All Forum Posts by: Aaron Olsen

 Adam, there are a lot of resources available.  The podcast with Jefferson Lilly that Garrett pointed out is great.  Some additional resources are listed below.  When I am looking for a deal, I first vet the market. If the market is not right, I will normally end the analysis there. Here is my general market criteria (looking at metro areas) (can find at bestplaces.net and city-data.com):

You want to make sure a Walmart is within about 5 miles of the park, if possible.  We run test ads on Craigslist and Facebook Marketplace, et al., to test the demand of the market.  Look for parks on city water and sewer (as opposed to private utilities).  Also stay away from master electric and gas.  Also look for parks that have tenant (as opposed to park) owned homes.  The more tenant owned homes the better.   Here is a great list of resources provided, in part, on a prior post by another bigger pockets member (John Jacobus): 

Books

1. Mobile Home Park 10/20 Investment System by Dave Reynolds, Frank Rolfe
2. Mobile Home Wealth Part 2: How to Become Even Wealthier investing in Mobile Home Parks by Zalman Velvet, Stuart Silver
3. The New Investor's Guide to Owning A Mobile Home Parkby Laura Cochran, Erin Cochran

Podcasts:

1. The Mobile Home Park Investing Podcast with Kevin Bupp and Charles DeHart
2. Mobile Home Park Investors with Jefferson Lilly
3. Mobile Home Park Mastery with Frank Rolfe
4. Mobile Home Parks in Real Life with Ryan Narus

Websites/Blogs:

1. Park Street Partners - http://parkstreetpartners.com - This is the investment firm run by Jefferson Lilly and Brad Johnson. They focus on mobile home parks and have solid educational content on their website.
2. Mobile Home Park Investors - http://mobilehomeparkinvestors.com - This is the LinkedIn group led by Jefferson Lilly. It's the largest group on LinkedIn that is exclusively focused on mobile home park investing.
3. Mobile Home University - http://www.mobilehomeuniversity.com - This is the site maintained by Dave Reynolds and Frank Rolfe. I recommend subscribing to their newsletter. I am doing the boot camp this Feb. 2019. I have only heard good things about this program and that it is well worth the cost. Not only do you get a wealth of information, but it is a very good way to break into the niche with networking.
4. Mobile Home Park Academy - See above (They are no longer offering the academy boot camp, but now have a program that offers materials -- I heard it is good, but expensive)

Mindy, you are right, and I agree.  The forums are great for info sharing.  I have learned a lot from them and I am grateful for the sharing.  The resources others posted in this thread are wonderful (they were previously recommended to me as well).   For me, when I was just starting out in this niche, the best help I have received is from talking with others who reached out and asked for me to contact them directly (just like I did in this post).  I am really glad they did.  They took the time to have a phone call (or two or three) with me and sent and directed me to resources.  It was invaluable.  It not only provided me with some recommendations, but created lasting relationships.  

With this particular post about wanting to learn as much about this niche as possible, I feel it takes more of an explanation than listing a few books.  Hence, why I reached out for a direct contact, to pass along what others provided to me.  I think for a topic like the one at issue, it takes more of a conversation.   Perhaps I should have just contacted her directly instead of dropping the invitation into a forum post.   I'm just trying to learn, share knowledge, and help out.  I apologize if I misused the forum.  

@Tori Kolasa, feel free to contact me.  I am happy to share some info. 

Aaron Olsen

@Sarah Lett I am happy to help.  Please contact me directly.  I can also direct you to other educational resources, as you will definitely want to know the minimum criteria to cross-check in this niche.

Aaron M. Olsen

Pandora Park Partners

For just a quick and dirty analysis, many professional mobile home parks' operating expenses run about 30%-40% of gross income.  I 100% agree with Bill that Frank and Dave's 30 Day Due Diligence Manual is well worth the price. 

Thank you Ryan and John!  

Aaron M. Olsen, Esq.

@Jack Martin - we are starting to focus solely on the mobile home niche, including in the Southwest region. Would love to connect with you and the others on this post to expand our network and see if we can help one another out.

Aaron M. Olsen

Mates: 

What are the best options on the market today for submetering water, gas, and electric meter systems, and Automatic Meter Reading (AMR) systems for mobile home park (20-120 lots).  Looking for all around best deal, installation, equipment, reading, and servicing.  

Best,

Aaron Olsen

Pandora Parks

Hi Kenny:

I myself am relatively new to Mobile Home Park investing, but I have spent the last 8+ months in a deep dive educating myself, from the Mobile Home University boot camp, to listening to every podcast under the sun on this niche, to reading books, blogs, etc.  Here is my takeaway for you on your questions:

1. Would this generally be too much for a 1st out of state investment? -- Depends on your individual situation.  But generally speaking, no.  In fact, I believe it is generally advisable to only search for parks that have about 20+ lots (for many reasons, but ultimately return on investment).  Having the park on city water and sewer will make your life a lot easier, particularly on your first deal. 

