On episode #34 of the Profits Over Wages Podcast we sat down with Jefferson Lilly - he is a mobile home park investment expert, educator, and industry consultant who has been featured in the New York Times, Bloomberg Magazine, and on the 'Real Money' television show. Prior to co-founding Park Street Partners in 2013, Jefferson spent seven years investing his own capital at Lilly & Company where he acquired and continues to operate mobile home parks in the Midwest. 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. He is also the host of his own podcast, Mobile Home Park Investors, the first podcast dedicated to investing in mobile home parks.
On this episode, we talk about why the mobile home park industry is a compelling business. We go in-depth about investing in mobile home parks, the pros, the cons, what to do, what not to do, the due diligence process and financing. Jefferson also gives us an insight into how he went from 1 to 2 to 25 mobile home parks and the growing pains that came along the journey and how he overcome them.
- Who is Jefferson Lilly?
- Jefferson talks about his main company, Park Street Partners
- How and why Jefferson got in the mobile home park investing business
- Jefferson’s background in Silicon Valley working for 3 different startups
- Jefferson tells us all about his first mobile home park which he bought on Ebay
- Jefferson’s business model
- Raising funds for mobile home parks
- The due diligence process of buying a mobile home park, what to do and what not do
- Is it better to buy a mobile home that is occupied but mismanaged or unoccupied?
- How do you find most of your deals?
- What are some of the mistakes you can avoid when first getting into investing in mobile home parks?
- How do you manage 25 mobile home parks remotely?
- How many pads does an average park have?
- What is the average rent on a pad?
- What are the average expenses on a park? And what are you responsible for?
- How to cut your water bill in half at a mobile home park
- How are park live-in managers compensated?
- How are evictions handled if they’re renting the pad, not the mobile home?
- what were some of the growing pains you encountered from owning 1 to 2 parks to 5, 10, 20 parks?
- Jefferson talks about depreciation on mobile home parks and how it’s much higher than apartment buildings
- What is the conversion ratio when it comes to turning over renters into owners?
- We talk about Jefferson’s podcast: Link (Mobile home park investors)
- What is one thing you wish you would’ve known before you got started?
- What habits helped make you successful?
- What was the worst piece of advice you ever got?
- Do you have a favorite failure? Is there one that set you up for a future success?
- What is one thing that you believe to be true that most people would disagree with?
- What is one piece of advice you would give someone just starting out in this business?
- How did you find your first mentors?
- Why do you do what you do? What gets you through the tough time?
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