WEBVTT - EYL #180 Make a Fortune with Mobile Home Parks 0:00:00.160 --> 0:00:03.279 Behind the delivery trucks that keep your life stocked. Thousands 0:00:03.279 --> 0:00:06.280 of employees at BP go to work every day. People 0:00:06.320 --> 0:00:09.760 bringing a new offshore production platform online. People making our 0:00:09.760 --> 0:00:14.560 refineries capable of more like making renewable diesel from agricultural waste. 0:00:14.720 --> 0:00:17.919 People trading and shipping fuels to our customers, and people 0:00:18.040 --> 0:00:21.759 helping truckers fill up and get maintenance at our convenient locations. 0:00:21.880 --> 0:00:25.120 They're part of almost three hundred thousand jobs VP supports 0:00:25.200 --> 0:00:28.400 across the country. Learn more at VP dot com. Slash 0:00:28.480 --> 0:00:30.080 investing in America. 0:00:30.160 --> 0:00:33.080 If I have the title and Sharnie says, hey, I 0:00:33.080 --> 0:00:34.639 can help you, I'll sell you. I mean I'll buy 0:00:34.680 --> 0:00:37.839 a home from you, right cool, And she's the highest bidder. 0:00:38.560 --> 0:00:40.840 Now she can go buy the home. She's a title owner, 0:00:40.880 --> 0:00:42.760 and she can go to RASHAA like, yo, I'm the 0:00:42.800 --> 0:00:45.919 title owner. So unless you're gonna give me thirty K 0:00:46.040 --> 0:00:49.320 for this house, I'm moving in. And Sean can be like, 0:00:49.320 --> 0:00:51.160 either I will pay you that or no? All right cool. 0:00:51.200 --> 0:00:54.280 Now she's taking that home Detroit. She own asset. 0:00:55.800 --> 0:00:59.360 My graduates from my school being forced. 0:00:59.120 --> 0:01:04.440 Bad and drop bag drop Mike, drop back drop drop. 0:01:14.600 --> 0:01:17.280 All right, guys, Welcome back, e y L. This is 0:01:17.319 --> 0:01:18.600 a reunion episode. 0:01:19.080 --> 0:01:19.480 Yeah, so. 0:01:21.360 --> 0:01:22.520 Sharnese and Byron. 0:01:22.640 --> 0:01:27.679 This is an interesting situation because the first episode actually 0:01:27.680 --> 0:01:31.240 happened like we didn't plan it. So I'll give you 0:01:31.280 --> 0:01:33.680 the backstory. About two and a half years ago, we 0:01:33.720 --> 0:01:37.119 did a networking event in Chicago and I think at 0:01:37.120 --> 0:01:41.280 the Bureau Bar Ye shot shot. So that was our 0:01:41.319 --> 0:01:43.959 first time. That was my first time ever in Chicago, 0:01:44.480 --> 0:01:47.680 our first time in Chicago as Ealsia, and it was 0:01:47.720 --> 0:01:51.560 a vibe the fact everybody came out show love and 0:01:52.520 --> 0:01:55.320 Byron actually had walked up to me, introduced himself and 0:01:55.520 --> 0:01:58.360 was telling me like what he does, and you know, 0:01:58.400 --> 0:01:59.920 it happens all the time, people doing all the time. 0:02:00.280 --> 0:02:02.560 We made it interesting is that it's something that I 0:02:02.720 --> 0:02:06.760 never really heard of with mobile home investing, and I 0:02:06.880 --> 0:02:08.800 never heard up until that point. I was calling it 0:02:08.880 --> 0:02:15.080 trailer so mobile home investing things. I'm like, all right, 0:02:15.120 --> 0:02:17.440 this is interesting. So we had some time and I'm like, yo, 0:02:17.919 --> 0:02:20.280 we should do this episode. I think I told Mike, like, Yo, 0:02:20.560 --> 0:02:24.080 I met these people they do mobile homes. That's like interesting, we. 0:02:24.080 --> 0:02:24.600 Should do this. 0:02:25.160 --> 0:02:26.880 They're like when you want to do it, like tomorrow, 0:02:28.639 --> 0:02:30.840 Like all right, well, sure, let's do it. 0:02:30.919 --> 0:02:35.360 So I think we spoke after that too. Yeah, they 0:02:35.360 --> 0:02:36.480 said we're gonna do what, we're gonna do it. 0:02:37.639 --> 0:02:40.160 So we actually did it and we didn't have like 0:02:40.200 --> 0:02:41.600 a studio, so we did it in their home. 0:02:42.919 --> 0:02:46.280 Mourn actually actually what we want to do, the Downing brothers, 0:02:46.440 --> 0:02:48.960 and we saw them like, yo, we we're gonna do this. 0:02:48.960 --> 0:02:52.320 We're gonna do it here to the house, all right, 0:02:52.400 --> 0:02:53.400 we don't know what like that. 0:02:55.160 --> 0:02:58.360 Yeah, yeah, so we went to the South Side. We 0:02:58.440 --> 0:03:01.080 got it done, and it actually turned out for a 0:03:01.080 --> 0:03:02.960 long time, it was the number one episode on YouTube 0:03:03.040 --> 0:03:06.600 definitely for a while. I'm still in the top ten. 0:03:08.120 --> 0:03:10.360 So it's one of these episodes that just caught wildfire 0:03:11.360 --> 0:03:14.600 number forty one for those not it's not playing, stop playing, 0:03:14.680 --> 0:03:21.160 right So but since then, you know, a lot has changed. 0:03:22.520 --> 0:03:25.119 So since then they got engaged. 0:03:25.560 --> 0:03:33.040 Congratulations on that. 0:03:32.840 --> 0:03:33.359 Number one. 0:03:34.600 --> 0:03:39.720 They moved on up from the south from the south 0:03:39.760 --> 0:03:44.600 Side to downtown. There's got a whole vibe downtown, driving 0:03:44.720 --> 0:03:49.760 range rovers, living, clipping the dream. But what also happened 0:03:49.880 --> 0:03:52.320 during that period of time, and this is the interesting part. 0:03:52.400 --> 0:03:54.480 So at the end of the episode, so when we 0:03:54.520 --> 0:03:57.160 first met them, they was investing in mobile homes, like 0:03:57.360 --> 0:04:00.160 individual mobile homes at the end of the ES so 0:04:00.280 --> 0:04:03.080 they said like their goal was just transitioning into buy 0:04:03.080 --> 0:04:07.720 a mobile home park, and now that's actually in reality 0:04:07.760 --> 0:04:10.640 and they actually own two mobile home parks right in fact, 0:04:10.760 --> 0:04:14.080 with two more mobile home parks under contract, with a 0:04:14.160 --> 0:04:17.920 total of one hundred and seventy three mobile homes. So 0:04:18.760 --> 0:04:20.120 I thought it would be a perfect time to have 0:04:20.160 --> 0:04:23.560 a follow up conversation with your plans on scaling for 0:04:24.040 --> 0:04:26.080 your personal business brand. 0:04:26.080 --> 0:04:29.320 And so we definitely want mobile home parks. So the 0:04:29.480 --> 0:04:32.800 larger goal with that is to get an acquisition where 0:04:32.800 --> 0:04:35.760 we find somebody who has a portfolio ten twenty mobile 0:04:35.760 --> 0:04:37.920 home parks just looking kind of just to retire, right, 0:04:38.880 --> 0:04:41.640 and then pretty much purchased that portfolio and just build 0:04:41.680 --> 0:04:43.640 from there and really open up the floodgates for more 0:04:43.640 --> 0:04:44.920 people to invest in mobile homes. 0:04:44.960 --> 0:04:47.159 And throughout that, you know, they have education, they've been 0:04:47.200 --> 0:04:49.279 teaching people on social media. 0:04:49.720 --> 0:04:52.200 So this is a dope before you go in, right. 