EP101: Beware The Easy-To-Fill Mobile Home Park
Mobile Home Park Investors with Jefferson Lilly & Brad Johnson
English - May 17, 2018 15:26 - 12 minutes - 11.3 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 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 the first 12 months.
[10:30] As part of your due diligence, always ask for at least a year’s worth of bank statements.
[11:05] You want tenants with skin in the game.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to [email protected]