Welcome to episode 30 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson and Brad are joined by a very special guest, John Hurd, on this episode. John is a mobile home park owner, broker, fee manager as well as turnaround expert for parks for other owners. John’s favorite quote is, “When in trouble, make more money”. Listen in to discover John’s experiences and insights on running a successful mobile home park business.
Key Takeaways:
[1:40] How did John get into the business of mobile home parks?
[4:16] How to go about sourcing the best mobile home park deals―John shares his experiences.
[8:15] True Blood, gunshots, a lost baby, and other creepy stuff―John has seen a fair share of horror stories when turning around some parks.
[12:03] What are some of the most difficult problems to deal with? A park with a drug problem? High vacancy? Tenants that culturally don’t think they have to pay rent?
[12:57] Cleaning out a meth house is a seriously tough business.
[14:11] How do you know if there’s a meth house in a park?
[15:46] How to effectively deal with a meth problem to ensure a safer park for tenants.
[17:25] Not all parks have a meth problem and John has seen a dramatic drop in the last couple of years.
[17:55] How to avoid making some common due diligence mistakes made by mobile home park buyers.
[22:26] Why Managing mobile home parks is John’s favorite part of his business.
[26:25] How did John find the asset managers and book keepers working at his headquarters?
[27:28] How to find houses when you’ve got vacant lots to infill―Do you buy new or used homes for your park?
[30:16] Has John seen any material change in valuations of parks over the last couple of years?
[32:17] What is John’s compensation for taking over a turnaround park vs. a more stabilized park?
[33:24] John tells us more about his 38 foot mobile home and how he got it tricked out!
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
John’s website: Johnhurd.com
Email John: john@johnhurd.com
Call or Text John: 361-522-5564
