MHP Closing Cocktail Podcast, GA 60-Pad Mobile Home Park and GA 85-Pad Mobile Home Park

In this brief “two-fer” Closing Cocktail episode of The MHP Broker’s Tips and Tricks, we discussed two recent deals spearheaded by MHP Broker Eric Wanck. Both communities are in Georgia. We’ll first go into the 60-Pad Mobile Home Park deal and then discuss GA 85-Pad Mobile Home Park

As always, this episode is hosted by Maxwell Baker, the co-founder of The MHP Broker, and brought to you by our proprietary Community Price Maximizer. Use our four-step system through which we’ll help you sell your mobile home park or RV community and guarantee you a higher price. Ask us for details.

Here Are Show Highlights:

• Eric stayed in touch with the owner of GA 60-Pad Mobile Home Park, in South Georgia, for a good six or seven months before his patience paid off and the park owner decided to list it with him. (Eric, 0:51)
• Eric was ready. He had a buyer lined up, someone he’d been talking to for awhile, and the owner had a good offer quickly put in front of him. (Eric, 1:30)
• 60-Pad Mobile Home Park came to Eric’s attention as a company lead through MHP Broker’s ongoing marketing campaign. It was a tidy park, with some new homes on a large footprint. Probably the nicest park in that town. Eric made that point to the buyer, and expressed that 60-Pad Mobile Home Park.
• would quickly find a buyer, if not him. The sale closed successfully. (Eric, 2:17)
• GA 85-Pad Mobile Home Park, Eric’s other recent deal, is a very popular RV community in North Atlanta with a nine month waiting list for tenants. This seller also came to Eric’s attention via a company lead. The seller already had an offer and wanted Eric to consult on the price. Eric toured the park and loved it. Wesley Oaks was in a very hot market and Eric helped his client set a fair and very competitive price. (Eric, 3:16)
• It came in at a very competitive 7 CAP. (Max, 4:00)
• The lesson of the hot market for Eric is that prospective buyers really have to stay in touch with brokers because so many properties get sold about as quickly as they get listed. Those who want to invest in this housing should get back to their brokers within about 24 hours if the broker presents an offer. Both of these recent deals are examples of how quickly good properties turn (Eric, 4:33)
• Related to that last point, buyers need to make sure they’re ready to go if they do find a park that interests them. That means already having a lender relationship, cash lined up, and maybe a template contract that can at least serve as a starting point. (Eric, 6:10)

60-Pad Mobile Home Park and GA 85-Pad Mobile Home Park are two vibrant examples of how hot the market is at this time, especially in Georgia, for manufactured housing communities. Call us. Let us help you sell your park for the most competitive price possible. Just drop us a line at info@themhpbroker.com or give Maxwell Baker a call at 678-932-0200.

Power Quotes on This Episode:

 “I always take the approach that I’m never a salesy guy. I’m here throughout the entire

process to hold your hand, answer questions. But the last thing that I think most (park

owners) want to hear is the guy breathing down your throat every seven days, ‘Hey,

when are you going to list? When are you going to list, when can we sell?’” (Eric, 1:30)

“I had some great folks that I’ve worked with before I knew they were in this market. \

They were looking for parks, they have cash on hand, you know, we’re able to put a

 contract in front of them within 48 hours.” (Eric, 1:30)

“I really think that (60-Pad Mobile Home Park ) was probably the nicest park in town. Very well laid out, a

lot of acreage, some newer homes were brought into the park. And that was just my

Selling point to the buyer. I said, ‘If you don’t want to buy this, there’s going to be three

More that probably are willing to step in and take this as well.’” (Eric, 2:17)

“This one (GA 85-Pad Mobile Home Park) is a nice little trophy deal.” (Eric, 2:55)

“I saw the park, met with him and it really impressed me as not only a great location in

North Atlanta, but that this was an RV park that had an eight to nine-month waiting list.”

(Eric, 3:16)

“No problems with appraisals. Very clean deal, which I like.” (Eric, 4:05)

“North Atlanta is a very hot market.” (Max, 4:17)

“I think the market kind of dictates how quick sometimes you got to move.” (Eric, 4:33)

“As long as you’re staying in front of me, ask me, ‘Hey, what’s new on the radar?’

