The MHP Brokers Tips and Tricks Closing Cocktails Podcast Interview with Broker Eric Wanck on the Lake and Acres MHP Deal

In this episode of The MHP Broker’s Tips and Tricks Closing Cocktails podcast, Maxwell Baker, president of The Mobile Home Park Broker, interviewed The MHP Broker’s Eric Wanck on his recent Lake and Acres Mobile Home Park sale.

Just like with every Tips and Tricks Closing Cocktails podcast episode, this one’s 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 up Max for details.

Here Are the Show Highlights:

• Max Baker asked Eric Wanck to review his successful transaction in selling Lake and Acres Mobile Home Park. (Max, 0:22)
• The park owner approached Eric to ask him to sell Lake and Acres, an approximately 50-pad park in a good location, with city water and sewer, but with about fifty percent vacancy. Eric saw it as a nice value-add potential and was eager to take it on. At this same time, Eric was selling another park for a seller who turned out to be interested in buying Lake and Acres. As it turned out, the Lake and Acres buyer sold his park the day before he closed on buying Lake and Acres, so it was a very busy 24 hours for Eric. (Eric, 0:55)
• Lake and Acres had a mix of park-owned and tenant-owned homes, and was in need of a little tender loving care. Eric realizes that parks in less than ideal condition and in need of rescue can be just what certain investors are looking for. This was such a park. (Eric, 2:27)
• The park that Eric was in the process of selling for the eventual buyer of Lake and Acres was going for a couple of million dollars more than Lake and Acres, so the eventual buyer had the money to invest. He didn’t have to take out a loan and so there were no issues with appraisals taking time or going south. (Eric, 3:17)
• One of the lessons Eric learned on the deal was the importance of patience. While he was able to put buyer and seller together quickly, the closing took longer than expected because they had to wait on the buyer’s close on the park he was selling. (Eric, 3:59)

If you’re an investor interested in buying and selling mobile home parks, Eric Wanck and The Mobile Home Park Broker can help you on both ends of your deals. Contact The MHP Broker at (678) 932-0200 or drop them an email at info@themhpbroker.com.

Power Quotes in This Episode:

“We closed on (the buyer’s) park and literally the next day turned around and closed on  Lake and Acres. So, it was a beautiful transaction all around.” (Eric, 0:55)

“At the end of the day, it’s all about getting to the finish line. Both parties understood and  there was a firm commitment from the buyer here to close, and that’s what we got here.” (Eric, 3:59)

“I love how every deal is a little bit different, and this one was definitely different in it own  right, but hey, back-to-back closing almost on this one. I’d love to do them again!” (Eric, 5:11)

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 a another impeccable, beautiful, amazing episode of the mobile home park brokers tips and tricks, podcast. As always, this episode 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. Give us a call. Love to explain it to you and one of our All-Star agents here Eric Wanck is here on the show. Eric, tell us about lakes and acres man and welcome to the show. Congrats on the cleansing.

00:55 Eric Wanck

Yeah, thanks, Max. Always good to do these podcasts talk about closing deals. That just means we made a buyer and seller happy. This particular deal Lake & Acres was a nice little deal that we picked up. This gentleman I believe even came to us off one of our prior listings, looking to sell a park that he had roughly 50 pad, half of it was vacant, large value add opportunity here. But the good thing is it was a decent MSA, city water and sewer and it was just looking for the right operator. This particular deal probably I mean, we’ve done a lot of these max and I think this one has something that we’ve never had before the buyer on this particular deal we had a great relationship with previously and we’re actually selling his property while we were under contract and close. You know, we love doing business with us folks that do business with us a little model that we have with our company. This one’s no different. We knew this gentleman owned some parks down in this area and hey, it just sort of worked out as far as timing. We closed on his park and literally the next day turned around and closed on Lake & Acres. So, it was a beautiful transaction all around.

02:20 Maxwell Baker

Definitely a rare one but definitely amazing to be able to do that for him. I’m sure he was pretty happy, right?

02:27 Eric Wanck

Yeah, yeah, very happy and of course, he’s kind of always hitting us up to see if we got anything else done in that area. But he’s gonna make some good money on this one. It was kind of a mix of Park Owned  homes and Tenant Owned Homes in there needed some TLC, so to speak but, he loves these value add deals where, you know, there’s there’s mismanagement, or maybe books and records are bad, you know, a lot of these cues out there that I’m sure you buyers are looking for as well but, you know, relatively smooth deal, the 1031 money came in, didn’t have to worry about, you know, appraisal contingencies and anything like that, we’re able to get it done. Pretty smooth.

03:05 Maxwell Baker

Nice, man. Well, congrats on this. Tell us a bit about the total about the buyer. Well, I mean, the buyer was the seller (laughs)

03:17 Eric Wanck

(laughs) yeah, it was a larger Park, the one that he was selling was shoot probably a couple million dollars more than this. So, that’s why I say he was continuing to contact us even after closing on Lake & Acres here, because he had some more money in the 1031 to deploy. Yeah, just a great, great buyer. This is what we enjoy working with, folks that not only continuing to buy for us, but every once in a while, they make that value add proposition and they come back to us in two, three years’ time and they say, Hey, let’s maximize the exit here. Let you guys sell it. This is a solid relationship, an example of just that.

03:55 Maxwell Baker

What do you think you learn the most out of this deal?

03:59 Eric Wanck

Patience, this one looked like a slam dunk on paper and every mobile home transaction is a little bit different. Yeah, we actually have this one listed, ready to go to market and we don’t typically do this a ton. But if we have the right buyer and we have these relationships, we just see if it’s a fit for him and we might put it under contract before we hit the market. This one was one of those cases but because of his other property selling really, he was done with DD and we, thankfully had a seller on the other end that didn’t have a timeline, or he needed to close ASAP. So, we we had to sit around for a little bit and be patient with the closing process. Yeah. And we were able to kind of negotiate make sure the seller just didn’t feel like he was being used here because at the end of the day, it’s all about getting it to the finish line. Both parties understood and there was a firm commitment from the buyer here to close and that’s what we got here.

05:00 Maxwell Baker

Nice, man. Well, we appreciate you giving us a little bit of the secret sauce that made it happen here. Any closing comments here before we wrap up, man?

05:11 Eric Wanck

Yeah, that was pretty much the gist on it. I love how every deal is a little bit different and this one was certainly different in its own right but, hey, back to back closings almost on this one. Hey, I love to do them again!

05:26 Maxwell Baker

Yeah, man definitely! (laughs)

05:28 Eric Wanck

(laughs)

05:30 Maxwell Baker

Line ‘em up man. So, if y’all sellers out there, have some deals that you’re thinking about selling and maybe you want to exchange it into another deal, like, case in point right here. Eric Wanck was able to pull it together. We sold a park found another deal, put a minute. So, if y’all have some deals out there that you want to trade up, we’re looking to trade along with something else. Give us a call (678) 932-0200 or email us at info@themhpbroker.com. Obviously ask for Eric Wanck because he is the subject expert on this matter. So, yeah, we appreciate your time and let’s keep moving forward!