2. While doing DD what are some "gotchas" that you've bumped into that we should look at? -- Here is a list of potential pitfalls and diligence items: 

-Seems like a given, but first thing make sure the park is properly permitted -- certificate of zoning (e.g., legal as park, nonconforming, grandfather)

-Master gas or electric? If so, you may want to run or look at them closely.

-Water: Is it private or city?  If city, great.  If private, you will want to be very diligent with inspections, et. al. to make sure park is in compliance, past violations, and any future capital expenditures. 

-Sewer: Is it private or city? If city, great. If private, same as with water --- inspect and diligence. 

-Market: Here are essential macro requirements: 

-Tenancy: Look out how long tenants have occupied the lots. 

-Lot rent: What is the current lot rent. When last raised.  Immediately raise to market. 

-Many others: I highly recommend you purchase the 30 Day Due Diligence Manual from Mobile Home Park University.  Well worth the money.  

3. What are the key questions to ask when I the agent or get in touch with the decision maker/s.  --See above; review Due Diligence Manual -- it will walk you through it.  

4. Is there a different way to figure the value of the property to determine if the asking price is near market?  -- Mobile home parks use the income approach.  Only put value on the lot rents, not any additional income from park owned homes.   Message me and I will share with you a "quick" evaluator for mobile home parks. 

5. I'm not sure if there is management in place. I know a few people who have had a tenant be like an onsite manager for a discount on lot rent, is that a good route (on first look i like it)  -- Yes, this is the typical management style of mobile home parks.

Hope this helps.  Also, here is a list of very helpful resources if you are new and looking at getting into this niche (originally posted by John Jacobus): 

Books:

1. Mobile Home Park 10/20 Investment System by Dave Reynolds, Frank Rolfe
2. Mobile Home Wealth Part 2: How to Become Even Wealthier investing in Mobile Home Parks by Zalman Velvet, Stuart Silver
3. The New Investor's Guide to Owning A Mobile Home Parkby Laura Cochran, Erin Cochran

Podcasts:

1. The Mobile Home Park Investing Podcast with Kevin Bupp and Charles DeHart
2. Mobile Home Park Investors with Jefferson Lilly
3. Mobile Home Park Mastery with Frank Rolfe
4. Mobile Home Parks in Real Life with Ryan Narus

Websites/Blogs:

1. Park Street Partners - http://parkstreetpartners.com - This is the investment firm run by Jefferson Lilly and Brad Johnson. They focus on mobile home parks and have solid educational content on their website.
2. Mobile Home Park Investors - http://mobilehomeparkinvestors.com - This is the LinkedIn group led by Jefferson Lilly. It's the largest group on LinkedIn that is exclusively focused on mobile home park investing.
3. Mobile Home University - http://www.mobilehomeuniversity.com - This is the site maintained by Dave Reynolds and Frank Rolfe. I recommend subscribing to their newsletter.
4. Mobile Home Park Academy - See above

Matthew:

First, I would set "alerts" with Bigger Pockets to notify you when "mobile home parks" are being discussed.  It will keep you in the loop and is a great education source.  Second, do a search for "mobile home parks" on the site and it will pull up a lot of content.  I posted about training materials a while back and @John Jacobus provided a wonderful post, which I copied and pasted below.  

I highly recommend doing a boot camp with Mobile Home University -- well worth the price. 

Here are a few resources that John found valuable whlearning about the details of investing in mobile home parks:

Books:

1. Mobile Home Park 10/20 Investment System by Dave Reynolds, Frank Rolfe
2. Mobile Home Wealth Part 2: How to Become Even Wealthier investing in Mobile Home Parks by Zalman Velvet, Stuart Silver
3. The New Investor's Guide to Owning A Mobile Home Parkby Laura Cochran, Erin Cochran

Podcasts:

1. The Mobile Home Park Investing Podcast with Kevin Bupp and Charles DeHart
2. Mobile Home Park Investors with Jefferson Lilly
3. Mobile Home Park Mastery with Frank Rolfe
4. Mobile Home Parks in Real Life with Ryan Narus

Websites/Blogs:

1. Park Street Partners - http://parkstreetpartners.com - This is the investment firm run by Jefferson Lilly and Brad Johnson. They focus on mobile home parks and have solid educational content on their website.
2. Mobile Home Park Investors - http://mobilehomeparkinvestors.com - This is the LinkedIn group led by Jefferson Lilly. It's the largest group on LinkedIn that is exclusively focused on mobile home park investing.
3. Mobile Home University - http://www.mobilehomeuniversity.com - This is the site maintained by Dave Reynolds and Frank Rolfe. I recommend subscribing to their newsletter.
4. Mobile Home Park Academy - See above