Welcome back,
In today’s Mobile Home Investing Podcast episode #10, I’m happy to bring you a co-hosting newbie to the microphone. Paul Brecht is here to discuss his first few mobile home deals inside senior parks. Due to Paul’s local hometown of Sarasota, Florida, retirement capital of the South, Paul is exclusively working inside senior mobile home parks. Paul shares with us his method to purchasing homes for FREE, repairing them and splitting the profits with the park.
Paul is not afraid of hard work, following through, meeting new people, and proposing Win-Win offers to help park owners. Paul’s purchase offers and relationships with parks came from necessity and clear thinking. As mobile home investors, we are here to help. Paul’s purchasing method of partnering with parks is unorthodox, but he solves seller problems and provides valid Win-Win offers. *Solving seller problems is the very heart of real estate investing.
*This last sentence really epitomizes what real estate investing is to me; solving seller problems creatively to achieve a Win-Win common goal.
Definition: Co-Op or Tenant Owned mobile home park (noun) is a mobile home park with shares or deeds of land ownership within the park. Co-Op parks typically still carry a monthly or yearly maintenance/community fee; however the costs are much lower month as the land is owned by the homeowner and not rented. There is likely a manager, president, or committee of the park that can make decisions and allow you access. These parks may or may not be age restricted communities.
Paul’s Brillant Strategy: Partner with parks. Buy current vacant and damaged homes from parks for FREE. Keep homes in place and pay no lot rent until sold. Spend money and time to repair the homes. Sell homes and split the net profits with the park. Repeat as many as possible with multiple parks.
Over the course of this 16-minute podcast, Paul and I discuss in detail some of his deals and touch on just what takes place in his business. Any questions or further explanation you need clarification on please comment below.
In this show we cover:
- ⭐ Working with resident owned park & co-op type parks.
- ⭐ Getting started creatively with little money.
- ⭐ Taking initiative to create Win-Win purchase offers with sellers and park owners.
- ⭐ Listen in on Paul’s past few deals.
- ⭐ Why Paul’s only working in age restricted (55+) communities?
- ⭐ What’s a seasonal mobile home park?
- ⭐ Paul’s worst deal to date.
- ⭐ How Paul buys his mobile homes for FREE?
- ⭐ Tips on keeping closing costs low.
- ⭐ and much more!
Listen to the Podcast Here
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11 Comments
Henry
February 20, 2015Congratulations Paul. Very interesting process. I am curious if this will work for someone, aka me, that is only 41? Any thoughts as to how I could do this. I am in NV in a bg senior area so this may be very win win.
Thanks again to you.
John Fedro
February 24, 2015Hi Henry,
Thanks for commenting and your kind words. Yes, many senior parks will allow you to invest in them even though you are not of senior age. The park may possibly ask for you to provide a senior-aged co-signer, however most parks will allow you simply to buy and sell within their park as long as they like you, trust you, and understand you are not going to be living in the home yourself. Your job is to help local senior park managers and make their lives easier. I agree, in your area there are many senior parks and homes. Hope all this helps and makes sense. If you have any other questions don’t hesitate to reach back out.
Talk soon,
John
Jules
February 24, 2015Great work PAUL!!
Jules in NM
John Fedro
February 24, 2015Hi Jules,
I know right. Paul is fitting into his sub-sub niche of mobile home investing perfectly. He is hustling every day and working hard to build a name for himself in his local parks. Keep it up Paul. 🙂
Talk soon,
John
Joe David
June 3, 2015Hello guys. This was a great podcast. I am going to start listening to your other ones for sure. I am every new to this type of investing but I do not see many senior parks in my area? Should I be concerned about this? I see a lot of family style parks only.
Thank you in advance.
John Fedro
June 5, 2015Hi Joe David,
Thanks for reaching out and the kind words. Definitely start listening to the other podcast and if you can ever think of some good topics don’t ever hesitate to let us know. In many areas of the country senior citizen only parks are not all that common. There are likely a small handful in your area however in some areas there may be zero. I almost always suggest that newer investors start off investing in family style mobile home parks, just like the ones that are likely located all around you. If you have any follow-up questions or concerns never hesitate to comment or reach out. Always here to help.
Talk soon,
John
Pat
October 9, 2015Most interesting can you go more into detail on how you even find co-op and/or resident owned mobile parks? I have been using google however can only find mobile parks where you don’t own the land.
John Fedro
October 10, 2015Hi Pat,
Thanks for reaching out concerning this issue. Good idea about using Google to search for “mobile home co-op communities”. While this will allow you to find some co-op communities I would suggest you also call your local property appraiser and asked them if they can provide you a list of all the mobile home co-op communities in their jurisdiction. These homes and communities typically have their own unique land usage designation that can be searched through at the property appraiser’s level. If this department is not able to help you they may be able to point you in the right direction of someone who can. When you find one co-op community you can likely asked them where other nearby co-op communities are located. I hope this helps and makes sense. Different states handle these differently however I hope this gives you enough information to point you in the right direction. Keep in touch and if you have any follow-up questions never hesitate to reach back out.
Additionally, while investing in co-op parks does have its demands and can be quite profitable, I would encourage you to consider investing in mobile homes on their own private land not in a co-op park and also inside of pre-existing mobile home communities with rented land. If you are not an investor then please disregard this last sentence. I just want to make it apparent that Paul has a limited amount of family parks locally to invest within, this makes co-op communities appealing because they wish to work with us and we can of course create value. I hope this helps and makes sense. Keep in touch.
Talk soon,
John
Julie P
January 9, 2016Hi John, Really appreciate all the info in your podcasts. Paul mentioned waffle or honeycomb flooring. What is that and what are the issues he was referring to? Also the Mike & Chris video was awesome! We own your Mobile Home Formula and that video inspired us to take another look at your training and mobile home investing. And… it looks like, with our first action taken, we may already have found a property manager that is very investor friendly and a cople of mobiles we may purchase. Very excited about this. Thank you for all the effort you’ve put, and continue to put out there, to educate us on this great opportunity.
John Fedro
January 9, 2016Hi Julie,
Thanks so much for commenting and reaching out. Paul was referring to OSB type of flooring. Once this gets wet it breaks apart and looks quite gross. I’m so glad to hear that you are re-pursuing the programming that you’ve already found a property manager that may be very happy to work with you. If this park manager does not see the value in working with you then more park managers around will. Keep up the great work and email me regularly with updates and questions when you have them. You are never bothering me so keep the questions coming and I look forward to seeing what homes and deals you are looking at pursuing. Keep in touch.
Talk soon,
John
[…] ✔ (Less common) Co-op style mobile home communities: In these communities the owner of the mobile home typically owns the piece of land there mobile home sits upon. However sometimes the owner of the mobile home will not own the specific land under their mobile home, however they will own a single “share” within the mobile home community. These co-op style communities may be a product of all the mobile home owners/residents of a specific park joining together to purchase said park themselves. These parks may or may not be age restricted. Related Article: MHI Podcast Lesson 10: Case Study In Senior Parks With Paul B […]
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