The Mobile Home Park Broker's Tips & Tricks To Investing By cover art

The Mobile Home Park Broker's Tips & Tricks To Investing

By: Maxwell Baker
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  • Summary

  • Welcome to another beautiful episode of The Mobile Home Park Broker's Tips and Tricks Podcast. This podcast is brought to you by the Community Price Maximizer. It is our proprietary system that will guarantee you a higher price when you exclusively list your community with our four-step program.
    2020-2021
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Episodes
  • The MHP Brokers Tips and Tricks Closing Cocktails Podcast Interview with Broker Eric Wanck on the Lake and Acres MHP Deal

    The MHP Brokers Tips and Tricks Closing Cocktails Podcast Interview with Broker Eric Wanck on the Lake and Acres MHP Deal
    Jun 29 2024

    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)
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    6 mins
  • The MHP Brokers Tips and Tricks Juggernaut Interview Series Podcast, with Kirby Horton

    The MHP Brokers Tips and Tricks Juggernaut Interview Series Podcast, with Kirby Horton
    Jun 21 2024
    In this episode of The MHP Broker’s Tips and Tricks podcast, Maxwell Baker, president of The Mobile Home Park Broker, interviewed Kirby Horton. As president and CEO of The Firm, Inc., Kirby is involved in acquiring, developing, and operating manufactured home communities. As with every Tips and Tricks Closing Cocktails podcast episode, this one is 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 Max for details. Here Are the Show Highlights: - Kirby Horton serves as the park acquisition lead and project manager at his company, The Firm, in Franklin Tennessee. Kirby has worked deals with Max’s company. (Max, 0:22) - In reviewing his career path. Krby explained how he almost accidentally got into his current line of work. He earned a degree in Economics, then spent the next 20 to 25 years in financial services. Over time, he started to see that field becoming a commodity and the possibility for making a good living shrinking. He began to feel bored and less able to use his creativity. (Kirby, 1:35) - As a voracious reader, Kirby eventually stumbled on a book by Lonnie Scruggs, the legendary mobile home investor and author. (Kirby, 2:49) - Following the Lonnie Scruggs pattern, Kirby made a part-time job of buying cheap mobile homes and selling them on a rent-to-own (RTO) basis. His first sale, of a mobile home he paid $800 for, was to a park manager who has, since 1009, been Kirby’s employee for the longest tenure. (Kirby, 3:2) - Over time, Kirby bought and sold on RTO contracts a total of maybe 50 or 60 mobile homes. He’d spend the first week of every month knocking on doors and getting rent from his RTO contract holders. - When the SAFE Act regulation of Dodd Frank came out in 2008, Kirby realized that would pretty much kill his mode of business. zThe purpose of the SAFE Act was to regulate those who sell housing, and the rules and requirements were so complicated and involved that he figured he’d have to redirect the way he moved forward. (Kirby, 4:49) - That’s when Kirby began buying mobile home parks. He lost his shirt on that first deal, but learned plenty. For starters, he learned that owning communities isn’t “mailbox money” a matter of just waiting for the checks to arrive by letter carrier. It’s harder than that, and there’s much more to do to successfully run a park. (Kirby, 5:21) - In describing a park deal he worked with Max’s company, Kirby mentioned that a community that was shaky when he first bought it is now stabilized, with 100 percent occupancy and 90 percent collections and only responsible residents. (Kirby, 7:17) - When he bought it, the community was all park-owned homes (POH). One of the first things Kirby did was determine who he wanted living there and who he wanted out in order to clean up the community and improve the culture. He also turned all of the POHs into opportunities for the preferred residents to buy them. (Kirby, 7:37) - Kirby basically had only three park rules, and those who couldn’t follow them were evicted. The rules were, be a good neighbor…keep your yard clean…and pay your rent on time. (Kirby, 7:56) - Kirby enjoyed working with his good tenants, and either getting money upfront or working out payment plans so they could own their homes and he was only dealing with lot rent. Some of the homes were in such poor condition that he literally gave them to his tenants. His dream is that eventually the community (and others he owns) will become so stabilized that people will be proud to live there and fond of their childhood memories in a manufactured home community. (Kirby, 8:39) - Max observed that his start in the industry was much like Kirby’s, including being heavily influenced by Lonnie Scruggs books. (Max, 10:10) - Asked whether he’s ever tried syndication as a way of raising acquisition capital, Kirby said that it makes him nervous if he has to report to major investors. His preference is to go one deal at a time, with him and his family usually the sole investors on reasonably small deals. In the case of larger deals, he might bring together one or two friends who can invest, but he stays away from large pools of investors. (Kirby, 11:45) - Asked if he buys new or used homes for his parks, Kirby said that he’d love to be able to find affordable higher-quality used homes, but they’re almost impossible to find. Even if he could, they would each cost about $20,000 to $30,000 to buy and move in. (Kirby, 13:31) - Kirby mentioned some of the new home manufacturers he uses, and highlighted Hamilton Homes out of Hamilton, Alabama for how they came through when the supply chain was held up after Covid. He also had words of praise for Champion Homes, and Clayton for the high quality of their homes. Kirby said that the quality of new mobile homes ...
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    40 mins
  • The MHP Brokers Tips and Tricks Closing Cocktails Podcast Interview with Jeff Dodge of The Mobile Home Park Broker

    The MHP Brokers Tips and Tricks Closing Cocktails Podcast Interview with Jeff Dodge of The Mobile Home Park Broker
    Jun 15 2024

    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)
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    6 mins
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I like different places to resource information. Tips and tricks are cool. I love the fact you are out of Atlanta.

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