Because deals cross my desk, they never make it to market. Sometimes there are off–

market deals, such as the ones that we’re discussing and it really is timing being your

best friend. Sometimes I had a deal across my desk on a Monday and you just happen

 to call me on a Tuesday. And hey, you’re going to get an opportunity to hear about that.”

(Eric, 5:34)

( Paul, 1:54)

(On completing rehab of a home and getting sign-off without the buyer actually seeing

 the work.) “…we have gained a level of trust with the buy-side and the sell side that, hey,

these are the pictures the job (that) has been completed and everyone signed off on it.

So itwas that level of agreement that we were able to surpass that hurdle of a home that

needed work.” (Paul, 2:21)

“I’d say 15% of what we normally do is off-market. But as the market is changing, y’all,

 we’ve obviously got to adapt, so we’re seeing a lot more off–market opportunities.” (Max,

3:10)

00:02

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’s your host, Maxwell Baker.

00:22 Maxwell Baker 

Hey y’all welcome to another beautiful episode of The Mobile Park Brokers Tips and Tricks closing cocktail podcast. And once again, we have Eric Wanck here to celebrate and explain brag, however, y’all want to look at it on these two mobile home communities that we just sold and Eric, welcome to the show. Congrats on another little deal closing. Tell me a little bit about 60-Pad Mobile Home Park and then we’ll go into GA 85-Pad Mobile Home Park.

00:51 Eric Wanck 

Yeah, so it’s good to be back on the podcast, especially when we are celebrating talent deals stories and it’s been a very active first quarter here of 22. So no complaints and yeah, two deals down, then one of these deals will jump in on the first one. One was in South Georgia. It just happens to be, certainly didn’t plan it this way. But both of these happen to be off-market parks that I was able to facilitate. This one is a real nice deal. I was able to kind of work with a seller for a good six, seven months, it was just kind of the introductory phone call. He kind of told me. “Well, I’m thinking about selling, I don’t have the park position to where I want it yet”. And it’s really just a follow-up game.

01:30 Eric Wanck 

I always take the approach that I’m never a salesy guy. I’m here throughout the entire process to hold your hand answer questions. But the last thing that I think most people want to hear is the guy breathing down your throat every seven days, “Hey, when are you going to list? When are you going to list, when can we sell”. And I always take the approach of just really being your friend. And I truly take that as wanting to be there with you throughout the process. So this is how I did it with this seller. Great guy, and we eventually got to a point where he was ready to take an offer. I had some great folks that I’ve worked with before I knew they were in this market. They were looking for parks, they have cash on hand, you know, we’re able to put a contract in front of them within 48 hours.

02:11 Maxwell Baker 

Nice, man. That’s great. Tell me how the deal came about. And I can’t remember it was a company lead or …

02:17 Eric Wanck 

Yeah, yeah, I do think this was a company lead mass. You know, we do marketing pretty much all throughout the southeast. Of course, they’re now expanding that but being in the home state here where we’re both of us are located of Atlanta. You know, this was just a short quick drive. Could take a day trip down, take a look at the park, which I did got to see the area. And I really think that this was probably the nicest park in town. Very well laid out a lot of acreage, some newer homes were brought into the park and that was just my selling point to the buyer. I said, if you don’t want to buy this, there’s going to be three more that probably are willing to step in and take this as well. So …

02:55 Maxwell Baker 

The power of the platform. Eric’s really good at sourcing these buyers and maintaining the relationships. So whenever y’all are ready to list or you’re open to just getting an offer, that’s what we do. We’re very good at that. So Eric, congrats on the 60-Pad Mobile Home Park Closing, Tell us a little bit about GA 85-Pad Mobile Home Park. I was really excited about this one. This one is a nice little trophy deal.

03:16 Eric Wanck 

Yeah, and this was another deal that came through the office. It was in the North Atlanta area, just made sense for this gentleman to reach out to us. And he was kind of just seeing where the market was. Not uncommon that we have folks unsolicited offers off market these days to park owners and this was that case. He was calling in, had an offer presented to him. I was curious where I thought the market was what I’m seeing out there. And if I had a buyer, so again, went, saw the park, met with him and really impressed me not only a great location in North Atlanta, but this was an RV park that had an eight to nine month waiting list.