0:04:52.279 --> 0:04:54.359 I remember like after that episode, yeah, I did like 0:04:54.360 --> 0:04:56.760 a free webinar and I was like, i'mna sign up 0:04:56.760 --> 0:04:58.800 for this, and I forgot that day and then I 0:04:58.800 --> 0:05:00.679 couldn't sign up for a free for the next. 0:05:00.480 --> 0:05:05.200 Three months of packed us out. 0:05:05.760 --> 0:05:06.479 It was crazy. 0:05:07.200 --> 0:05:10.159 Nothing was to say, nothing was to say that's the album. 0:05:11.120 --> 0:05:12.000 Nothing was the same. 0:05:16.520 --> 0:05:20.440 That was the original fact one. It was damn Alex 0:05:20.560 --> 0:05:29.440 trapped that a lot of people those two months. So, yes, 0:05:30.080 --> 0:05:33.039 this episode, I'm looking forward to it because it's the 0:05:33.160 --> 0:05:36.200 transition and now we're going to have the conversation of 0:05:36.600 --> 0:05:38.520 Mobile Home Park Invested. 0:05:39.080 --> 0:05:41.560 So first and foremost, welcome. 0:05:41.240 --> 0:05:44.400 Back, man, Thank you all for having us. 0:05:44.080 --> 0:05:46.680 Yeah, I'm like, you know what the bath. 0:05:51.400 --> 0:05:54.080 We're in the Mecca right now, see. 0:05:54.000 --> 0:05:55.040 Each other so many times. 0:05:55.680 --> 0:05:58.480 Yeah, yeah, this this is the where it all started 0:05:58.480 --> 0:05:59.640 for us. 0:05:59.160 --> 0:06:05.720 Up now we so all right, so let's get into 0:06:05.760 --> 0:06:06.400 this conversation. 0:06:06.520 --> 0:06:09.080 So how you said you was going to do it, 0:06:09.120 --> 0:06:13.520 but how did you actually get into Mobile Home Park Investing? 0:06:13.960 --> 0:06:14.200 Yeah? 0:06:14.240 --> 0:06:16.200 Man, so it was dope to declare, you know, on 0:06:16.240 --> 0:06:19.039 the episode, but you know, after that, it was a 0:06:19.120 --> 0:06:20.880 huge influx, right, We had a lot of people hitting 0:06:20.960 --> 0:06:23.240 us up and actually our partner had reached out to 0:06:23.360 --> 0:06:25.560 us like, yo, you know I saw the episode. You know, 0:06:25.600 --> 0:06:27.200 you guys knew what you were talking about. I have 0:06:27.360 --> 0:06:30.719 some communities in Indiana if you want some houses, you know, 0:06:30.760 --> 0:06:32.800 come out and take a look. One took a look. 0:06:32.839 --> 0:06:34.680 The deal didn't really work. He's gonna get me nineteen 0:06:34.680 --> 0:06:37.120 free houses. I couldn't find anybody to do the work 0:06:37.160 --> 0:06:39.880 out there, so I'm like, yo, man, but I'm interested 0:06:39.880 --> 0:06:40.640 in getting the space. 0:06:40.680 --> 0:06:40.840 Man. 0:06:40.880 --> 0:06:43.440 So you come across a deal like, man, we you know, 0:06:43.480 --> 0:06:45.120 we game because I was looking, but I kind of 0:06:45.160 --> 0:06:48.279 needed that guidance as well. And so sure enough that 0:06:48.320 --> 0:06:51.120 email came across, like y'all got this fifty one unit. 0:06:51.920 --> 0:06:55.360 You know, I'm looking for a few partners fifty thousand buying, 0:06:56.640 --> 0:06:58.560 Like say, let's like, let's go ahead and get in 0:06:58.560 --> 0:07:01.320 and jump right onto this. And man, shout out our 0:07:01.360 --> 0:07:03.440 partner Charlie. Man end up quarterbacking that deal, and we 0:07:03.480 --> 0:07:05.440 got a first hand to see how everything was done 0:07:05.520 --> 0:07:07.920 so we can learn the process. But again, shout out 0:07:07.960 --> 0:07:10.040 to y'all, you know, for being a connect on that 0:07:10.080 --> 0:07:12.280 because you know, he saw us, you know, from ey 0:07:12.440 --> 0:07:14.440 L and trusted us, and man, that's how we end 0:07:14.560 --> 0:07:15.560 up making that first one happen. 