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 Land/ Home package transaction in 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.
- This Carrollton transaction stood out because it was a land-home package, with homes sitting on their own individual parcels and functioning more like a subdivision. (Eric, 01:02)
- Eric compared the deal to another similar land-home transaction he sold on Lake Oconee, noting that both attracted strong buyer attention. (Eric, 01:12)
- Max highlighted that investor pricing and consumer pricing are very different, especially because individual buyers often need financing and bring more variables into the process. (Max, 02:17)
- The biggest training moment was learning to clarify upfront whether a third-party management company will stay involved during due diligence or step back once the property is under contract. (Max & Eric, 03:03)
Power Quotes:
- “Just line them up, knock them down.” (Eric, 00:54)
- “It adds one more extra element to a buyer’s exit, you know, you got the lot rent, you got the home rent, you get RTO off the homes, or you could just sell the home and the lot.” (Eric, 01:38)
- “So, you buy in bulk, you get a discount. Costco, baby, right? Same concept.” (Max, 02:17)
- “Very few parks go from A to Z, and they are just peachy and everything just goes kumbaya at the closing table!” (Eric, 05:14)
- “With volume comes experience, and with experience comes bigger paydays and easier closings for you.” (Max, 06:10)
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 Mobile Home Park Brokers Tips and Tricks Podcast, Closing cocktails and here we are again. Here we are again, drinking. Actually, I don’t even have my drink yet here. I’m about to have it. It’s about tequila time. But Eric here, closing another deal. Congratulations, buddy. Feel like we’re doing one of these for you like every week, dude. I mean, you’re just like killing it, so congrats, man.
00:54 Eric Wanck
Just line them up, knock them down.
00:57 Maxwell Baker
Let’s go.
00:57 Eric Wanck
That’s right, that’s right!
00:59 Maxwell Baker
Let’s go, man. So tell us about this deal. I think it was out in Carrollton, wasn’t it?
01:02 Eric Wanck
It was, yeah, this is a; this was a memorable transaction right here. For one, it was a land home package for those who don’t have those;
01:11 Maxwell Baker
I love those! (laughs)
01:12 Eric Wanck
You know, where we have homes sitting on their own individual parcels, essentially a subdivision. Sold another one very similar to this layout on Lake Oconee a few years ago, here in Georgia, for a good price, and lo and behold, this one also garnered some good attention.
01:33 Maxwell Baker
I’m surprised he’s laying home deals like. I never thought they would get that much attention, but dude, like;
01:38 Eric Wanck
Yeah, just kind of figured it out. It adds one more extra element to a buyer’s exit, you know, you got the lot rent, you got the home rent, you get RTO off the homes, or you could just sell the home and the lot. If the market; if the market’s really hot, and a lot of times we’re selling these at a pretty steep discount to what market, retail prices.
02:03 Maxwell Baker
That’s right
02:04 Eric Wanck
It’s just another element to an exit plan for the buyer. Oddly enough, both of these transactions that I’ve sold, neither of the investors have sold off any homes. They’ve kept them all as rentals, but, you know, it’s there.
02:17 Maxwell Baker
So, the consumer price versus the investor price is very different. Obviously you have to wait for the consumers to go get financing. There’s just way more variables involved, when it comes to that. So, you buy in bulk, you get a discount. Costco, baby, right? Same concept. The other thing we learned on this deal, which Eric uncovered, and we’re going to make sure that all you ladies and gents out there, to quote Tim Ferriss, are aware of it, is, if you have a third party management company running your deal, are they going to be involved when you sell the park? That is the million dollar question. Eric, I know you’ve got some comments on this. (laughs)
03:03 Eric Wanck
Yeah, no, it’s interesting ‘cause; ‘cause there are folks that obviously have third party management, working on their behalf, especially if you’re out of state, and let’s just say you put the park under contract. How involved are they going to be in the due diligence, not only paperwork, but are they going to assist with site visits and opening homes and things like that. That was something that came to our attention when we started doing the site visits, and realising there was going to be some limitations on what involvement they were going to have, which put a lot more work on me, but It is what it is at the end of the day, we got it done, but they chose to kind of step back from that process so, just know, I guess as owners, maybe ask that question and as buyers be prepared.
03:54 Maxwell Baker
That’s right. That’s a thing we have here at our firm. We record all of our, you know, get-togethers and anytime something comes up, that’s educational, something that we’re like, you know what, that’s probably something we; we should say, we all. Mostly me cause I’m the cheerleader. Training moment. So, this was definitely a memorable training moment that Eric kicked up and that we are now as brokers going to be asking (laughs), you know, if you have a third party, like, what’s the; what’s the plan on due diligence when we, find you a buyer? Are they just going to like dip and say, you know what, sorry for ya, and I’ll see you mañana. Are they going to be in the trenches with you? They might try to negotiate an extra fee to help you with DD. But some of these local third-party management companies will carve that out and, you know, leave you holding the bag. So, it’s one thing that we learned here, a big training moment. But Eric, I commend you again. A little virtual clap there, buddy. It always seems to amaze me when you get these, land home deals done. They’re usually a little harder to get done, but dude, you; you make it happen. Yeah, man, so congrats on that. Any, any final comments on that?
05:14 Eric Wanck
Yeah, no, I appreciate it. It’s; this one had it’s, it’s roller coaster, very few parks go from A to Z, and they are just peachy and everything just goes kumbaya at the closing table!
05:25 Maxwell Baker
(laughs)
05:26 Eric Wanck
Like, this is the mobile home park business
05:27 Maxwell Baker
(laughs) That never happens!
05:29 Eric Wanck
So, this would require a lot of work, probably more site visits, more communication. To get the deal closed, but; and we even had some hurdles that we had to; to come through two weeks prior to closing, just, lender delays, and hey, when problems come your way, just let you know, we, we’ve been there, done that for the most part, you know, we’ve seen a lot of things in this business, and we’re able to navigate those and keep both parties calm and moving towards the finish line, which is getting it closed. So this was; this was one I’m proud of. I’m glad that we got it done, it’s a success.
06:10 Maxwell Baker
Yes, sir. So, give us a call. We’ve seen more than the average broker that you have talking to, even to our competitors. Our competitors are jealous of us because we see so many deals. We do more deals annually than they do annually every year and with volume comes experience, and with experience comes bigger paydays and easier closings for you. So, give us a call, 678-932-0200 or email us at info@theMHPbroker.com and ask for Eric Wank cause he is the baller, shot caller, top producer 2025 and I’m suspecting 2026. Everybody’s chasing him, but nobody can catch up. So Eric, congrats and y’all thanks for listening and let’s keep moving forward!
