262: $600,000 in Gross Rents from Mobile Home Parks with Jefferson Lilly

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 18 January 2018

⏱️ 110 minutes

🔗️ Recording | iTunes | RSS

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Summary

Mobile Home Parks can be one of the most profitable business models around, but learning to scale without losing all your time can be tough. That’s the story on today’s episode of the BiggerPockets Podcast, where we sit down with Jefferson Lilly to talk about how he’s acquired 2,600+ “pads” in the past few years and the lessons he’s learned in scaling. We also discuss the ins and outs of raising private money through a “fund,” which will both fascinate and educate you, so don’t miss a moment of it. Whether you want to buy mobile home parks or not, this is one show where the lessons will stick with you for life! In This Episode We Cover: Brandon’s mobile home park Reasons why you should consider buying a mobile home park The legality surrounding mobile home parks How Jefferson came to own about 2,300 pads What you should know about rent-to-own homes How Jefferson markets their properties Methods of payment for these rentals A discussion on RVs vs. mobile homes Jefferson’s thoughts on tiny houses Getting to a “Mobile Home Park 2.0” The 3 key hires for mobile home parks What managing these mobile parks look like Floods and other concerns when choosing a mobile home park How to fund these days How to find parks today And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Money Podcast BiggerPockets Blog Member Blogs BiggerPockets Podcast 111: A Unique (and Profitable) Real Estate Niche You’ve Probably Never Considered with Jefferson Lilly BiggerPockets Podcast 234: Tenants, Evictions, & The Dark Side of No Money Down with Ryan Murdock Rent Manager Pay Near Me Loopnet BiggerPockets Podcast 260: The Ultimate Guide to Negotiating (for the Negotiation-Averse) With Former FBI Hostage Negotiator Chris Voss Best Places Equity Lifestyle Properties National Manufactured Home Owners Association Books Mentioned in this Show The Book on Investing with Low and No Money Down by Brandon Turner Never Split the Difference by Chris Voss Am I Being Too Subtle? by Sam Zell The Snowball by Alice Schroeder Tweetable Topics: “Don’t kick anybody out of your deal. Just scale everybody back.” (Tweet This!) Connect with Jefferson Jefferson’s BiggerPockets Profile Park Street Partners Homepage Mobile Home Park Investors Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the BiggerPockets Podcast Show Number 262.
0:05.0	Folks generally don't move the mobile homes.
0:08.0	It costs, call it 4 to 6,000 to move a mobile home,
0:12.0	so they're not likely to do that.
0:14.3	So you have very stable tenants.
0:16.2	The tenants own these homes and because of the cost to move them,
0:20.0	they stay a really long time.
0:22.6	So your turnover costs are lower,
0:24.0	your revenue is a bit higher because you have less vacancy.
0:27.7	You're listening to bigger pockets radio,
0:30.2	simplifying real estate for investors large and small.
0:34.0	If you're here looking to learn about real estate investing without all the height,
0:38.0	you're in the right place.
0:40.0	Stay tuned and be sure to join the millions of others who have benefited from BiggerPockets.com.
0:46.0	Your home for real estate investing online.
0:49.0	What is going on everyone?
0:50.0	My name is Brandon, your host today of the BiggerPockets podcast here with my wonderful fantastic
0:56.2	amazing co-host Mindy L Jensen. Is that really your middle name? I just made that up.
1:02.1	No. Dang it! Oh, Mindy Sue.
1:05.0	Oh, Mindy Sue, that's actually like a name.
1:08.0	We should call you Mindy Sue.
1:10.0	That's a name? That's not a name?
	...

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