Mobile Home Park Investors With Jefferson Lilly & Brad Johnson

Welcome to episode 7 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today, Jefferson and Brad will discuss third party reports. If you have a mobile home park under contract and are looking for any type of debt, this is the time for getting down to brass tacks. Even if you’re paying all cash for a park, 2 of the 3 third party reports are very important no matter what, and the 3rd one is important specifically to a bank.     Key Takeaways: [1:23] 1st third party report: the Phase 1. [3:02] How you could be liable for ‘LUST’? – Leaking. Underground. Storage. Tanks. [4:50] If there is LUST, you’ll need to do a Phase 2 report. [5:47] More on phase 1 – costs and desktop reviews. [7:05] 2nd third party report: the Survey. [8:29] Boundary survey vs. full ALTA survey. [9:49] Key things to look for on the survey. [12:00] 3rd third party report: the Appraisal. [15:26] Problems with appraisers who are not specialized in park appraisals.   Mentions: w