The MHP Brokers Tips and Tricks Interview with Eric Wanck about his two-park sale in Talladega County, AL

In this episode of The MHP Broker’s Tips and Tricks podcast, Maxwell Baker, president of The Mobile Home Park Broker, interviewed MHP broker Eric Wanck regarding the challenges he faced in his two-park sale in Talladega County, Alabama.

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 recently sold a two-park portfolio in the Talladega, AL area. They were good parks, with city water and nearly full occupancy. But there were also challenges, such as the fact that both parks had fewer than 30 pads, and it was a mix of park-owned and tenant-owned homes. Also, there weren’t a multitude of qualified buyers in the local economy. As a result of the various challenges, the parks sat on the market for four months. Then a buyer’s agent approached Eric with a client who was a local investor who could buy one of the parks with no financing. As a result, that park closed quickly, in about 30 days. (Eric, 1:22)

– This sale proves that even smaller markets can sell. It was a good job on Eric’s part, especially when you factor in that Talladega is a very small town, with few potential investors. (Max, 3:13)

– It was a win-win for everybody. (Eric, 4:29)

– Do you have a smaller-market mobile home park with all sorts of challenges thrown in? Contact Eric Wanck or Max Baker at The Mobile Home Park Broker, (678) 932-0200. You can also drop us a line at info@themhpbroker.com.

Power Quotes in This Episode:

“Talladega is a prime example of us being able to succeed when others could not.” (Max, 3:13)

“We keep grinding, so to speak, for the seller, and trying to find a buyer. At the end of the day, they were very happy and it was a win-win all around.” (Eric, 4:29)

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 epic episode of the mobile home park brokers Tips and Tricks podcast. As always, this episode is brought to you by the Community Price Maximizer is our proprietary system that will guarantee you a higher price. When you exclusively list with us, give us a call 678-932-0200 and today we have another closing cocktail with a deal that was next to impossible to sell. But Eric got it done. And this one was in all places. Talladega is where all dreams are made and sometimes crushed depending on if you go to the Talladega in a NASCAR race.

01:08 Eric Wanck

Speedway, I think is the only thing to see in Talladega. I’m not sure.

01:14 Maxwell Baker

I don’t recommend going in, it is a poop show over there (laughs)

01:22 Eric Wanck

This one was definitely unique one max and so it’s good to be on the podcast. Yeah, this was actually a two park portfolio, both right there in Talladega County, and the Talladega area and yeah, I mean, they these are tough parks to sell because they’re they’re less than 30 pads apiece, they mostly cater to local investors. Even though we have a nationwide database, you’re really looking for that investor that wants to have some boots on the ground for the most part. You know, that’s that’s not the easiest folks to find sometimes, but, you know, we’re here we’re talking about and we were able to get it closed, we did have, I think a good four months on the market with this one, which doesn’t surprise me with just the challenge of being a smaller Park. Then it was kind of a mix of park owned homes and tenant on home. So you know, it had good occupancy was on city water. And we eventually ended up having a buyer’s agent reach out. And they had a local investor, no surprise that they had a local investor who was looking for a park and this just fit the bill. So we certainly cooperate and work with other agents out there. And hey, we’re about getting the deal done and what’s best for our client. This was actually a very smooth deal ended up being a crash closing 30 day, the look and close, which is and doesn’t happen a whole lot in our business, but it wasn’t too big and there, you know, no financing so…

02:53 Maxwell Baker

Quick and easy. And I’m working out when I’m working out.

02:57 Eric Wanck

Yep and that same buyer, they put both of them under contract. We just kind of put a longer timeline on the second Park and when they could get the financing around to get that one done. So ended up being a win-win, even though they didn’t close both at the same time.

03:13 Maxwell Baker

Yeah, nice man! This was a tough deal. Like I said, dega is a smaller market and there’s really not much going on over there except for the Talladega roadshow or speech, you know, NASCAR race that they have going on there. But outside of that, I mean, it’s a sleepy kind of Alabama town that you know, was found a local buyer through all the picking up all the rocks and you know, sifting through all the bushes, Eric did all that and was able to find a buyer with obviously there was another agent involved. But we were able to source somebody actually come and buy it. So, if you girls or guys out there have some stuff in your smaller markets, give us a call. We do sell a lot of those and are very successful at it and has been able to also source debt. We won’t go into it. Yeah, we have another closing cocktail, but we had a smaller deal and Alabama, that just closed as well, that had a hard time getting some debt on but we were able to source it. So, you’re not willing to carry paper. That’s not a big deal typically, because we’re able to source the data and make it a cash transaction for you and Degas is a prime example of us being able to succeed where others could not. So, Eric give any closing comments on Degas before we sign off here?

04:29 Eric Wanck

Hey Max, that’s it. I mean, you said it well and not the easiest of deals to move but like you said, Max, we do have the database. We keep grinding, so to speak for the seller and trying to find a buyer and at the end of the day, they were very happy and it was it was a win-win all around.

04:48 Maxwell Baker

Yeah, definitely. Well, as always appreciate you all the good work that you do at the firm. And if you guys ever have any questions or would like Eric to give you a free analysis on your community or communities, give us a call (678) 932-0200 And as always, we will keep moving forward, and we look forward to hearing from you. Thanks for listening!