In this episode of The MHP Broker’s Tips and Tricks Closing Cocktail podcast, Maxwell Baker, president of The Mobile Home Park Broker, interviewed The MHP Broker Eric Wanck about his Mobile Home Park transaction in South Georgia.
As with every Tips and Tricks podcast episode, this one is brought to you by The MHP Broker’s proprietary Community Price Maximizer. Use this four-step system to get the highest price possible for your mobile home park or RV community when you sell it through The MHP Broker. Guaranteed. Call Max for details.
Here Are The Show Highlights:• Eric Wanck closed a mobile home park in South Georgia, proving that even small, tertiary market deals (under 20 pads) still have strong buyer demand and can successfully transact. (Eric, 01:11)• The property featured private utilities (well and septic), mostly tenant-owned homes, and third-party management, making it an attractive, lower-maintenance investment for buyers. (Eric, 01:11)• The deal achieved an impressive ~12.5% cap rate on lot rent, highlighting the high-yield opportunities available in tertiary markets compared to larger metro assets. (Eric & Max, 01:56)• Eric emphasized that financing small parks is often difficult, making cash buyers far more competitive, especially when sellers prefer simplicity and certainty. (Eric, 02:08)• The deal ultimately closed as an all-cash transaction in under 30 days, demonstrating how strong execution and prepared buyers can dramatically accelerate timelines. (Eric, 02:50)
Power Quotes in This Episode:“Just because it’s tertiary, you don’t think there’s a market — there is a market and there are buyers.” (Eric, 01:11)“I think this thing ended up selling closer to 12.5% cap.” (Eric, 01:56)“Cash is king — and financing can be very, very challenging on these parks.” (Eric, 02:08)“Have your financing lined up or have the cash in the bank, and it’ll make the deal go much, much smoother.” (Eric, 02:08)“That’s how the deal ended up selling — cash deal, under 30 days.” (Eric, 02:50)
00:00
Hello and welcome to the Mobile Home Park Brokers’ tips and tricks. This is the podcast where we talk about mobile home park investing because that’s what we’ve been involved in for the last decade. Let’s dive into today’s episode. Here is your host, Maxwell Baker.
00:22 Maxwell Baker
Hey y’all, welcome to another beautiful episode of the — you got it — Mobile Home Park Brokers Tips and Tricks Podcast, cha-ching! That’s the money sound because when you work with us, you make lots of money. So, as always, you can contact us 678-932-0200 and today, speaking of cha-ching. We’re celebrating another closing. Eric Wanck, come on down, the red carpet is yours, sir.
00:53 Eric Wanck
Thank you, thank you! Always good to be on a closing cocktail talking about the successes and closings of the business, for sure. This one I believe was the one down in South Georgia.
01:05 Maxwell Baker
Yee-haw
01:06 Eric Wanck
Yee-haw. Who says we can’t sell parks in small towns?
01:10 Maxwell Baker
That’s right, baby! (laughs)
01:11 Eric Wanck
It doesn’t matter if it’s under 20 pads, and that is kind of a minimum that we like to market, but just because it’s tertiary, you don’t think there’s a market, there is a market and there are buyers. This particular deal showed that. You know, it was a private utility community, so well, septic, mostly tenant owned homes, which is a huge plus, a management in place, but we’re talking about owners that were not hand to hand, they were not local, and, you know, they really just put it in the hands of their local management to run it. One of the great things about this park was one, if you get into these tertiary markets, typically you’re looking at double digit cap rates.
01:56 Maxwell Baker
Yeah
01:56 Eric Wanck
That’s exactly what we got here. I think this thing ended up selling closer to 12.5% cap.
02:02 Maxwell Baker
12.5% baby, on lot rent too, right?
02:05 Eric Wanck
(laughs) On lot rent, that’s right, on lot rent…
02:07 Maxwell Baker
(laughs)
02:08 Eric Wanck
…and, you know, and one thing for folks to know too is on these smaller parks, there’s usually a deal to be had when you have cash in the bank, and that’s not to say that every owner is gonna have some wiggle room in their price but cash is king, and financing can be very, very challenging on these parks. There’s some $500,000 you know you got hard money, there’s maybe some private lenders out there, but a lot of people are trying to come in, be creative, and that’s not where the seller want to be, want to be cashed out. So, have your financing lined up or have the cash in the bank, and it’ll make the deal go much, much smoother.
02:47 Maxwell Baker
Cash in the bank, shawty, whatcha thank?
02:50 Eric Wanck
That’s how the deal ended up selling, cash deal, 30 days. We actually closed this in under 30 days. That is a very, very hard thing to achieve in this business.
02:59 Maxwell Baker
(laughs) Sub 30 days and all cash — wait, what is that? What am I hearing? I’m hearing you pick up the phone and calling Eric Wanck to list your property. That’s, that’s what I’m hearing, that clicking sound. That’s the; you dialling the 678-932-0200 and asking for Eric Wank to sell your mobile home community. That’s what I’m hearing right now, right? right?
03:23 Eric Wanck
Yeah, yeah
03:24 Maxwell Baker
(laughs)
03:25 Eric Wanck
Well, we’re happy to run an evaluation at any point, obviously free of charge, just to take a look at what you got, how we can add value to the community that you got. When the time is right, we will get it sold.
03:38 Maxwell Baker
Yes, sir. Yes, sir. Well, Eric, thank you for giving us a little insight on this deal. Any closing comments before we wrap this up?
03:46 Eric Wanck
That’s it. It’s a pretty clean and cut deal in South Georgia. We can get them done.
03:51 Maxwell Baker
Yes sir, congrats, dude.
03:53 Eric Wanck
Thanks.
03:54 Maxwell Baker
As always y’all, this episode is brought to you by your Community Price Maximizer. It is our and your proprietary system that will guarantee you the highest price when you exclusively list with us, 678-932-0200 or email us at info@themhpbroker.com. Thanks for listening and let’s keep moving forward!