0:07:15.720 --> 0:07:18.680 So you got fifty thousand dollars for fifty one homes. 0:07:18.920 --> 0:07:22.640 So he originally initially raised three fifty The park. We 0:07:22.680 --> 0:07:26.280 got that that part sorry, the purchase price for one 0:07:26.320 --> 0:07:28.760 point one so we had to raise thirty percent of 0:07:28.800 --> 0:07:30.720 that put up the three hundred and fifty k. So 0:07:30.760 --> 0:07:34.480 we was parked, you know, partially investors on that and yeah, man, 0:07:34.520 --> 0:07:37.000 we ended up locking it down. We went that's the 0:07:37.080 --> 0:07:38.760 video we actually have on YouTube. We went to go 0:07:38.800 --> 0:07:41.320 see the park and man, it was it was just 0:07:41.560 --> 0:07:43.600 it was special saying that. You know what we really said, 0:07:43.680 --> 0:07:45.040 you know what was gonna happen is that? 0:07:45.440 --> 0:07:47.640 So that's that's the video when you're walking through and 0:07:47.640 --> 0:07:48.200 people don't know. 0:07:48.200 --> 0:07:48.560 Like y'all do. 0:07:48.760 --> 0:07:56.160 Yeah, yeah, crazy, yeah, yeah gotcha? 0:07:56.520 --> 0:07:58.160 Yeah So what all right? 0:07:58.200 --> 0:08:01.040 So walk me through that process and fine, mobile home Like, 0:08:02.080 --> 0:08:02.760 how much did it cost? 0:08:02.800 --> 0:08:03.760 Again? Mobile park? 0:08:03.880 --> 0:08:06.080 So that's mobile home park was one point one million? 0:08:06.320 --> 0:08:08.680 So how'd you get the financing? 0:08:09.160 --> 0:08:11.920 So we used a small community bank. So that park 0:08:11.960 --> 0:08:14.600 is actually in Greensburg, PA. And that's one thing if 0:08:14.600 --> 0:08:16.120 you look at for mobile home parks, you either want 0:08:16.160 --> 0:08:18.960 to go to a credit union or a credit union 0:08:19.120 --> 0:08:21.440 or a small local bank because they're more they're more 0:08:21.440 --> 0:08:25.600 willing to finance a smaller deal, right, and also there's 0:08:25.640 --> 0:08:27.760 more lenders that come out now so we end up 0:08:27.760 --> 0:08:30.760 locking up the finance and again thirty percent down. A 0:08:30.760 --> 0:08:32.800 few of us put up, you know, fifty k apiece 0:08:33.080 --> 0:08:34.720 and that's how we end up locking that one down. 0:08:34.880 --> 0:08:37.000 So the Indiana deal didn't work because you didn't have 0:08:37.040 --> 0:08:41.640 anybody to I guess refurbish the properties, correct, yea. So 0:08:41.679 --> 0:08:43.800 like when y'all got this one, it was like, all right, 0:08:44.320 --> 0:08:46.079 number one, was there a lot of work that had 0:08:46.120 --> 0:08:48.120 to be done? And if so, like did you have 0:08:48.160 --> 0:08:49.640 a team on the ground or do the partner's going 0:08:49.640 --> 0:08:50.280 to get how that work? 0:08:50.400 --> 0:08:50.600 Yeah? 0:08:50.600 --> 0:08:53.199 So the beautiful thing about buying a mobile home park 0:08:53.559 --> 0:08:56.600 were always looking for It's like buying a business. So 0:08:56.600 --> 0:08:59.480 it had intricate pieces, it had already a team of 0:08:59.600 --> 0:09:02.000 repair and on site. They had a park managing in place, 