MHP #858: What to Do When Purchasing a Park that Has an Inferior On-Site Management and Maintenance Team

Real Estate Investing for Cash Flow with Kevin Bupp

Kevin Bupp

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4.9 • 675 Ratings

🗓️ 12 February 2025

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today's episode is from Mobile Home Park #27 that originally aired on Sep. 27, 2016.

Charles and I will be speaking about our recent experience in a park we own in Raeford, NC. We recently acquired this park and quickly realized that both the on-site management and maintenance staff needed to be replaced ASAP! We discuss how we quickly identified the challenges associated with their poor performance and how we handled the transition with a completely new management team. This is a common scenario you will experience when purchasing turnaround or distressed mobile home parks and so we thought you might learn from our personal experience.

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Transcript

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0:00.0	Hey guys, Kevin Bup here. Just wanted to make a quick announcement about our Wednesday Mobile Home Park show that you're about to listen to.
0:06.4	These Wednesday episodes are in collaboration with my other podcast, the Mobile Home Park Investing Podcast, many of which were recorded a few years ago.
0:14.1	I've carefully hand-selected only material that I feel is still relevant today, but there's a chance you might find references that could be outdated
0:20.8	at present, such as website URLs. Thanks for tuning in, and now on to the show. Welcome to this
0:28.1	week's Mobile Home Park Investing Podcast that will teach you how to successfully invest in and build
0:33.6	steady streams of passive income from the highly lucrative niche of mobile home parks.
0:38.3	With decades of experience, Kevin Bup will personally share with you the valuable lessons he's learned along his journey,
0:44.3	so that you too can learn how to generate cash flow and build legacy wealth for you and your family.
0:51.3	Now, without further ado, let's welcome your host for today's show, Kevin
0:56.0	Bubb. I'm your host, Kevin Bubb, along with my co-host and business partner, Charles D. Hart.
1:01.6	Charles, what's on the agenda today, my friend?
1:04.8	Yeah, for this one, we're going to be talking about a park that we own in Fayetteville, North Carolina,
1:09.1	and we're going to be talking specifically about what to do when you have maybe a manager who's not very good, and then a
1:17.8	maintenance man who's not very good. And when you take the park over, what do you do with those
1:21.2	people? That's kind of what we're going into today. Okay. Yeah, and this park, we kind of knew
1:25.9	that going into it. We knew that a big part of the
1:28.4	problem. And it's not a distressed park, really. I guess it has some signs of distress, but we knew that
1:34.2	the heaviest part of the distress was really the management team that was there. And we didn't know
1:39.2	much more than that at the time. We didn't know how the maintenance crew did and all the rest of the staff that was there.
1:44.5	We didn't really know how good they were or how bad they were. Right. And so we took it over
1:47.7	with the idea that, you know, let's not change it right away. It's not severely broken. Like, we didn't
1:54.8	think the manager was stealing or anything like that. But, you know, it wasn't worth the headache
	...

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