The MHP Brokers Tips and Tricks Podcast Interview with The MHP Broker Jeff Dodge About His Recent Tallahassee Mobile Home Park Estates Closing

In this episode of The MHP Broker’s  Tips and Tricks podcast, Maxwell Baker, president of The Mobile Home Park Broker, briefly interviewed company broker Jeff Dodge regarding his closing of an expansive Tallahassee, Florida mobile home park.

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 explained that one potential challenge to this Tallahassee Mobile Home Park Estates deal was that the owners lived in another state and weren’t present during most of the transaction. In fact, it was their physical distance from the park that motivated their decision to sell, and to invest the proceeds closer to their home. (Jeff, 1:04)
• This transaction proves the point that The MHP Brokers can transact a sale whether or not the owners are present, from running drones to calculate footage to handling the underwriting and all contact with buyers. (Max, 1:28)
• The park had 90 percent occupancy, with 20 lots on about 15.5 acres. There were 11 tenant-owned homes and 8 park-owned homes, with one unoccupied home and one vacant lot. Being part of the thriving major city of Tallahassee and having city water and paved roads throughout, and plenty of room for expansion on those fifteen city acres, there was a lot of buyer interest. As a result, there were multiple offers, and the one they went with was a buyer who owned other parks in the area, and the brokers had worked with him in the past. The buyer was able to get bank financing, and the deal closed promptly. (Jeff, 2:06)
• Well, there was one little hitch. A lawyer forgot to include his fee, so MHP Broker had to do a little price haggling at the end. That proved a little harrowing for a while, but it all worked out fine in the end. (Max, 2:58)
• What Jeff learned (or relearned) from the transaction was that unforeseen issues can come up at any time. Sometimes you have to be creative, but the issues can all be dealt with if you think it out, and the transaction caan close to everyone’s satisfaction. (Jeff, 3:30)
• The Mobile Home Park Broker won’t let your deal go south. They’ve got tons of experience keeping deals on track and closing to the satisfaction of all parties. And you don’t even have to be on the scene while they handle your transaction. So reach out to Jeff Dodge, Max Baker or other team members  at The MHP Broker, (678) 932-0200. Or drop them a line at info@themhpbroker.com.

Power Quotes in This Episode:

“We had a little bit of drama at the closing when one of our attorneys forgot to add his fee, so we had to negotiate that out a little bit. Everybody got a little fluffy-tailed, but ultimately, Jeff was able to do the negotiation and get that closing. So yeah, it was a little scary there at the end, because everybody was getting all up in hands about it, but we were able to get it done.” (Max, 2:58)

“Even though issues can arise any time up until closing…we can always find a good resolution and…sometimes we have to get creative. You know, those things can come up at any point and you have to be ready to overcome (them).” (Jeff, 3:30)

“I’ll just say that we’re able to get to the finish line, and both parties were happy with the outcome eventually, and (to) everybody out there listening, we typically can find the right buyer for you. So, just give us the opportunity.” (Jeff, 3:58)

“We can get funding. We can find the buyer. We can make the experience white-glove for you (the seller).”  (Max, 4:07)

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 podcast, and every podcast, 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 (678) 932-0200, today. Very excited to have another closing cocktail. Jeff Dodge has gracefully closed another deal down in Tallahassee. Deal was, needless to say, interesting, just like every other deal these days, but Jeff, congrats on closing another one. Tell us a little bit about Tallahassee. Welcome to the closing cocktail show.

01:04 Jeff Dodge

Thank you, Max. Good to be here with you. Yeah, like you said, another interesting deal. Tallahassee, mobile home park estates. The seller, actually owned it for a couple of years, but they lived in another state, so managing from afar created some issues for them, and they were looking to move that money into something closer to them eventually. So that’s why they contacted us and looked to us to get us all for them.

01:29 Maxwell Baker 

So, that seller wasn’t local.

01:31 Jeff Dodge

No, they were not.

01:33 Maxwell Baker

Okay. So y’all listening out there, if you don’t own a mobile home park, or if you do own a mobile home park, I should say, and you don’t live close by, Jeff was able to actually get that deal done without you even having to go there. So, we set it up. Did the drone footage, the underwriting handled all the buyers, white gloved the crap out of it for you, so that way you just show up to closing and get a nice little fat check and that’s exactly what Jeff did. So, Jeff tell us a bit about the park, the buyer profile, how we got it funded, and we’ll take it from there.

02:06 Jeff Dodge

Yeah, sure. So, it was all MH, 20 lots, 11 Tenant Owned Homes, 8 Park Owned Homes one of those was vacant and one vacant lot. So had 90% occupancy. Also had some other good things going for it, major MSA obviously, being in Tallahassee, had city water and paved roads. There was also some upside in increasing the rents, and there was an opportunity to expand, because the park was, or the property actually consisted of 15 and a half acres. We did have some negotiations during due diligence, keep that deal together, but we were able to do so and move it forward. We received multiple offers, but we were able to close with the first buyer went under contract with and speaking of that buyer, it’s an experienced buyer that owns several properties in this space, and we’ve worked with multiple times before. He obtained bank financing and he was able to close in a timely manner.

02:58 Maxwell Baker

Yeah, we had a little bit of drama at the closing with one of our attorneys forgot to add his fee, so we had to negotiate that out a little bit. Everybody got a little fluffy tailed, but ultimately, Jeff was able to do the negotiation get that closing. So yeah, it was a little scary there at the end, because everybody was getting all up in hands about it, but able to get it done. So yeah, man, congrats on that. What kind of things did you learn on this deal that you’re gonna take the next one?

03:30 Jeff Dodge

Yeah. So learned, once again, that even though issues can arise anytime up until closing, as you know, Max, we can always find a good resolution and like you just said, sometimes we have to get creative. You know, those things can come up at any point and have to be ready to overcome.

03:48 Maxwell Baker

Yeah, definitely. Man, Well, Jeff, short and sweet, man, congrats again. Any closing comments here before we wrap this up?

03:55 Jeff Dodge

I’ll just say that we’re able to get to the finish line, and both parties were happy with the outcome eventually, and everybody out there listening, we typically can find the right buyer for you. So, just give us the opportunity.

04:07 Maxwell Baker

Yeah, definitely, man, give us a call. Give Jeff a call. He was able to get this deal done. And like I said, we can get it funded. We can find the buyer. We can make the whole experience white glove for you, so that way you just show up to closing, get a nice little fat check. So, give us a call, (678) 932-0200 or email us at info@themhpbroker.com and as always, this episode is brought to you by the Community Price Maximizer. It is here to give you that maximum price, tongue in cheek there actually, y’all know that I did not name that after myself. Just full disclosure, it just maximize is just a good word to use for an acronym or for description. So, but I digress. It is a great opportunity for you to call Jeff. Let him talk you through the analysis. Do the rent comps, give you market analysis, I should say, and we can really give you a real, granular picture of what your park is worth. So again, call us (678) 932-0200, love to chat with you about the industry and the market and as always, let’s keep moving forward. Have a great day. Thanks for listening y’all!