$600,000 in Gross Rents from Mobile Home Parks with Jefferson Lilly | BP Podcast 262
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- Опубліковано 16 січ 2018
- www.biggerpockets.com/show262
Mobile Home Parks can be one of the most profitable business models around, but learning to scale without losing all your time can be tough. That’s the story on today’s episode of The BiggerPockets Podcast, where we sit down with Jefferson Lilly to talk about how he’s acquired 2600+ “pads” in the past few years, and the lessons he’s learned in scaling. We also discuss the ins and outs of raising private money through a “fund” which will both fascinate and educate you - so don’t miss a moment of it. Whether you want to buy mobile home parks or not, this is one show who’s lessons will stick with you for life!
Check the full show notes here: www.biggerpockets.com/renewsb...
Starts at 8:39
You're the 🐐
Mr Krabs thank you, you saved 8 minutes of my life I would otherwise never had gotten back.
I literally saw this at 8:00
12:00 is an even better start point
I am so excited for the new podcast! Just bookmarked it and will listen to every single episode!! :D :D
This uncovers alot of mobile home misconcepts, such valuable information.
This video has SO MUCH INFORMATION! Thank you so much for this. I know it's an older video but still packed with valuable information.
Excellent interview. Love the transparency and good questions that were asked. Much success to you all
This was excellent to watch!
Evergreen information on MHP... fighting inertia everyday. Thank you.
Great episode! Jeff thank you for so many great tips
This was a great podcast.....
Sounds like she is talking about Ft. Collins CO. With the 1000 year flood. I lived there at the time
My homeboy works for this old cat that buy mobile homes and flips then or rents them out, he said he has way over 1,000 here in Cali. I figured he rents them out for at least $450 depending on size and area they can go for $800 maybe more not counting lot, i figure this cat is making half a mil a year or more.
Awesome information!
Good stuff!
Marked for around 20 minutes for when he starts talking about Metal metal houses from the 80s and what they're renting/seller financed owning for.
I don’t understand why you have to pay the investors back if they are maintaining ownership
Not sure why people are so negative on tiny houses & millennials, just b/c they're the most amazing thing since sliced bread (the houses & the age group) doesn't mean ya gotta hate. ;-) Side note, would be awesome to have a tiny home builder come on the show and share their experience in renting them. I imagine the $/door for the $ to build is quite healthy!
I was thinking the same thing. Would love to see someone that has created a successful system on tiny homes share some insight. In my area tiny homes are not being permitted, however the laws look like they'll be changing.
The only people tiny houses work for is new couples. Once they start having kids, tiny houses never work. Tiny houses are utopian nonsense dreamed up by leftist tools.
I agree with you about the tiny homes I have been so intrigued by them!
love it!
Great stuff Jefferson. quick question, where can I find a "Rent to Own" template for single family home?
Yo this is an amazing ass episode
I got paynearme before they required 100 units too!
Can someone link to Jefferson’s Podcast?
Quick question to Jefferson, he said new parks are illegal to build in the US. I can't find any legislation or laws about that. Can you guys point me in the right direction? Did he just mean that each mobile home has to be attached to a foundation in order for the city to be able to collect taxes (I'm just making that up lol)? My husband and I were considering starting a very small park on 10 acres of land, people still need affordable housing these days. of course, more research needs to be done as well as if the municipality will let us do that on private land. Anywhoo, please explain a bit further as we have seen many parks closing and being sold to developers for 2,000 a month 2 bedroom apt.....crazy!
Couture Leotards not true , at all
States don't like manufactured home communities because they don't pay property tax like stick built. So town and state lose on taxes.
Cities can keep them out by making laws requiring some much space for a home. Counties can legislate them away by requiring so much land for each house per septic system and limiting how many houses can be connected to each septic tank. No, there won't be any laws saying, "You can build no new mobile home parks." They do it in other ways.
Brandon and Mindy are awesome!
it would beautiful if someone would help a 50yr old ,from Ireland being reared in urban America could get taught. plus I'm a real builder... ima a SB owner... just trying tp be around good people. excellent...
What about Dodd/Frank? The RTO buyer still has to undergo the same qualifications as if they were buying a regular foundation home.