0:09:02.040 --> 0:09:05.000 so they had equipment. So for us going in, we 0:09:05.120 --> 0:09:07.000 just add value. So the biggest thing we had to 0:09:07.000 --> 0:09:09.720 do is feel the empty homes, right, feel or feel 0:09:09.760 --> 0:09:12.520 the empty pads which are empty lots with no homes 0:09:12.559 --> 0:09:16.280 on it. So that was part of part of when 0:09:16.320 --> 0:09:18.800 we got the actual financing forward. We wanted to go 0:09:18.800 --> 0:09:20.840 ahead and have enough cash so that way we can 0:09:20.880 --> 0:09:22.120 put new homes on there as well. 0:09:22.600 --> 0:09:25.600 So that the property actually has space for you to 0:09:25.640 --> 0:09:26.160 add to it. 0:09:26.280 --> 0:09:26.559 Yeah. 0:09:26.600 --> 0:09:28.640 Perfect. Now you said that there's a couple of roles 0:09:28.640 --> 0:09:30.160 that you need to have in the park. Can we 0:09:30.240 --> 0:09:33.800 run down again, So like a property manager, I assume 0:09:34.160 --> 0:09:36.199 what other roles that we need to have With buying 0:09:36.480 --> 0:09:37.719 an entire park, for. 0:09:37.679 --> 0:09:40.920 Sure, I would say with buying a park, you definitely 0:09:41.360 --> 0:09:43.520 so you definitely want to have your park managing place. 0:09:43.600 --> 0:09:46.640 But to take a step back, before going through the 0:09:46.679 --> 0:09:49.600 process of actually purchasing a mobile home park, you definitely 0:09:49.640 --> 0:09:52.000 want to have a great CPA. You want to have 0:09:52.040 --> 0:09:55.720 a great attorney who understands commercial real estate but really 0:09:56.840 --> 0:09:59.640 excusing an attorney who has done mobile home parks and 0:09:59.679 --> 0:10:02.920 who have has worked with investors who have purchased land. 0:10:02.960 --> 0:10:05.360 So you want to have that. And then you want 0:10:05.400 --> 0:10:08.200 to have a great wholesaler who can do the proper 0:10:08.240 --> 0:10:12.720 due diligence. So before let's just say, if I'm looking online, right, 0:10:12.800 --> 0:10:15.000 so I'm gonna drop a few sources with people who 0:10:15.000 --> 0:10:17.040 want to just source where they can find mobile home 0:10:17.080 --> 0:10:20.480 parks available. One website is mobile home parkstore dot com. 0:10:20.520 --> 0:10:22.240 It's a great website where you can go and just 0:10:22.280 --> 0:10:25.560 source any type of parks that's available. So nine times 0:10:25.559 --> 0:10:27.680 out of ten, who's listing the parks on there is 0:10:27.720 --> 0:10:30.240 the brokers. So the beautiful thing about brokers is that 0:10:30.320 --> 0:10:32.839 once you build that relationship and you communicate with them, 0:10:33.200 --> 0:10:36.040 they'll have access to what we call pocket listing. So 0:10:36.240 --> 0:10:39.439 pocket listings, we know it's off market deals, so they'll 0:10:39.440 --> 0:10:42.079 have even some off market deals or parks that may 0:10:42.120 --> 0:10:44.720 not even be listed online. So that's another way just 0:10:44.840 --> 0:10:47.840 kind of source some deal, sayce again not listed. So 0:10:48.400 --> 0:10:51.480 once you say once you see, excuse me, a park 0:10:51.520 --> 0:10:54.520 that you're interested in, the first step is due diligence. 0:10:54.520 --> 0:10:57.120 You want to get in contact with the municipality, so 0:10:57.240 --> 0:11:01.360 the county records department make sure that the land is 0:11:01.440 --> 0:11:04.120 zoned for mobile homes, so you want to make sure 0:11:04.160 --> 0:11:05.080 that is properly zoned. 