Ep #32: Part 2 - The TOP 10 mistakes to avoid when investing in Mobile Home Parks – with Jefferson Lilly

Real Estate Investing for Cash Flow with Kevin Bupp

Kevin Bupp

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4.9 • 675 Ratings

🗓️ 11 August 2014

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jefferson Lilly is a mobile home park investment expert, educator, and industry consultant who has been featured in the New York Times and Bloomberg Magazine. Prior to co-founding Park Street Partners in 2013, Mr. Lilly spent seven years investing his own capital at Lilly & Company where he acquired and continues to operate mobile home parks in the Midwest, and consults to mobile home park owners in California.

Prior to becoming an investor full-time, Jefferson spent 10 years in sales leadership roles with several venture-backed startup companies in Silicon Valley that were acquired by Openwave Systems and VeriSign. Earlier in his career he held operational roles at Viacom and was a consultant with Bain & Company.

In this episode, Jefferson shares with us the Top 10 mistakes he made when getting started in this business with the hopes that you can learn from his mishaps and avoid these same pitfalls

In this interview with Jefferson you’re going to learn:

· The benefits of having a dedicated greeter at each one of your parks

· Why you should never rely on mobile home park dealers to fill your parks with new residents

· Why outsourcing key parts of your business is essential if you want to scale

· Why you’re letting money walk out the door if you don’t have a website showing the amenities of your park and the available units

· The benefits of using local banks on deal sizes of less than 1.5 million vs. the larger regional multi-state banks

· How syndicating deals and raising private equity has allowed Jefferson to grow much faster than he would have doing it on his own money

Transcript

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0:00.0	You've been searching for the best way to generate passive income in your life and heard that real estate is a great way to do it.
0:09.4	But you're tired of all the so-called gurus who are all talk and no substance.
0:15.3	Get ready to celebrate because Kevin Buck has spent 14 years successfully making it happen.
0:21.8	This is the Real Estate Investing for Cash Flow podcast.
0:25.3	Now, here's Kevin Bup.
0:29.9	Hey guys, Kevin Bup here with episode number 32 of the Real Estate Investing for Cash
0:34.9	Flow podcast, where a mission is to help you build and maintain massive amounts of cash flow through income-producing real estate investments.
0:42.1	This week we'll be diving in the part number two of the interview with mobile home
0:45.4	park investor and consultant, Jefferson Lilly.
0:48.5	Jefferson is going to discuss with us the top ten mistakes that he made when he started
0:51.8	into mobile home business with the hopes that you don't
0:54.2	make the same ones. And in the second part of the interview with Jefferson, you're going to learn
0:57.9	the following. You're going to learn the benefits of having a dedicated greeter at each one of your
1:02.1	parks. Why you should never rely on mobile home park dealers to fill your parks with new
1:06.7	residents. Why outsourcing key parts of your business is essential if you want to scale and get
1:12.1	larger. Why you're letting money walk out the door if you don't have a website showing the amenities
1:17.2	of your park and the available units for rent. The benefits of using local banks on deal sizes of
1:22.7	less than $1.5 million versus the larger regional multi-state banks like Bank of America or Wells Fargo.
1:29.6	How syndicating deals and raising private equity has allowed Jefferson to grow much faster than he would have by doing it with his own money and much, much more.
1:37.5	If you're new to the podcast, I want to welcome you to the show, or if you're one of our regular listeners that have been listening to us for a number of months now,
1:44.2	I just want to thank you again for being a part of our family and making the real estate
1:48.2	investing for cash flow podcast what it is today. If you love what we're doing, please go do us
	...

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