Welcome to episode 26 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. Real estate investor and educator, Dyches Boddiford, shares his wealth of knowledge with Jefferson and Brad in a two part interview. Listen to part one to hear about buying real estate (including mobile home parks), how to protect that real estate by using land trusts and personal property trusts, how to form entities properly, how to protect your assets, and more. Make sure to listen to the second part of the interview next week, to discover ways to own real estate that are more tax-advantaged such as using a self-directed IRA or an educational savings account, and more.
Key Takeaways:
[2:09] Interview with Dyches Boddiford, real estate investor and educator.
[4:21] Find out why Dyches saw mobile home parks as an investment opportunity back in the 80’s.
[5:22] Land trusts, liability protection, and 3 types of statutory entities: LLCs that hold the land, LLCs that hold the homes, and the S Corporation that holds the management of the property.
[7:36] Benefits of structuring your entities properly. Meaning, not co-mingling funds, not co-mingling assets, and treating each entity as totally separate from each other.
[9:20] Insurance is always your first line of defense.
[10:09] Dyches’ recommendations on insurance for mobile homes and mobile home parks.
[15:04] Another reason to have LLC as the beneficiary of the land trust.
[18:05] Find out why Dyches says “You won’t get a bank to agree to finance property that’s had a land trust.”
[21:43] Discover how land trusts provide anonymity and estate planning benefits.
[25:15] Hear more about successor or alternate trustees that have the ability to step in for the trustee if something happens to them.
[26:59] How to find a trustee that you can trust.
[28:55] Tune in next week for part 2 of the interview to hear about self-directed IRAs, health savings and educational accounts, other ways to own real estate, and more.
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
Email your deals to: deals@parkstreetpartners.com
