In this episode of The MHP Broker’s Tips and Tricks Closing Cocktails podcast, Maxwell Baker, president of The Mobile Home Park Broker, interviewed company broker Paul Schaaf on his recent success handling the Glenwood Mobile Home Park transaction in Tennessee. successful deals.

This and every episode of Closing Ccktails is presented by The MHP Broker’s’ proprietary Community Price Maximizer. Use this four-step system to get the highest price possible for your mobile home park or RV community when you sell it through The MHP Broker. Guaranteed. Call Max for details.

Here Are the Show Highlights:

- Paul took on Glenwood MHP, a great TN park that proved challenging to market because of the small size of its lots. But Paul found the right buyer, and the right solutions to the park’s problems, and was able to close--just as he can close on your park despite whatever challenges it might have. (Max, 1:09)

- The park’s in a good location of eastern TN, which is turning into a strong retirement area. The region also has some of the best golf courses in the state. Glenwood had about 60 lots, but was only at about 37 percent occupancy. There was a lot of opportunity there since other mobile home parks in the area were at about 90 percent occupancy with home rents at the $900 - $1,200 range and lots averaging about $400 - $450 a month. There were a lot of offers for Glenwood, but those small lots ultimately drove serious interest away. (Paul, 1:43)

- One of the big stepsPaul had his client take was to move some of the power lines to open up the space. They also found a couple manufacturers who ere making smaller, two-bedroom homes that would better fit the space and could be arranged strategically with the larger homes to improve lot sizes and the look of the park. The fact that the property was on city water and all pads already had infrastructure in place were good selling points. And there was a big demand in the area for affordable housing, so the newly laid out park was now much more desirable. (Paul, 3:27)

- The buyers were a family very experienced with commercial real estate ownership, but they were breaking in to the mobile home park business for the first time. They were very careful with their due diligence. Paul thinks they’ve already raised rents and are infilling those empty lots. (Paul, 4:41)

- Paul learned from this deal the importance of knowing what you’re going to be up against that might challenge the sale and to come up with effective solutons. You’ve got to be able to see the park for what it is, and how it can be improved if it has to be to meet market expectations. (Paul, 5:35)

- If you’re a buyer in a decent market, even a park with problems can be improved and value added if you know how to do it and are willing to invest the time and money. (Paul, 6:24)

Even parks with warts can attract motivated buyers. We can show you how to add value to a park in a great location, even if significant work must be done. Call Paul or Max at The Mobile Home Park Broker, (678) 932-0200.

Power Quotes in This Episode:

“We are very good overcoming (challenges) because we’ve seen everything thrown at us in the mobile home park and RV world.” (Max, 1:09)

“It was just a matter of putting together the best plan because the demand for affordable housing was there.” (Paul, 3:27)

“I think (the new owners) are already infilling and have raised rents. And they’re already off to the races and have done well.” (Paul, 4:41)

“If you have the right plan together, and you know how to infill quicker, and you’re in a decent market, you know, when things change in the next three to five years you’re gonna be sitting in a really good position.” (Paul, 6:24))

In this episode of The MHP Broker’s Tips and Tricks Closing Cocktails podcast, Maxwell Baker, president of The Mobile Home Park Broker, interviewed The MHP Broker’s Eric Wanck on his recent Lake and Acres Mobile Home Park sale.

Just like with every Tips and Tricks Closing Cocktails podcast episode, this one’s brought to you by The MHP Broker’s’ proprietary Community Price Maximizer. Use this four-step system to get the highest price possible for your mobile home park or RV community when you sell it through The MHP Broker. Guaranteed. Call up Max for details.

Here Are the Show Highlights:

- Max Baker asked Eric Wanck to review his successful transaction in selling Lake and Acres Mobile Home Park. (Max, 0:22)

- The park owner approached Eric to ask him to sell Lake and Acres, an approximately 50-pad park in a good location, with city water and sewer, but with about fifty percent vacancy. Eric saw it as a nice value-add potential and was eager to take it on. At this same time, Eric was selling another park for a seller who turned out to be interested in buying Lake and Acres. As it turned out, the Lake and Acres buyer sold his park the day before he closed on buying Lake and Acres, so it was a very busy 24 hours for Eric. (Eric, 0:55)

- Lake and Acres had a mix of park-owned and tenant-owned homes, and was in need of a little tender loving care. Eric realizes that parks in less than ideal condition and in need of rescue can be just what certain investors are looking for. This was such a park. (Eric, 2:27)

- The park that Eric was in the process of selling for the eventual buyer of Lake and Acres was going for a couple of million dollars more than Lake and Acres, so the eventual buyer had the money to invest. He didn’t have to take out a loan and so there were no issues with appraisals taking time or going south. (Eric, 3:17)

- One of the lessons Eric learned on the deal was the importance of patience. While he was able to put buyer and seller together quickly, the closing took longer than expected because they had to wait on the buyer’s close on the park he was selling. (Eric, 3:59)

If you’re an investor interested in buying and selling mobile home parks, Eric Wanck and The Mobile Home Park Broker can help you on both ends of your deals. Contact The MHP Broker at (678) 932-0200 or drop them an email at info@themhpbroker.com.

