Mobile Home Park Investors With Jefferson Lilly & Brad Johnson

Welcome to Episode 120 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Anna and Justin Scribner restore vintage trailers for a living at Flyte Camp. On today’s show, Anna and Justin share how they got into this line of work, some of their favorite restoration projects, and why they no longer work on trailer models that are beyond the 1964 year mark.    Key Takeaways: [2:20] What did Anna and Justin do prior to fixing up vintage homes?  [5:45] How do Anna and Justin sell their vintage trailers?  [12:40] How does Anna and Justin find all the parts to their trailers?  [14:30] Justin shares his favorite restoration project to date.  [17:00] How much does a typical renovation cost?  [20:15] Were Spartans really built differently than other trailers back then? [23:20] Anna and Justin don’t renovate mobile homes past the 1964 year mark. What changed after that era?  [27:40] How doe Anna and Justin find and train their employees?  [33:20] Anna shar

Welcome to Episode 119 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson is back after a short podcast hiatus with some interesting updates from the latest trade show he attended. Jefferson recommends you attend the NCC trade show to learn about the latest industry news and to network with others. He’s even gotten a deal out of it himself by attending this event!   Key Takeaways: [1:50] Who should go to the NCC trade show? [2:50] What economic trends have been affecting the housing industry? [7:50] Around 100,000 long-haul truck drivers will be put out of business in the next five years due to automation. [11:45] Interest rates are predicted to keep rising and we might see a mini-recession in the second half of the year. [15:00] A quick legislative and regulatory update. [21:45] Roughly 12% of all housing in Georgia is manufactured. [22:25] Nothing in section 107 of the 2155 law impacts rent-to-own agreements. [24:15] Invite all you

Welcome to Episode 118 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today’s guest is Dennis Smith from Freddie Mac. Freddie Mac is considered a GSE (government-sponsored enterprise) and with that comes the Duty to Serve mandate, which focuses on three underserved markets for those who make under 80% of the median income. On today’s show, Dennis explains what the Duty to Serve initiative means and how that affects both mobile home residents and owners.   Key Takeaways: [2:20] What did Dennis do prior to joining Freddie Mac? [3:40] Dennis dives into a little bit of the history of Freddie Mac and what GSE (government-sponsored enterprise) is. [4:15] Where did the ‘Duty to Serve’ mandate/regulation come from? [6:10] Duty to serve focuses on three underserved markets; Rural housing, affordable housing, and manufactured housing. How is rural housing defined? [7:40] How is affordable housing defined? [10:15] What does Duty to Serve mean for the

Merry Christmas from Park Street Partners

Welcome to Episode 116 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today’s guest is the first ever historian to appear on the show! Al Hesselbart is an RV and Mobile Home historian and has some very insightful knowledge into the evolution of the camper vehicle and what it has turned into today. Find out more about their history as we go all the way back to the beginning in 1910!   Key Takeaways: [3:05] What did Al do prior to getting into RVs and mobile homes? [4:55] What types of RVs does Al own currently? [10:50] The first automotive units available for camping purposes were identified in 1910. [11:55] What did the first ‘camping car’ look like? [15:35] What kind of features did a ‘Tin-Can Tourist’ have? [18:25] After the war in 1945, what kind of changes were made to the ‘RV’? [22:05] Americans saw a big shift in RVs in the 1960s and that’s how the mobile home was born! [23:00] As big capital invests more into RVs and mobile homes, h

Welcome to Episode 115 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Denny Stone is based out of San Diego, California and is the owner of So Cal Vintage Trailer, which restores vintage trailers to running and functional condition. Denny shares his restoration process, what he likes about these vintage trailers and the types of people who are most attracted to these trailers. Key Takeaways: [1:30] What did Denny do before he got into vintage RVs? [2:55] How does Denny find his trailers? [5:35] How long does it typically take to renovate a trailer? [7:50] How does Denny find the right parts for the vintage trailers? [10:10] Denny shares how he finds his talent and what the process looks like. [15:20] What makes a Spartan trailer different than the ones available today? [19:10] What other brands of trailers does Denny work on? [20:25] How much does the average restoration cost? [23:25] What kinds of modern upgrades does Denny add to these t

Welcome to Episode 114 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson is back with another SECO Trade Show Recap. Find out more about some of the interesting things that were featured in this year’s conference and we hope to see you next year!   Key Takeaways: [1:00] This week, Jefferson is doing a review of the SECO Conference he just attended last month. [1:50] The conference first started off with a session on social media marketing that was very interesting and filled with some great resources. [4:25] The next session was about five key ways to bringing in new homes. [7:00] There’s really always a risk and that includes even doing nothing. [8:30] Craigslist tends to attract a lower quality tenant, so it’s best to advertise on Facebook, Zillow, Instagram, and Mhvillage instead. [12:10] The next session was about internet marketing and the importance of mobile-friendly websites. [13:35] It is estimated that by 2020, all search

