believes there were about 250 people who attended the SECO conference. [7:00] The first session talked about how to sell homes and what kind of homes you should put in your park. [10:10] Jefferson discovered the company Renter Text, which will help you qualify your tenants for $195 a month. Jefferson expands a bit more

EWelcome to episode 35 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. This is episode part 2 of the interview with Charles Becker, a professor in the economics department at Duke University. Charles discusses why corporate buyers tend to get the better deal, his research on the amount of rent being charged, and much more, on this week’s episode!   Key Takeaways: [1:35] What kind of park buyers get the best deals? [3:45] What are Charles’s thoughts on the mobile home park rent amount? Is it too little, is it too high? [7:50] What will the rate of growth be in the next ten years? [11:00] The nation needs to see this as affordable housing. [11:25] Will financing options change for mobile home park buyers? [12:50] Manufactured housing parks do not make neighbors richer. [16:25] When Charles started off researching this industry, he was a bit skeptical, but the numbers clearly show that it’s a viable option for many people. [17:40] Charles is a

Welcome to episode 34 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners.Charles Becker is a professor in the economics department at Duke University. Charles somehow convinced Duke University to take a bigger interest in the economics of trailer parks. Why does it make sense for a tenant to live in a mobile home park? Charles has studied the dynamics of the trailer park industry and is here to share his insights in a 2-part interview.   Key Takeaways: [1:55] Charles is an expert in ‘Trailer Park Economics’. [2:15] How did Charles convince Duke University that being a professor in trailer park economics was a good idea? [4:45] Why does it make sense for a tenant to live in a mobile home park? [10:35] Charles believes (although it hasn’t been proven yet) that well-run manufactured housing parks are likely to be associated with lower crime. [14:00] Charles talks about the supply and demand dynamics of the mobile home park industry. [19:00] Mobile

Welcome to episode 33 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Joining Jefferson and Brad on this episode is a special guest, Kurt Kelly, Owner and President of Mobile Insurance based in Texas. Listen in to learn about animal management and rental management from a leader in property and liability insurance for the mobile home industry.       Key Takeaways: [1:31] Kurt is all about helping park owners be safe rather than sorry! [2:30] What park owners need to know about animal management for mobile home park communities. [4:38] Basic and general rules insured individuals need to follow regarding animals, according to Mobile Insurance. [8:19] Animal bite liability insurance coverage for mobile home park owners, and mobile home buyer’s insurance.  [13:28] What mobile home park owners need to know about the process and legitimacy of the certificate of emotional support for an animal. [15:35] Find out about rental home management for mob

Welcome to episode 32 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson with the Park Street Partners. In this episode, Jefferson and Brad discuss many aspects of mobile homes, including stories and practical tips on how to find a mobile home, how to buy a mobile home, and how to move a mobile home. If you’re in the mobile home park business, it’s inevitable that you’re going to have to buy some mobile homes and transport them into your parks. Listen in to find out about diligence and what you need to know before moving a mobile home into your park.   Key Takeaways: [1:52] Jefferson and Brad have bought some mobile homes using the 21st Mortgage cash program, which gets a brand new house delivered into the park. [2:21] Tips on finding and moving a used mobile home that you can purchase off craigslist as well as some of the wholesale lists, including Greentree, Vanderbilt and 21st Mortgage. [3:56] How to get your mobile home inspected and what to look for to inspect for water

Welcome to episode 31 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad is back on this episode, which is all about how Jefferson and Brad use technology in their mobile home park business. Listen in to learn which technology to use while doing diligence on a mobile home park, as well as find out what tech tools are available to help you manage the day-to-day activities of your mobile home park.    Key Takeaways: [1:36] Apple MacBook and iPhone — The only technology that Jefferson and Brad actually use. [2:21] Google Map and/or Google Earth — Helpful for doing upfront diligence on a mobile home park. [4:31] Burner and Craigslist — To test the buyability and level of domain in a given market. [6:39] UberConference — A free call service for setting up conference calls.    [9:54] Squarespace — Dummy proof and easy to use service for making a good website.    [13:25] Email — How to use it wisely to manage your mobile home park. [14:06] Dropb