0:11:05.120 --> 0:11:07.200 You want to make sure that there's no cold violations. 0:11:07.480 --> 0:11:07.920 Same thing. 0:11:07.960 --> 0:11:10.640 You want to contact your county health department to come 0:11:10.679 --> 0:11:12.640 out and assess the water. You want to make sure 0:11:12.679 --> 0:11:15.400 that the water has no cold violations as well. So 0:11:15.440 --> 0:11:17.199 that's just kind of like the back end of the 0:11:17.280 --> 0:11:20.360 due diligence that's needed before you even looking to purchase 0:11:20.360 --> 0:11:21.400 in a mobile home community. 0:11:21.440 --> 0:11:22.560 All the things we're not thinking. 0:11:22.360 --> 0:11:25.160 Of, right, right, right? 0:11:26.360 --> 0:11:28.800 So then did you sell that? 0:11:29.360 --> 0:11:31.880 Yes, so we end up selling that park. We got 0:11:31.880 --> 0:11:34.760 it in July of twenty twenty, We ended up selling 0:11:34.800 --> 0:11:38.200 that one. In November of twenty twenty one, we end 0:11:38.320 --> 0:11:39.840 up selling it. So we end up selling it for 0:11:39.880 --> 0:11:40.720 two point three million. 0:11:41.240 --> 0:11:44.840 So you purchased it for one one million, you sold 0:11:44.840 --> 0:11:47.840 it foot two point three yep, so you you made 0:11:47.880 --> 0:11:49.240 a one point three dollar profit. 0:11:49.400 --> 0:11:52.320 Yes, So how did that happen? Why did it appreciate 0:11:52.360 --> 0:11:52.760 so much? 0:11:53.240 --> 0:11:56.280 So after the pandemic. What happened was the mobile home 0:11:56.320 --> 0:11:59.199 park space was one of the best asset classes in 0:11:59.240 --> 0:12:01.760 real estate is far collecting full rent roll because it's 0:12:01.800 --> 0:12:04.640 affordable housing. So people were still paying their you know, 0:12:04.760 --> 0:12:07.480 paying their rent and so it made it very attractive, 0:12:07.920 --> 0:12:11.120 very attractive. So now you saw larger players, the Blackstones, 0:12:11.200 --> 0:12:14.240 the Northwestern Mutuals, these large institutions I started to come 0:12:14.280 --> 0:12:16.920 into the play like whoa hold on? Like these cash 0:12:16.960 --> 0:12:19.680 flowing these some decent assets. So now larger players. So 0:12:19.800 --> 0:12:22.800 now you have you know, investors like us and you 0:12:22.800 --> 0:12:25.200 know other investors like uh, oh, hold on, I think 0:12:25.200 --> 0:12:26.520 we could put up we could put it on top 0:12:26.559 --> 0:12:28.559 dollar now because even still to this day right now, 0:12:28.600 --> 0:12:31.240 like mobile home parks, it just the prices went up, 0:12:31.240 --> 0:12:34.480 you know, fifty one hundred percent just because of the 0:12:34.520 --> 0:12:37.760 cash flow, and so you know, just with that, it 0:12:37.800 --> 0:12:39.679 was just a hot time to sell, and we ended 0:12:39.720 --> 0:12:41.360 up putting on the market and we actually had some 0:12:41.440 --> 0:12:43.880 issues kind of getting houses filled, you know, with the 0:12:43.960 --> 0:12:47.200 whole you know, the rent momatorium and things like that. 0:12:47.240 --> 0:12:49.000 We have few tenants not paying and things, but we 0:12:49.000 --> 0:12:51.040 were still you talking about able to double our profit. 0:12:51.600 --> 0:12:52.280 That's crazy. 