Welcome to Episode 113 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Rich Voboril is the General Manager and one of the five Owners and Founders of PEP Lending; he shares how he helps tenants with bad credit get back on their feet and become a reliable and good tenant for mobile home park owners. Rich details his services and how he can help people who are looking to invest in a mobile home. Key Takeaways: [1:40] What did Rich do prior to joining PEP? [4:00] What types of lending programs does Rich offer to his customers? [4:40] Most of Rich’s customers have dealt with credit problems in the past. [7:10] The biggest loan Rich and his team have made was around $80,000. [7:40] Does a park owner have to become a licensed dealer in order to work with PEP? [11:00] How are the agreements usually structured between the park owner and tenant? [12:15] Rich explains what a typical loan structure looks like and how much a tenant pays, on average. [1

Welcome to Episode 112 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Today’s guest brings an interesting perspective and talent to the industry. Marisa Murrow is a visual artist and painter, and her subject matter? Mobile homes! Marisa explains on today’s show why mobile homes make her feel peaceful and free on today’s episode!   Key Takeaways: [2:25] What did Marisa do before she became a visual artist? [5:30] What kind of paint styles does she use? [6:30] How did Marisa get started in painting mobile home parks? [8:15] Marisa has been making mobile home park paintings for the last 15 years. [9:05] How many mobile homes has Marisa painted over the years? [11:35] What is Marisa process and how does she get started on painting a mobile home? [13:55] Marisa also does mobile home park sculptures! [17:10] What do people think of Marisa’s work? [22:10] How much does Marisa’s artwork sell for? [23:05] Marisa explains how her style has evolved o

Welcome to Episode 111 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. In this last and final installment, Jefferson wraps up his book report on Am I Being Too Subtle? by Sam Zell. Sam has made over a billion dollars in smart investments in industries such as real estate, energy, manufacturing, healthcare, and more. Jefferson was curious to read Sam’s book for his real estate and mobile home knowledge and shares what he has learned in this 3-part series.   Key Takeaways: [1:05] Sam noticed that young people were delaying marriage in the early 2000’s and staying in ‘24-hour cities.’ So, he redistributed his capital. [4:15] In 2006, Sam bought the Chicago Tribune newspaper and gave his staff skin in the game. [6:20] Sam believes in globalization and has increased his international investments over the years. [7:20] However, Sam is not a fan of Europe due to too many pensioners, which he predicts would mean for higher taxes. [10:40] How was Sa

Welcome to Episode 110 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. In part 2, Jefferson continues his book report on Am I Being Too Subtle? by Sam Zell. Sam has made over a billion dollars in smart investments in industries such as real estate, energy, manufacturing, healthcare, and more. Jefferson was curious to read Sam’s book for his real estate and mobile home knowledge and shares what he has learned in this 3-part series.   Key Takeaways: [1:40] Sam recognized there was an unfilled demand in secondary and tertiary markets. [2:45] At 24 years old, Sam had already made a million dollars in today’s money. [3:30] Sam applied to 43 law firms and got rejected at all of them. He had no idea why! [6:15] Just off of referrals alone, Sam was making 3x what junior partners were making at a small law firm. [7:40] Sam met billionaire real estate mogul, Jay Pritzker and Jay would later become his mentor. [11:05] For the first 10 years of busines

Welcome to Episode 108 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. In a first ever for this podcast, Jefferson does a book report on Am I Being Too Subtle? by Sam Zell. Sam has made over a billion dollars in smart investments in industries such as real estate, energy, manufacturing, healthcare, and more. Jefferson was curious to read his book for Sam’s real estate and mobile home knowledge and shares what he has learned in a 3-part series.   Key Takeaways: [2:40] Jefferson shares why he decided to read Sam’s book. [5:20] Sam basically invented business casual back in the 1970s and wore jeans to work. [6:00] Jefferson explains the types of investments Sam has made over the years. [8:25] Sam has lived through several real estate crises. [11:20] A bit of background about Sam and his family. [15:00] Sam has issues with being called ‘self-made’ [17:25] How did Sam get in real estate? [21:50] Sam became a homeowner for the first time in 1965

Welcome to Episode 108 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson invites Andrew Keel to share his story as a new park owner. Andrew discusses how he found his first mobile home, the resources he uses to find new tenants and the nitty-gritty details that go into owning and managing a park!   Key Takeaways: [2:05] What did Andrew do prior to mobile home parks? [5:45] Andrew explains how he found his first mobile home park. [6:55] What kind of relationship did Andrew have with the park owner? [10:35] What kind of diligence did Andrew do for the park before purchasing it? [13:30] Andrew shares the business plan he had for the park. [15:50] How did Andrew find the service providers he needed to take care of the park from a different part of the state? [18:25] Why did Andrew decide to keep the previous property manager? [20:00] Andrew shares why he uses Venmo and how it works with his bank accounts. [23:15] How does Andrew market