Welcome to episode 30 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson and Brad are joined by a very special guest, John Hurd, on this episode. John is a mobile home park owner, broker, fee manager as well as turnaround expert for parks for other owners. John’s favorite quote is, “When in trouble, make more money”. Listen in to discover John’s experiences and insights on running a successful mobile home park business.   Key Takeaways: [1:40] How did John get into the business of mobile home parks? [4:16] How to go about sourcing the best mobile home park deals―John shares his experiences. [8:15] True Blood, gunshots, a lost baby, and other creepy stuff―John has seen a fair share of horror stories when turning around some parks. [12:03] What are some of the most difficult problems to deal with? A park with a drug problem? High vacancy? Tenants that culturally don’t think they have to pay rent? [12:57] Cleaning out a meth house is a

Welcome to episode 29 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly, as Brad Johnson is off this week. This week, Jefferson dives into three hypothetical scenarios and offers practical math on whether you should build your mobile park home from scratch or purchase a pre-existing mobile home park.  And he covers using Berkshire Hathaway's 21st Mortgage CASH program (or equivalent) to infill your mobile home park with mobile homes. Find out more by listening to Jefferson's detailed analysis.   Key Takeaways: [1:10] Today's topic is about why you should never build a mobile home park from scratch! [3:05] Do you want to buy an up and running property or build it? Jefferson goes through three different scenarios. [4:35] Let's talk numbers with these three hypothetical scenarios. [13:00] What would your first year of business look like if you built from scratch? [21:10] What happens if you pay for your mobile homes using Berkshire Hathaway? [27:00] If you bought an alrea

Welcome to episode 28 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly, as Brad Johnson is off this week. This episode is quick but informative. We get a lot of questions, at Park Street Partners, about whether Section 8 is something that people should accept. In a nutshell, the answer is that it varies, based on where your mobile home park is. Listen in to find out if it makes sense for you to accept Section 8.        Key Takeaways: [1:13] Jefferson has been accepting Section 8 vouchers for ~ 7 years, in Oklahoma, and it’s worked out quite well. Find out why! [2:23] Jefferson has heard that section 8 tenants are really rough in the Southeast. [2:50] Great tips on whether it makes sense for you to accept section 8, but don’t rule it out. [4:28] Quick little tidbit on the H.R. 3700 legislation. Find out what the significance of this legislation is in relation to Section 8.  [6:34] Jefferson speaks on his experiences for those who may actually start accepting Section 8.

Welcome to episode 27 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. Dyches Boddiford, real estate investor and educator, shares his wealth of knowledge with Jefferson and Brad in a two part interview. If you missed the first part of the interview, check out episode 26, where Dyches talks about his background, having nearly 4 decades of experience investing in real estate, and how he uses land trusts and personal property trusts to protect his assets. Today, in the second part of the interview, you’ll hear more about how Dyches uses tax-advantaged accounts such as self-directed IRAs, health savings accounts and educational savings accounts to own real estate, and more.     Key Takeaways: [2:02] The best ways to buy real estate using more tax-advantaged accounts such as IRAs, solo 401(K), Coverdell ESA, and HSA. [2:55] You’ve got to understand the prohibited transaction and disqualified party rules before starting to do self-directed investments.  [

Welcome to episode 26 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. Real estate investor and educator, Dyches Boddiford, shares his wealth of knowledge with Jefferson and Brad in a two part interview. Listen to part one to hear about buying real estate (including mobile home parks), how to protect that real estate by using land trusts and personal property trusts, how to form entities properly, how to protect your assets, and more. Make sure to listen to the second part of the interview next week, to discover ways to own real estate that are more tax-advantaged such as using a self-directed IRA or an educational savings account, and more.       Key Takeaways: [2:09] Interview with Dyches Boddiford, real estate investor and educator. [4:21] Find out why Dyches saw mobile home parks as an investment opportunity back in the 80’s.  [5:22] Land trusts, liability protection, and 3 types of statutory entities: LLCs that hold the land, LLCs that hold the

