In this episode of The MHP Broker’s Tips and Tricks podcast Closing Cocktail, Maxwell Baker, president of The Mobile Home Park Broker, chatted with broker Jeff Dodge about his recent close on Crawford County Estates, near Macon, GA.
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:
- Jeff successfully closed on a deal in Georgia that had a bit of drama toward the end. (Max, 1:09)
- This was a sprawling 52 acre parcel with 52 lots in Lizella, GA., just 10 miles from Macon. It included 36 park-owned homes and 13 vacant lots. Crawford County Estates offered a great opportunity for the right investor to infill, add tenants, and increase rents to local market values. Jeff received multiple offers, and they went with an experienced mobile home park buyer. Both parties were happy with the results. (Jeff, 1:27)
- They did some creative financing to close the deal, and got close to the list price. It wasn’t without drama, however. The buyer’s issues with his 1031 tax deferral on another sale slowed the deal down toward the end. The buyer was only able to close on the other deal the morning of the day that they had to close on the park. There was a flurry of phone calls, most of them handled by Jeff, but they were able toseal the deal just before the clock ran out. (Max, 2:17)
- Jeff had to deal directly with the lender toward the end to keep the sale alive, but the potential crisis was averted*. (Jeff, 3:07)
- Generally, summers are dead for mobile home park sales, and the business picks up in the fall. But this year, sales activity has been very heavy since early August, so it’s a better year than most. (Jeff, 4:31)
Regardless of the season, you need to reach out to Jeff, Max, or the rest of the team at The MHP Broker if you want to sell your park or get a good idea of its value. Call us at (678) 932-0200. Or drop us a line at info@themhpbroker.com.
Power Quotes in This Episode:
“…must have gotten 30 calls trying to make sure things were being done. I know Jeff was taking the blunt of all of that. So Jeff, thank you for dealing with all of that, but you did a great job.” (Max, 2:17)
“…this is the first time we really had to jump in and really work directly with the lender.”* (Jeff, 3:07)
“…we can get it done regardless of the issue. Just give us the opportunity to work with you and I guarantee we’ll find the right buyer for your property. Yeah, we are good at finding all of the drama on your deal upfront.” (Max, 3:47)
00:00
Hello and welcome to the Mobile Home Park Broker’s 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
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 Price Maximizer. It is our proprietary system. No other one like it. Bada bing bada boom, 4 step process, give you the guaranteed highest price you can get. When you exclusively list your community with us, promise you that we will put all of our resources to make sure you get that high price but, enough of that, today we are talking about another beautiful closing cocktail. So, Jeff, Dodge, welcome to another epic episode of the closing cocktail series.
01:07
Hey Max, happy to be here with you!
01:09 Maxwell Baker
Yeah, man, I’m excited that we got this deal done. Oh Crawford village. It was quite the deal, a lot of drama. So give us some details, dude. I got the honor to serve beside you on this deal; as we were working it together, but give us the skinny on it, man.
01:27 Jeff Dodge
Yeah, me as well. Always a pleasure working with you, Max, on a deal. Glad to see that we could get it done. So, Crawford County Estates located in Lizella, Georgia, just about 10 miles southwest of Macon. For those that don’t know, 52 lots on over 52 acres. So, a good plot of land there, 36 Park on homes, 310, and 13 vacant lots. So, obviously you can see there’s great value add opportunity for infill and adding tenants, larger property over 52 acres, room to expand and there’s also room to increase the rent, so it was a really good value added opportunity for the right buyer. We ultimately received multiple offers. It did take us a bit, as you know, to find the right buyer. We weeded through a few of them, but once we did, we were able to negotiate a deal that the seller was very happy with. It was an experienced buyer that we worked with. They were a pleasure to deal with and just happy to get it done for both parties.
02:17 Maxwell Baker
Yeah, we were able to get pretty close to list price on it. It had a little bit of creative financing, but it ended up working out pretty well, so grateful for that. We had a lender, we didn’t source it, but luckily we had a good relationship with that lender*. We were able to micromanage it all the way to the closing. Had some drama at the end with some 1031, actually wasn’t even 10:31; it was just using the proceeds to buy some more real estate and it literally closed one at like 10 a.m. and closed the other one at 5 p.m. on the same day (laughs). Something along those lines, and it was full of like, must have gotten 30 calls trying to make sure things were being done. I know Jeff was the; was taking the blunt of all of that. So Jeff, thank you for dealing with all of that, but you did a great job. What were some of the biggest training moments you got from this deal?
03:07 Jeff Dodge
Well, just to start, this is the first time we really had to jump in and really work directly with the lender*. Once we learned that the lender’s timeline was going to be a pretty big issue for the seller because of that, you know, personal deal that he had on the side, you know, we, you and I jumped in and we contacted him and I got that process expedited quite a bit actually, expedited quite a bit to get it to get it to work, and we stayed on top of them throughout the process. So, you know, learned a lot about that, just that really honestly learned again that regardless of the issue, we’re going to find a way to get it, find a good resolution, you know, regardless of what it is and this was something different, but we jumped in and we can, we can get it done for him.
03:47 Maxwell Baker
Awesome, man. Any closing comments on here before we wrap this up? I really just want to say, like, as I said, you know, we can get it done regardless of the issue. Just give us the opportunity to work with you and I guarantee we’ll find the right buyer for your property. Yeah, we are good at finding all of the drama on your deal up front. So, you know, I always say that problems don’t kill deals, surprises do. We’ve always been really good at identifying problems and getting ahead of the eight ball there in order to make sure we nip it in the butt and prevent deal sabotaging activities from happening. So Jeff, congrats, dude. It was great working with you. I look forward to another one. We’ve got some more deals closing here soon.
04:31
The market’s starting to change. It’s been a little slow, but it’s starting to get a little, a little exciting again now that we’ve picked up substantially a ton of listings and, you know, in the summertime is always happen, the brokerage game is always super slow because everybody’s on vacation with their kids and enjoying life like they should be but the fall time is when we start seeing way more activity and it’s already starting here at the beginning of August. So, give us a call (678) 932-0200 ask for Jeff, ask for Max, or you can email us at info@themhpbroker.com and happy to make all your disposition or acquisition dreams come true, here at the MHP Brokers. So, as always, thanks for listening and let’s keep moving forward.
*We are not acting as a mortgage broker, lender, or loan originator. Our role is limited to introducing potential borrowers to trusted lending partners. All financing terms are negotiated directly between the borrower and the lender. This service is only offered in jurisdictions where such introductions are legally permitted. If you are located in a state where these services require licensure or are restricted, please disregard this message as it is not intended as a solicitation.
