Welcome to episode 22 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. Today, Jefferson and Brad share a host of funny and true stories about things they’ve heard brokers say. Obviously, these are things that are generally not true or somewhat misleading, so you should be aware of them. Tune in for a light and fun episode that will also help you get prepared for the sort of things you may hear from real estate brokers sitting across the table from you.
Key Takeaways:
[1:32] Caveat - the Park Street Partners love the brokers that they deal with, but they have also been told things like, “sewage lagoons are wonderful”, by brokers.
[3:51] Don’t let any broker tell you that anything other than City Water and City Sewer is somehow better.
[5:35] When you find red flags during diligence and a broker says, “Don’t worry about that, you’ll run the property much, much better than he will”.
[7:14] “If you don’t hurry up and buy this park…I’ve got another buyer who’s gonna snap it away from you” - said by a broker.
[9:20] One broker sent Brad an off-market deal with few details about the area it was located in - turns out it was located in a 250 person town with no county and in the middle of nowhere.
[10:31] When you ask if a deal meets all your criteria and a broker says, “Well, I think it’s gonna be right at the edge of your criteria”.
[11:40] A broker once pitched 10 million bucks for a 10-pad mobile home park located in the Canadian oil sands.
[13:27] Brokers have said, “There has never been a plumbing expense, that’s why that line item doesn’t appear”, but that’s almost never the case.
[14:27] Brad shares a few more of the funny broker stories he has heard.
[15:30] “This is a 10, 12 cap on paper - easy.”
[17:34] Any broker that’s listening to this podcast - “we are not talking about you”.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors Group on LinkedIn
Send your deals to: deals@parkstreetpartners.com
