The MHP Brokers Tips and Tricks Podcast, Hosted by The MHP Broker Founder and Co-Owner Maxwell Baker

In this latest episode of The MHP Broker’s Tips and Tricks podcast, Max takes to the microphone all by his lonesome. He’s discussing the very challenging closing of Fort Morgan RV Park in Mobile, 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:

This particular deal had its challenges from the get-go, with plenty of drama involved including personal matters of the sellers that teded to get in the way and slow things down. (Max, 0:22)

Fort Morgan RV Park was an ideal community, one located right on the waterfront in Mobile, Alabama. It was a mostly long-term RV community, and perfect for transition to a tiny home community, which was and is the buyer’s intention. It had city water and septic, and the rents were under market rates, so there was room for a revenue boost there. The bid price was pretty close to the list price. Perfect, right? So what was the problem (or problems)? Max, 1:14)

For starters, there was another broker involved in the deal, which tended to muddle things down a bit. But a bigger problem was all of the contracts that fell through. The first would-be buyer couldn’t get funding. So a second buyer stepped in with an all-cash offer we were about to accept when the first guy came back with a better offer and said he was ready this time…but not so much. He stll couldn’t make it. At this point we had nothing and assumed the deal was pretty much dead in the water. But then the once-rejected buyer, the one with cash, came back into the picture and Max was able to close with him. That happened a couple of months ago. (Max, 2:00)

The Fort Morgan RV Park closing story is a reminder that not all “dead” deals stay that way. If the broker and seller stay patient and flexible, many of these “zombie deals” can actually be brought back to life. (Max, 2:52)

Not every transaction goes off without a hitch–and some hitches can be big and ugly ones–but each can come to a satisfactory close if all involved parties work together and are determined to get it done. (Max, 3:27)

Let The Mobile Home Park Broker handle all of your deal’s headaches, hitches and drama storms. They’ve pretty much seen it all. Just reach out to Max Baker and his team at The MHP Broker, (678) 932-0200. Or drop ‘em a line at info@themhpbroker.com.

Power Quotes in This Episode:

“(This deal) was filled up with drama all the way from the beginning to the end.”  (Max, 0:22)

“A lot of these deals, I call them zombie deals because they die and then they’re resurrected.” (Max, 2:52)

“I’m happy that the seller was able to get what they needed out of the deal and finalize their personal matters and I’m just grateful that were able to get it done.” (Max, 2:52)

“There’s some of these deals like this one, which leave you scratching your head one day and then pulling your hair out the next and then crying gracefully all the way to the closing table…(but) we did get it done. All cash.” (Max, 3:27)

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. As always, this episode is brought to you by the community podcast Price Maximizer. It is our proprietary system that will guarantee you a higher price when you exclusively list with us. Give us a call 678-932-0200 or email us at info themhpbroker.com. I am very. Excited today because we have a deal. That just recently closed. So it was just me solo. So I’ll talk a little bit about was down there in Southern Mobile, Alabama, Roll Tide. And this deal was called Fort Morgan RV park. It was filled with drama all the way from the beginning to the end. The reason why they were selling is they had some personal matters that they were trying to navigate. The personal matters ended up bleeding into.

01:14

Let’s just say it was a little dramatic to get it done, but we were able to get it done. From what I remember, this community was right on the water. It was a perfect deal that could have been converted or that probably will be converted into a tiny home community. It was mostly a long term RV community. The pricing was; we had it under contract, I’d say probably like two, three times. Pricing went pretty close to list price and yeah, so it did have city water and I believe had septic tanks. Room for expansion had under market rents. So overall this deal was really nice other than the personal drama that we had to deal with as far as selling the community.

02:00

You know, I’m trying not to disclose too much, but there was another broker on the deal that was interesting as well. I’ll just say that. But we got it done. They were able to come in all cash. We had it under contract twice. First guy couldn’t get the money, second person was ready to close all cash, then got beat out by the first guy. But the first guy, like I said earlier, couldn’t get it done. So we thought we had lost the deal and it was dead in the water. We just wanted to wash our hands of it because it was just filled with drama. It was just like; it’s not worth it just because of how dramatic it was. What ended up happening was that buyer that got beat out came back to the table once we got through negotiating with the broker and all their shenanigans, were able to get it closed here a couple months ago.

02:52

I would say the biggest training moment that I learned from this deal was to be patient.  A lot of these deals, I call them zombie deals because they die and then resurrect. I’d say that happens a lot these days. A lot of communities will die right; on the limb and then surprisingly, they’ll start budding the most beautiful flower you’ve ever seen. So, that was definitely this deal and I’m happy that the buyer got it. I’m happy that the seller was able to get what they needed out of the deal and finalize their personal matters and I’m just grateful that were able to get it done.

03:27

So, like I said, we do a lot of deals, good shiny white glove. Deals that are real easy to put together and then there’s some of these deals like this one, which leave you scratching your head one day and then pulling your hair out the next and then crying gracefully all the way to the closing table that it actually made it. So, it was definitely one of those deals that where we had to practice our stoicism in order to make sure we could provide as much value as we could for the seller. So, if you guys would love to talk about it, I’m happy to discuss the deal. But like I said, it was a massive turnaround deal. It was waterfront. We did get it done. All cash. Yeah, pretty much it.

04:13

Closing comments. Like I said, training moment was to be as stoic as possible with all these deals that are closing and also be patient and be consistent. That’s literally the story of success in real estate. So, give us a call. As always, I’m happy to talk to you.

04:33

My name is Maxwell Baker. I am the CEO of the Mobile Home Park Broker. Happy to provide as much value to y’all listeners out there and community owners and see what we can do for you. Give us a call (678) 9320-200 or email me at info@themhpbroker.com Thanks for listening, y’all, and let’s keep moving forward!