EP097: Interview: Todd Foster, Mobile Home Park Owner With A Different View
Mobile Home Park Investors with Jefferson Lilly & Brad Johnson
English - April 19, 2018 14:53 - 34 minutes - 32 MB - ★★★★★ - 163 ratingsInvesting Business Education passiveincome biggerpockets bradjohnson cashflowinvesting jeffersonlilly mobilehomeparkinvesting privateequityrealestate retire richdadpoordad valueinvesting Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Welcome to Episode 97 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Todd Foster currently owns six parks and has an interesting management philosophy that makes his parks easier to deal with, especially on the tenants’ side. Tenants feel empowered in Todd’s parks and Todd shares why in today’s episode.
Key Takeaways:
[1:40] What did Todd do prior to getting himself into mobile home parks?
[2:40] Todd actually grew up in a park back in Washington.
[4:10] After taking over his father’s parks, how did Todd grow from two to six parks?
[6:00] How has Todd’s management style evolved over the years?
[9:15] Todd has attended plenty of seminars and they all have an undertone theme of how to fight, and win, with their tenants/local government. Why does it have to be that way?
[9:45] Todd set out to fix this problem. He wanted to make homeownership a pleasant experience for everyone.
[10:05] None of Todd’s rental agreements say the word ‘tenant’ on them. Why is that?
[12:35] Todd makes it a point to take a bit of time before enforcing the rules. He likes to give three warnings before taking action and going to court. However, once he goes to court, it’s over.
[19:05] Todd has allowed his residents to set up a rules committee. How does he prevent abuse of the rules from happening?
[21:55] How big are Todd’s parks?
[27:15] There is no law against renting to a person who is not a U.S. citizen in Oregon or Washington.
[27:55] Todd shares some advice for fellow park owners out there.
[30:45] Remember to always hire good people. Managing a park is a lot of work, even if you live in town.
[33:00] Todd is more than happy to help. Email him and let him know you heard him on this podcast.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to [email protected]
Email Todd: [email protected]