Welcome to episode 25 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. In today’s episode, Jefferson and Brad talk about a necessary but not always pleasant topic: how to hire and work with contractors. Whether you have a clean park and just own the land or you own any mobile homes, you’re bound to deal with contractors sooner or later. Listen in to find out how to navigate conflicts that may arise, mitigate losses, get contractors to perform, manage their expectations, and to deliver on time/on budget.    Key Takeaways: [2:32] Discover tips and resources on finding the contractor for your newly purchased Mobile Home Park.  [6:39] What are the next steps after finding/hiring a contractor? [8:20] Do pay the contractor upfront for all the material. Do pay them after the job is done for the labor. Do NOT pay them for the tools they should already have for the job. [10:50] How exactly do you pay for the materials when you’re living thousands of miles awa

Welcome to episode 24 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. This is the sequel of the interview that began on episode 23 with MJ Vukovich of Bellwether Enterprise. Tune in for the remainder of Jefferson and Brad’s discussion with MJ on various options for financing a mobile home park.    Key Takeaways: [1:18] Find out what makes conduit loans so interesting. [2:40] What insurance companies look for in a borrower. [5:07] The kind of  insurance companies MJ is referring to include, All State, Nationwide, MetLife, John & Cook’s, Lincoln Financial Group, American Equities, etc. [6:31] Do mobile home park mortgages ever get placed directly with some of the CalPERS or big pensions? [7:49] What CMBS lenders look for and what might disqualify a loan, either on the property side or the borrower side? [10:07] CMBS lenders, park-owned homes and the metro area population. [14:54] Non-recourse loans, bad-boy carve-outs and what CMBS lenders look fo

Welcome to episode 23 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. This is part 1 of a 2 part series, where Jefferson and Brad are joined by MJ Vukovich of Bellwether Enterprise, which is a nationwide brokerage firm. MJ is out of their Minneapolis office and specializes in financing mobile home parks. Tune in as MJ shares insider tips on how to finance mobile home parks, getting into conduit financing, CMBS, and bank financing.    Key Takeaways: [0:51] Quick shout out to the show’s listeners for helping us reach about 3,500 downloads a month! [2:41] MJ is a 3rd generation in the mobile home park business. He shares the story of how his family got into the business. [8:50] The former Colorado Real Estate Investment Company currently has 7,000+ sites across 7 states: Colorado, Wyoming, Nebraska, Nevada, New Mexico, Texas, and North Carolina. [10:09] Why did MJ decide to leave the family business and move on to the mortgage brokerage side of things?

Welcome to episode 22 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. Today, Jefferson and Brad share a host of funny and true stories about things they’ve heard brokers say. Obviously, these are things that are generally not true or somewhat misleading, so you should be aware of them. Tune in for a light and fun episode that will also help you get prepared for the sort of things you may hear from real estate brokers sitting across the table from you.    Key Takeaways: [1:32] Caveat - the Park Street Partners love the brokers that they deal with, but they have also been told things like, “sewage lagoons are wonderful”, by brokers.  [3:51] Don’t let any broker tell you that anything other than City Water and City Sewer is somehow better. [5:35] When you find red flags during diligence and a broker says, “Don’t worry about that, you’ll run the property much, much better than he will”. [7:14] “If you don’t hurry up and buy this park…I’ve got another bu

Welcome to episode 21 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. Today, Jefferson and Brad talk about the Manufactured Housing Institute (MHI), which is the mobile home park industry’s chief nationwide lobbying group. They work to fend off government regulation that's “suppose to help” the industry and try to get some helpful regulations in place. MHI holds the two big annual meetings in the mobile home park industry. Tune in to hear the highlights of the MHI meeting in Las Vegas and learn more insider tips on doing business in the mobile home park industry. Key akeaways: [0:56] Quick shout out to MHPI podcast listeners - Thank you for listening to the show! [3:07] What’s so great about attending MHI trade shows? [5:25] Are you a newbee & considering going to MHI? Jefferson has some great tips to share. [7:25] What’s so valuable about spending a great amount of time with brokers and other industry professionals? [9:44] Aim to get invited t