04:00 Maxwell Baker

Wow. Yeah, that’s incredible. I think you got a pretty aggressive cap rate on this, didn’t you?

04:05 Eric Wanck 

Yeah, this was right around a seven cap maybe a little bit sub seven on this. No problems with appraisal. Very clean deal, which I like. Yeah, I think I think both sides. We were very happy at the end of the day.

04:17 Maxwell Baker 

Awesome, man. We appreciate you sharing the details on here. Anything you want to talk about as far as learning curves you have to go through or sounds like on GA 85-Pad Mobile Home Park, you had to move really quick in order to provide that offer there. I mean, in North Atlanta is a really hot market.

04:33 Eric Wanck 

Yeah, definitely. I think the market kind of dictates how quick sometimes you got to move. That’s not only from a broker standpoint, those are listing being on the buyer side. That means you as well, you know, if you have an opportunity presented to you. If I send an opportunity to you or another broker, the best thing that you can do is get back to me within 24 hours. I know life is busy, but if you can do a quick analysis, underwriting give me a call with questions and we can quickly put offer in front of the seller, that’s only going to help your chances because I’m fighting against other buyers. I don’t really know what’s going to happen on off market. And unfortunately, we’re unprotected and another offer could slide in. And next thing you know, the park is gone.

05:14 Maxwell Baker 

Those off market deals can get squirrely really quick. And it’s tough to do a bunch of front end due diligence. So the contractor close ratio is going to go down typically, we just did a podcast episode about that selling your park off market. But hey, if you’re a buyer out there, Eric, what can they do to stay on your radar to see these kinds of opportunities?

05:34 Eric Wanck 

Yeah, absolutely. And I say this time and time again, stay in front of me somehow, it could be a text message, a phone call, an email, any of them work, sometimes just an email is fine, because I do have a lot going on during the day and juggling a lot of things. But as long as you’re staying in front of me, asked me, “Hey, what’s new on the radar?”, you know, cause things crossed my desk, they never make it to market. Sometimes there are off market deals, such as the ones that we’re discussing and it really is timing being your best friend. Sometimes I had to deal across my desk on a Monday and you just happen to call me on a Tuesday. And hey, you’re going to get an opportunity to hear about that.

 06:09 Maxwell Baker 

Yeah, man.

06:10 Eric Wanck

The second thing I’ll add to that Max is, as a buyer, you want to have your ducks in a row, so to speak, if you’re really aggressive on these off market parks. So what I mean by that is make sure that you have that lending relationship, make sure you got your cash ready to go, maybe you already have a contract, that’s sort of a template that we can work off from speed is of the essence. And if you can show that, hey, we can get the deal done. Here’s a contract. Here’s my offer, you know, quick terms, the better. You know, if we can do a 30 day due diligence, cash close, awesome. If you’re doing financing, let’s try not to make that any more than 60 days with a 15 day close. You know, just presenting terms that get the deal done showing a track record is gonna help you get in front of some of these opportunities.

06:55 Maxwell Baker

Yep, always sound advice from Eric Wanck. Here at the firm. He’s done quite a few deals since he’s been here. He’s one of our top agents actually was a top agent last year with his wrestling belt that we all celebrated in Mexico with congrats again, Eric on this. And if you’re a seller, and you’re listening to this, because you got one of our just sold postcards, give Eric Wanck call and that number is (678) 932-0200. If you’d like an offer on your community, or if you would like to exclusively list your community with us, and all in turn that this episode is always brought to you by the Community Price Maximizer. It is our proprietary system that will guarantee you a higher price when you exclusively list your community with us. Happy to talk to you through it. It’s a four step program. Eric is well versed in it so yeah, give us a call again. That number is 678-932-0200. Eric, thanks again for joining us on the closing cocktail and let’s keep moving forward on this and see what’s up next.

08:01 Eric Wanck 

As always appreciate the time and love bragging about the deals. Let’s do some more.

08:05 Maxwell Baker 

Alright man. Thanks.