Good question BJ. I think it depends a lot on how you word the contracts. You are right, there are some regulations around it.
It, doesn't matter how you word it, Dodd/Frank says that when buying any property, whether real or personal (read trailer or manufactured housing), the buyer has to quantify for the loan. And that applies to any credit you extend them, even it it is RTO or an option.
If for some reason at a later date you have to take the property back and you haven't qualified the buyer they can use your failure to qualify them as a defense and the court can award the ALL of the money they paid you over the years. This would include both principal and interest.
MH's are not real estate. They're personal property or vehicles.
Do y'all consider it more expensive to take over a 50 unit apartment building or a 50 unit mobile home park? I have been trying to decide what would be the more expensive option initially, but am having trouble coming to a conclusion. Thoughts?
Subscriber Goal 17/100
Nick Slayter I think you could get a 50 unit Apartment complex at a better price..... just a guess
It depends. If you look at the income that both properties generate and the price you would have to pay for each, you can do a simple comparison of where you are getting the most bang for your buck.
Apartments
I would say it's a pretty clear answer and if you can't see that I would say you should not buy either. You clearly are not a seasoned investor and you have not spoken to anyone who is going to be assisting you. Any money you were going to use you will not have in 2 years from now:-( :-( you should be a silent investor with somebody that knows what they're doing
So you purchase a park that has immediate cash-flow, which means it already has homes and tenants. What if the previous owner has allowed sex offenders or other felons and they are already established in their residency?
Capitalize on that, look up "Pervert Park" you can stuff 3 of those sex offenders in a 3 bedroom for 500/month room fee.
Most of the big renters go month to month after the first year. So they want to keep the majority safe so they would not renew their month-to-month lease somewhere after they found out.
Not illegal to build more parks in all states...just not cost effective anymore...not all states classify manufactured housing with a vin number like a car...taxed with property tax like any other homes in many places...some good info here but the guest's tone towards park residents is REALLY hard to stomach...I'm speaking from park owner perspective...not all DMV vehicles...seriously...
D Du Plessis
The word 'illegal' may be offputting but he's saying basically the same thing you said...cost wise it's been de facto illegal because if you can't get permits...for whatever reason, from the ppl that give you the 'legal' right to build or get a project zoned properly it certainly feels like it's illegal.
As he mentioned, low to no ability to fleece property tax money for schools, Cop, teachers, libraries etc
The additional pull of resources from the least taxable, with regard to the use of said police departments, fire departments, schools, street traffic etc makes these parks 'undesirable' for the 'voters' that do pay more and whom are generally more politically active.
Couple that with the 'prejudice'/ stereotype or image issue regarding having a trailer park in 'my' neighborhood where 'I' paid good money helps KILL new projects....a sober living, halfway house or 'minimum' security prison would all get the same NOT in my backyard, 👎 if the public gets wind of any plans
lots of good stuff here ... but running ads what it feels like every 5 minutes is so annoying
Anyone wanting to live in a a manufactured home community do not buy into one of these parks. New owners and landlords jack up rents and bring down the value of your home. This is especially important for 55 plus communities, people on fixed income. If your new landlord is being too greedy see if you can petition your town for rent control or go to an organization to see if all the tenants can buy the park from a right of first refusal. Cdi is one organization that helps tenants buy their own parks. Do not buy into a rental manufactured home community if you are on fixed incomes. Too much greed going on with landlords making quick big money with no conscience or scruples
All rent control will do is make the mh park owner sell his land off for development. Stop the leftist thinking.
@@moncorp1 not in states where home owners have first right of refusal!
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Mobile home parks are a rip off.Slum lords!
I agree, but the scumbuckets commenting below have already thrown away any values they may have had before. Profiting off the choices made by poorer people to try to live a decent life by choosing this UNDESIRABLE option shows just how low they will go to "succeed". This is the main problem in America today. The rich are raping the poor in every imaginable way, and laughing all the way to the bank. I hope they all burn in hell...
@@55freejo ~ I hope all braindead leftists like yourself burn in hell. You're all too short sighted for your own good.
@@moncorp1 GFY