Welcome to Episode 106 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Patrick McKenna joins Jefferson on today’s show to share his journey into mobile home park ownership. He shares mistakes and lessons learned from buying his second park, the quality of RV tenants, and his plans to acquire a third park! Key Takeaways: [1:15] Patrick originally had some issues with brokers behaving unprofessionally. How did he handle that? [3:15] How did Patrick find his second park? [6:50] What was occupancy like when Patrick bought the second park? [12:15] Since all the pipes need to be replaced in this second park, how did Patrick find a reliable and good contractor? [14:35] How has Patrick been able to finance this infrastructure upgrade? [18:05] How do Patrick and his business manage these two parks from out-of-state while also working a day job? [19:45] Does Patrick have any plans to buy a third park?   Mentioned in This Episode: Park Street Partners

Welcome to Episode 106 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Patrick McKenna joins Jefferson on today’s show to share his journey into mobile home park ownership. He discusses how he did his due diligence on his first park and why he and his business partner are a great business match. This is a two-part episode, so be sure to check back next week to find out more about Patrick’s second mobile home park!   Key Takeaways: [2:30] What did Patrick do before he became a mobile home park owner? [6:15] Since Patrick has a business partner helping him manage the mobile home park, how did Patrick structure that partnership? [9:50] How did Patrick find his first mobile home park? [13:15] What kind of due diligence process did Patrick undergo? [17:50] How did Patrick and his business partner market their park? [19:30] Why did Patrick decide to keep the current park manager? And how does he compensate him? [22:40] What was the lot rent when

Welcome to Episode 105 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad Huffines is the Chief Meteorologist and VP of Risk Communication for Weathercall Services. Brad discusses the benefits of using Weathercall's product, HazardCall, and how it can inform hundreds of tenants if they're in danger within a couple of seconds.   Key Takeaways: [2:50] What did Brad did prior to joining HazardCall? [5:10] What is HazardCall about and why was it Founded? [8:00] Did you know there hasn't been a mobile home manufactured in this country since 1976? [11:25] Brad believes there are no HOA organizations as big or as successful as MHI. [12:00] You can lower someone's risk from a level 7 to a level 5 just by equipping them with good information. [12:40] What types of hazards will HazardCall alert tenants with? [17:25] What other benefits can HazardCall offer tenants and park owners? [24:40] What's the best way for a park owner to incorporate a produc

Welcome to Episode 104 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson with the Park Street Partners. Kurt Kelly joins us once again to cover all of your insurance questions. He dives into what mobile homeowners need to know about insurance, how to properly cover and insure your staff, and what to do when you have damages.   Key Takeaways: [3:00] What do listeners need to know about insuring their rental home? [8:55] Unfortunately, there is no perfect decision when it comes to homeowner insurance options. [9:20] Do park owners have to pay more money for insurance on older homes than new homes? [12:45] Does a park owner’s claim history have an impact on their insurance rates? [18:45] What do park owners need to know about workers comp insurance? [23:55] Is it possible to get workers comp on an independent contractor? [26:25] How do you make sure you’re not discriminating against your tenants? [33:15] In the state of Oklahoma, you do not want to lie about your dog being an

Welcome to Episode 103 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brian Trippe purchased his first mobile home park three years ago by chance phone call from the owner. Already a wholesale investor, Brian was curious to learn more about mobile homes and see what they could offer. On today’s show, Brian shares how he bought the park, cares for his tenants, and why he decided to sell it once he was done with the rehab process.   Key Takeaways: [2:45] What did Brian do before he got into mobile home parks? [4:35] Brian shares the story of his first real estate purchase. [8:00] Brian wasn’t really looking for a mobile home park when he bought his first one. [11:25] What’s was the park like when Brian first bought it? [13:50] The newest homes in the park were in the early ’80s. [22:15] How does Brian manage his park? [26:55] What advice does Brian have for himself on mistakes that could have been avoided? [31:55] Brian has not spent a dime

Welcome to Episode 102 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Sonya Salamon and Katherine MacTavish have been researching mobile home parks and the tenants in them, and now have published a book. On today’s show, Sonya and Katherine share their findings with the audience and discuss everything from quality of life, finances, tenant aspirations, and more.   Key Takeaways: [3:20] How did Sonya and Katherine get into mobile home park research? [5:05] How did Sonya and Katherine find people to interview and study? [10:55] What were some of the key findings when researching the three mobile home parks in geographically and ethnically different areas? [14:45] How does growing up in a mobile home park impact the wellbeing and career choices of the children living there? [19:45] In what ways did the children flourish? [21:35] How did Sonya and Katherine find these three park owners? [24:55] Sonya and Katherine studied how each of the tenan

Welcome to Episode 101 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. On today’s podcast, Jefferson shares his first-hand experience at buying an ‘easy-to-fill’ mobile home park. It was his second mobile home park that he had bought and he ended up walking away with a lot of wise experience from that purchase. Key Takeaways: [1:20] Jefferson shares a story of what happened in the due diligence process when he bought his second mobile home park. [1:45] How do you fill your park with new tenants? [4:25] By not running a background check, the previous owner was allowing a very rough tenant base. [6:00] Beware of the very easy-to-fill mobile home park. It could be a warning sign. [7:45] Make sure the previous owner is running a background check on their tenants and accepting safety deposits. [8:35] When Jefferson bought that park, it was 100% full. However, it had a lot of unsavory types in it and about 50% of the tenants turned over during th