Welcome to Episode 61 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Brad is off this week, which leaves just Jefferson as today’s host. How do mobile home park owners increase the value of their property? That’s exactly the topic that Eric Hanson, MAI will be discussing on today’s show. Erik is the Executive Vice President of Midwest Appraisal Group, and works specifically in appraising the mobile home park industry. Listen in as Erik has some advice for all you park owners out there on how to retain, and increase, your park value.
Key Takeaways:
[2:40] How did Erik Hanson first get involved in mobile home park appraisals?
[8:20] Erik has MAI in his official title, what do those letters mean and how does someone get that type of certification?
[10:45] When evaluating properties, do the banks ever try to influence Erik into giving them a higher value estimate (so that they can charge more interest)?
[13:15] What are some of the steps to appraise a mobile home park?
[18:45] Erik runs a ‘potential gross income’ report to see what’s the maximum amount of income the property can make.
[20:25] Since Erik has appraised a lot of parks, he typically can see right off the bat where all the mobile home park expenses should be.
[23:45] Join us next week for part 2 of this interview!
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
