The MHP Brokers Tips and Tricks Closing Cocktail Podcast, Paul Schaaf Muldraugh MHP Interview

August 9, 2023 by Maxwell Baker

In this episode of The MHP Broker’s Tips and Tricks Closing Cocktail podcast, Maxwell Baker, president of The Mobile Home Park Broker, interviewed rockstar broker Paul Schaaf about his experience selling Muldraugh, a mobile home park in Kentucky.

This and every Tips and Tricks podcast episode 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. Ask Max for details.

Here Are the Show Highlights:

  • Leading company broker Paul Schaaf was interviewed by Max on his recent transaction selling Muldraugh MHP in Kentucky. (Max, 0:22)
  • This was a park that had been owned and operated by the sellers for around 30 years. The couple wanted to retire, and asked Paul to help them exit the property properly. Paul helped them prepare the park for an optimal transaction by getting their books and financial records in order and boosting rents to market value to make the revenue more appealing to investors. As a result of all of this upfront attention and diligence, they got a few offers almost immediately. They quickly found a buyer and closed in the 28th day of a 30-day close. (Paul, 1:25)
  • The seller extended some lending to expedite the deal, but under very good terms for both parties. The community consisted of mostly park-owned homes, in addition to a eight-plex dwelling. In all, it was a very attractive package of housing inventory, with rents that supported the shell value of the homes. (Paul, 2:49)
  • Paul helped establish the value of the homes and the eight-plex. The approximately 37 homes had their value set individually, for about $34,000 apiece. This was a very good price for POHs in this market. Paul also showcased the maintenance and upkeep performed, and the low turnover rate on each home. They were further able to show that when a unit did become available, it was filled in as little as a week or two–a very positive finding. (Paul, 3:32)
  • The valuation of the eight-plex unit was set by taking into consideration all of the rents and the expenses on it. (Paul, 4:34)
  • The buyers were experienced investors, having owned parks in several other states. The area appealed to them due to the thriving local economy, with jobs associated with a new Ford billion-dollar auto battery plant and a $1.7 billion core plate steel mill. These and other employers made it a strong area for economic development, with workers who’d need abundant affordable housing. (Paul, 4:47)

When it comes time to sell your mobile home community in Kentucky or elsewhere, let The Mobile Home Park Broker go to work for you, with our innovative Community Price Maximizer platform to optimize your park value. Just drop Max Baker a line at or give him a call at (678) 932-0200. Work for Max, or ask for Paul.

Power Quotes in This Episode:

It was just a great relationship established between us and the owner, and they trusted us to get the job done and we were very successful. We actually rolled this out to the market and immediately had a few offers.(Paul, 1:25)

So, it was a big home value. But it helped having all the titles together, you know, (and) good pictures of each unit.” (Paul, 3:32)

“We’re here to make sure everyone is satisfied at the end of the day, and looking forward to more opportunities coming up here in the rest of the year.(Paul, 5:48)


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.

0:22 Maxwell Baker

Hey y’all welcome to another beautiful episode of the mobile home park brokers Tips and Tricks podcast. Today’s episode as always, is brought to you by the Community Price Maximizer. It is our proprietary system that will guarantee you a higher price when you exclusively list with us. And today, we have a one of our rockstars on our team, Paul Schaaf. Welcome to the closing cocktail of the park of Muldraugh feel like I have to have a glass of wine when I say Muldraugh.

0:59 Paul Schaaf

That’s right, a nice Pinot Noir would be good or something.

1:03 Maxwell Baker

It would it would, crackers and grapes.

1:07 Paul Schaaf

A whole spread there for sure.

1:09 Maxwell Baker

For sure. So, tell us a little bit about this deal, how it came to fruition. And if you had any learning curves for any of the sellers out there that are interested in maybe learning about how we do deals and how we bring offers. Give us a little lowdown.

1:25 Paul Schaaf

Definitely. So, we worked with these owners who had had it in their name for close to 30 years or so, you know, had dedicated so much effort and money into the business and we’re looking to finally retire, they needed to really gain our insights on how to exit properly and we were very thorough, we took our time with it because they had to get all their books and records together. Also, improve operations from management transition, their leases, and also pad rent compared to home rent, and getting those up to what market was. So, the value was there for the next investor. So, it was definitely a lot of discussions on how to run it out to the market properly. It was just a great relationship established between us and the owner and they trusted us to get the job done and we were very successful, we actually rolled this out to the market and immediately had a few offers. The one that prevailed was a 30-day close and I think we hit it on day 28 Pretty much clean deal due to all of the diligence we did on the front half to close it quickly. So that’s it in a nutshell.

