[Total: 1    Average: 5/5]

I’m doing something a bit different with this episode and I think you are going to really enjoy it. While I realize that the name of this podcast is “Apartment Building Investing” it’s good for us to expand our minds and see what else is out there.

Today I’m joined by Jefferson Lilly to talk about mobile home park investing!

Jefferson Lilly is a self-made millionaire mobile home park investment expert, educator, and industry consultant. Prior to co-founding Park Street Partners in 2013, Mr. Lilly spent seven years investing his own capital acquiring and operating his own mobile home parks. Before becoming an investor full-time, Jefferson spent nine years in sales leadership roles with several venture-backed startups in Silicon Valley. Jefferson has been featured in The New York Times, Bloomberg Magazine, and on the ‘Real Money’ television show. He holds a B.A. from the University of Pennsylvania and an MBA from the Wharton School of Business.

Key Takeaways:

[6:58] In the mobile home business, you want to own the land, not the homes. “Be in the real estate business. Not the wheel estate business.”

[8:08] Owning the land only, cuts out the vast majority of the repair and maintenance you are responsible for.

[8:53] What to look for when investing in mobile home parks.

  1. Look for properties that have no website and are undermanaged.
  2. Buy a park that is on municipal water/sewer.
  3. Make sure rents are going to remain relatively consistent.
  4. Look at parks within 5-10 miles of a Super Walmart.

[13:19] What to look for in an onsite mobile home park manager:

  1. Someone that has lived in the community for a while.
  2. Someone who owns their home.
  3. Someone that keeps their home looking sharp.

[20:22] People tend to treat the park and their homes with more respect the father north you go (in the U.S.).

[22:16] When starting out, be hands on for the first six months. After that, think about outsourcing tasks.

[25:05] Income streams from Mobile home parks:

  1. Leasing the grounds.
  2. Selling mobile homes, via rent to own agreements.

[26:13] Common financing options for mobile home parks:

  1. Region banks (most common)
  2. Seller financing (preferred option)

[30:44] Primary ways to find deals:

  1. Brokers
  2. Direct outreach

[34:09] Why mobile home parks can offer huge upside:

  1. Less competition in certain areas of the country.
  2. Not a “sexy” investing option.

 [38:38] Ways to invest in mobile home parks:

  1. Do it yourself.
  2. Invest through a fund like Park Street Partners.

Connect with Jefferson Lilly

www.parkstreetpartners.net

MobileHomeParkInvestors.net

www.lillyandcompany.net

Podcast: Mobile Home Park Investors

 

 

Web Analytics
Visit Us On FacebookVisit Us On YoutubeVisit Us On Google PlusCheck Our FeedVisit Us On Twitter