Power Quotes in This Episode:

“We closed on (the buyer’s) park and literally the next day turned around and closed on Lake and Acres. So, it was a beautiful transaction all around.” (Eric, 0:55)

“At the end of the day, it’s all about getting to the finish line. Both parties understood and there was a firm commitment from the buyer here to close, and that’s what we got here.” (Eric, 3:59)

“I love how every deal is a little bit different, and this one was definitely different in it own right, but hey, back-to-back closing almost on this one. I’d love to do them again!” (Eric, 5:11)

In this episode of The MHP Broker’s Tips and Tricks Closing Cocktails podcast, Maxwell Baker, president of The Mobile Home Park Broker, interviewed newbie broker Jeff Dodge on his first sale for the firm.

Just like with every Tips and Tricks Closing Cocktails podcast episode, this one’s brought to you by The MHP Broker’s’ proprietary Community Price Maximizer. Use this four-step system to get the highest price possible for your mobile home park or RV community when you sell it through The MHP Broker. Guaranteed. Call up Max for details.

Here Are the Show Highlights:

- New broker Jeff Dodge was asked to review his first sale for The MHP Broker,which was a West Virginia deal. (Max, 1:01)

- Mountain View is located in the mountains of WVA, in Marlington, which is about 30 minutes from Snowshoe Mountain Resort. Mountain View is a hybrid community, consisting mostly of mobile homes, but also including some stick-built cabins and an RV pad. The homes were all occupied at the time of the listing, but there were also four vacant lots for a value-add opportunity for the next buyer. It was a well-run mom and pop operation. Although the seller’s daughter is a real estate broker, they sought out The MHP Broker for their specialized market knowledge. (Jeff, 1:19)

- The buyers were able to get a bank loan from a source they already knew in the area, and the property appraised over value, so there were no issues with financing. (Jeff, 2:58)

- Another key sales advantage was city water and 1:1 sewage. (Max, 3:13)

- Jeff thought the community’s secluded rural location would make it a hard sell, but he was pleasantly surprised to learn that it didn’t. He ultimately closed with the first prospective buyer who went under contract. (Jeff, 3:35)

- The deal closed in about 30 days. The buyer was someone the company had worked with before, so he came to the deal well vetted. That helped the process immensely. (Jeff, 3:53)

- Jeff also realized that another factor in the success of and trouble-free nature of the transaction was the constant communication with the seller/client. This was a great way of heading off issues before they became problems, and keeping trust and confidence high between the two parties. (Jeff, 4:16)

Mountain View in West Virginia is one of the latest examples of the positive impact The Mobile Home Park Broker can have in delivering quick community sales at top dollar. Contact The MHP Broker’s Jeff Dodge or Max Baker at (678) 932-0200.

Power Quotes in This Episode:

“When it comes to brokers, better to be a mile deep than a mile wide. And here at the firm, we are definitely a mile deep (in experience in this real estate market niche), and a lot of park owners choose to work with us because of that. We're just extremely niched, we're able to bring in buyers a lot quicker than a lot of different people out there that are trying to sell communities because, like I said, we specialize in this. We've got the connections with the lenders, with the mortgage brokers, debt placement guys…We are very good at structuring deal stories, structuring debt and making sure you're getting the highest price when you exclusively list with us.” (Max, 2:15)

“I had a lot back and forth with the seller. But the more communication, I believe, that you have with your client, the more they'll have that trust in you to get to the closing table.” (Jeff, 4:16)

In this episode of The MHP Broker’s Tips and Tricks Closing Cocktails podcast, Maxwell Baker, president of The Mobile Home Park Broker, interviewed leading broker Paul Schaaf on one of his latest deals.

Just like with every Tips and Tricks Closing Cocktails podcast episode, this one’s brought to you by The MHP Broker’s’ proprietary Community Price Maximizer. Use this four-step system to get the highest price possible for your mobile home park or RV community when you sell it through The MHP Broker. Guaranteed. Call up Max for details.