02:48 Maxwell Baker


02:49 Paul Schaaf

Whole deal. You know, as far as what we learned from it, you know, we did have to get into a little bit of a seller carry on it, just to help expedite things from a third-party perspective. But those were very good terms for both sides of the table. It was parked owned home predominantly, also with an eight Plex on there. So, we really just had to showcase.  Hey, it was a great inventory, and it was well kept and the home rent supported the shell values of the homes. So that’s kind of it in a nutshell again.

03:25 Maxwell Baker

Yeah, appreciate that. How did y’all come to value? The park own home? And the wish there was an eight Plex?

03:32 Paul Schaaf

Yes. So, as far as the homes, we you know, diagnose each one individually, and really came up with, you know, exact values for each and estimates. So, we had about 37 of them. They are, you know, came in around 34k at home. So, it was a big home value. But it helped having all the titles together, you know, good pictures of each unit, and also what maintenance and supplies they had done on a regular basis and we also showcase the low turnover rate for each unit. Then when a unit did become unoccupied, the turnaround time to get it filled back in was less than a week or two so.

04:17 Maxwell Baker


04:18 Paul Schaaf

It was just a good market for POH’s is and then also the rents were still on the market, leaving plenty of you know opportunity for the next investor.

4:30 Maxwell Baker

Yeah and then that eight Plex how was that valued?

04:34 Paul Schaaf

We just underwrote it with all the rents and the expenses on it. And that’s how we came to our valuation on it

04:41 Maxwell Baker

Yeah, yeah and the buyer profile, remind me of what…?

04:47 Paul Schaaf

Yes, so this was a they had owned a few parks before, mainly in your blue and some purple states. And they made a good exit on those and we’re looking to 1030 won some money into more landlord friendly state. And they were looking for more developing areas. Another cool aspect about this area was all the investment going on with Ford in their battery plant, which is about close to, you know, billion-dollar investment there. And then also new core steel plate mill there. That was another $1.7 billion-dollar investment. So, economic development coming to the… …area, a lot of employees, a lot of contractors for the next five to 10 years. So long runway for affordable housing in the area.

05:42 Maxwell Baker

Nice. Well, any appreciate all the feedback there any closing comments here before we sign off?

05:48 Paul Schaaf

Not think that’s it, you know, we’re just here to make sure these owners are well represented, and also there for the buyers. So, they understand, hey, there’s still plenty of upside in the deal. And we’re here to make sure everyone is satisfied at the end of the day, and looking forward to more opportunities coming up here in the rest of the year.

06:11 Maxwell Baker

Nice, man. Well, congrats again. Well, cheers you some Pinot Noir? A little bit?

06:18 Paul Schaaf

Thank you, well, I guess I’ll probably we probably want to move on to the bourbon, you know, and the whiskey for this area, because we’re not too far from the horse tracks.

06:27 Maxwell Baker

That’s true man. We just, we just pass through the derby just went through last weekend, I think.

06:33 Paul Schaaf

That’s right, definitely. Horse country here. It’s a pretty neat area. So, Kentucky great market and looking forward to more deals in that area.

06:42 Maxwell Baker

Yeah, man, we’re grateful for you and all the work you did here. As always, y’all. This episode is brought to you by your Community Price Maximizer. As Paul has shown, we were able to get the seller, the highest price possible with a qualified and excited ready 1031 Exchange buyer. So, give us a call at (678) 932-0200 or shoot us an email at info@theMHP Feel free to give us a call. Ask for Paul. He’s our rock star up in Kentucky. Really. He’s out of Charleston, so he works really all up and down the eastern seaboard. So, give us a call. We’d love to hear from you. And, as always, let’s keep moving forward.


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Maxwell Baker

Maxwell R. Baker founded The MHP Broker in 2009 as a commercial real estate broker specializing in helping Investors buy and sell mobile home communities throughout the Southeast. His family got started with mobile home parks in 2000 where Max gained experience in management, rehabilitation, and selling mobile home parks. Today, The MHP Broker has grown to a team of several agents with expanded services focused on owner and investor brokerage services, mobile home park audits, and in-depth market research, resulting in the sale of over $500 million worth of mobile home communities.