Here Are the Show Highlights:

- Paul Schaaf was The Mobile Home Park Broker’s top producer at the mid-year mark. He’ll talk about a recent challenging but successful transaction in Arkansas. (Max, 1:06)

- The sale had a few stumbling blocks that made it take longer to close than usual. For one thing, the owners had to do a lot of work before they could even list the park. It had been in bad shape when they acquired it, and they had to bring in new homes, improve the tenant base and get cash flow to the point where it would appeal to buyers. (Paul, 1:16)

- The appraisal went fine, but local banks were reluctant to get involved due to high interest rates and the presence of a lot of park-owned homes in the deal. Fortunately, the owners kept good books and showed how revenue had increased steadily. Paul found a motivated buyer who’d just sold a farming business and wanted to own a mobile home park, especially one that could add RV lots. The buyers had a good business plan and Paul was able to connect them with an ideal mortgage broker. (Paul, 2:23)

- The buyer got rejected a few times from lenders, and had to prove how they’d successfully run previous businesses, and collaterize some of their assets. So it wasn’t easy, but buyer and seller both ended up satisfied. (Paul, 4:03)

Regardless of the unique challenges and obstacles you might face, we think there’s a buyer for every park. Just make sure you sell through brokers who know the business and have connections that can help make the deal go through faster and at a better price--with fewer hitches. Contact Paul Schaaf or Max Baker at The Mobile Home Park Broker, (678) 932-0200.

Power Quotes in This Episode:

“We've got the connections with the lenders, with the mortgage brokers, debt placement guys…We are very good at structuring deal stories, structuring debt and making sure you're getting the highest price when you exclusively list with us.” (Max, 4:36)

“Times are changing, but we’re the broker that knows how to evolve and adapt.” (Max, 5:43)

In this episode of The MHP Broker’s Tips and Tricks Closing Cocktails podcast, Maxwell Baker, president of The Mobile Home Park Broker, interviewed broker superstar Eric Wanck regarding a couple of his recent and very successful deals.

Here Are the Show Highlights:

- Eric recently closed on Cozy Homes Mobile Home Park and Dogwood Estates MHP. (Max, 0:22)

- Cozy Homes was an off-market deal on a park that Eric sold to the current sellers in 2020. They reached out to him again this year when they wished to sell. (Eric, 1:11)

- It was a nice park, with 75 pads, city water and sewer, and paved roads. It easily met appraisal and sold in about 90 days, from initial contact to the sale date. However, the owners had managed the park from afar, installing local day-to-day management. This proved to be problematic. (Eric, 1:53)

- The local manager did a poor job of maintaining the park, some residents left, the park lost value, and the owner had to refinance, with a balloon payment due in twelve months. That’s why they decided to sell. The lesson is that passive owners still have to check in regularly and know what’s going on with their property before it loses value. (Eric, 2:35)

- As a result of the local management’s shortcomings, monthly park revenue had dropped from about $23,000 when Eric first sold it three years ago, to about $14,000 or $15,000 by the time it sold again. (Eric, 3:45)

- The sellers had bought the park three years ago for $2.2 million and had to sell it for a lot less than that due to its deteriorating condition. (Eric, 4:06)

- Despite the drop in value of the park, Eric did an excellent job on the sale and the sellers still got a premium price. (Max, 4:23)

- Eric’s second recent success was with Dogwood Estates near Martinsville, Virginia. It was a smaller park than Cozy Homes, and also had city water and sewer, and paved roads. But its location wasn’t ideal…right next to a McDonald’s restaurant. (Eric, 6:24)

- The lesson to be learned here is that sellers sometimes need to practice patience if the property has some challenges. It might take time, but there’s a buyer for every deal. This park had good books and records, and it easily passed the buyer’s due diligence. (Eric, 7:09)

- The new owners ended up with a park with a ten-CAP on day one, and lots that were under market rate by about $50. Infilling opportunities also existed. (Eric, 8:01)

- There’s a lot of opportunity out there, a big market for mobile home parks even with the high interest rates. So stay patient if you’re a seller, and The MHP Broker can help you find a buyer regardless of what challenges or obstacles your park might face. So caall us. (Eric, 9:58)

- Some of the large banks and other lenders aren’t even interested in deals under $2.5 million or even $5 million. That’s why Max’s company has established connections with credit unions that are enthusiastic about lending for smaller deals and at more favorable interest rates than the major lenders are willing to give--if they’ll accept a deal at all. (Max, 11:07)

Regardless of the challenges and obstacles your park might face, we believe there’s a buyer for every park. Just contact Max Baker or Eric Wanck at The Mobile Home Park Broker, (678) 932-0200.

Power Quotes in This Episode:

“Don’t ever think that parks are a hands-off, passive business, because they’re not.”(Eric, 2:35)

“(The closing price) wasn't close to where we sold it in the beginning. But…we still got a pretty solid price for this deal.” (Eric, 4:23)

“So if y’all have some parks out there that are mismanaged, give us a call.” (Max, 5:33)

“That's (678) 932-0200 or email us at info@themhpbroker.com. Ask for Eric if you're going to call. He is the man with the plan and his pipeline is massive, still. So you guys give him a call and let's keep moving forward!” (Max, 12:45)