0:12:52.600 --> 0:12:54.960 Is there Section eight tennis? Then? 0:12:55.360 --> 0:12:58.240 So not in our particular park. So there's very rare 0:12:58.320 --> 0:13:00.960 that you're gonna find Section eight tennis. And the reason 0:13:01.000 --> 0:13:04.679 why is because more so there Section eight is more 0:13:04.720 --> 0:13:07.320 geared to for apartments. All right, so when it comes 0:13:07.320 --> 0:13:09.439 to mobile homes, you have some very some but we 0:13:09.640 --> 0:13:12.720 really the only affordable housing sector that you don't necessarily 0:13:12.760 --> 0:13:15.680 need Section eight that you can afford. So we don't 0:13:15.679 --> 0:13:17.280 really get too much help from the government and things 0:13:17.280 --> 0:13:19.800 like that. Now I knew Ben Carson was actually talking 0:13:19.840 --> 0:13:23.199 about when the administration was in he wanted to put 0:13:23.240 --> 0:13:25.920 manufactured homes to allow that, you know, because people can 0:13:25.960 --> 0:13:27.880 pay off the homes and then the government will pretty 0:13:27.920 --> 0:13:29.920 much save money. But that didn't get passed, so we're 0:13:29.920 --> 0:13:32.120 still hoping that this administration looking to it. 0:13:32.200 --> 0:13:34.480 So when y'all bought the mobile homes, we talked about 0:13:34.480 --> 0:13:38.240 insurance obviously because it was not really like a house, right, right, 0:13:38.880 --> 0:13:41.040 A do the same rules apply when we're talking about 0:13:41.080 --> 0:13:43.240 a park? Are we like, how do we ensure that? 0:13:43.280 --> 0:13:44.880 What's like, what's the taxes on? 0:13:44.920 --> 0:13:45.120 As? 0:13:45.440 --> 0:13:49.119 Is it the similar situation if we're buying individual mobile homes? 0:13:49.240 --> 0:13:51.640 No, So the taxes. What I love about the taxes 0:13:51.720 --> 0:13:54.360 especially depends that most parks are in rural America, right, 0:13:54.800 --> 0:13:57.840 So the taxes are cheap. I think on our particular park, 0:13:57.880 --> 0:14:00.400 our taxes less than seventy thousand dollars right on that 0:14:00.480 --> 0:14:04.040 asset for the year. And so the people pay personal 0:14:04.080 --> 0:14:07.160 property taxes, so if whoever owns, they don't necessarily have 0:14:07.200 --> 0:14:08.959 to pay the land tax. We pay the land tax. 0:14:09.000 --> 0:14:11.760 But again you're talking about less than seven thousand dollars 0:14:11.760 --> 0:14:20.960 for over five acres, right, So, so again it's a 0:14:21.040 --> 0:14:24.360 it's a definitely a great way to save taxes. And 0:14:24.400 --> 0:14:27.160 then you talk about insurance. Normally for us we also 0:14:27.200 --> 0:14:30.440 we do pay insurance, right but for each individual home. 0:14:30.600 --> 0:14:33.360 We make sure our tenants have insurance on you know, 0:14:33.400 --> 0:14:35.080 that their mobile home is covered as well. 0:14:35.520 --> 0:14:38.120 So as a mobile home park owner, do you own 0:14:38.240 --> 0:14:38.840 every home? 0:14:39.800 --> 0:14:41.880 So for us, the goal is not to right, you 0:14:41.920 --> 0:14:44.240 have some mobile home park owners that do. But the 0:14:44.280 --> 0:14:46.680 reason for us we want to have our tenants to 0:14:46.840 --> 0:14:48.760 own their homes because what it helps us to do 0:14:48.800 --> 0:14:51.239 we just own the land. We're leasing the dirt. 0:14:51.560 --> 0:14:56.480 So okay, that's interesting. So the one point one was 0:14:56.600 --> 0:14:58.240 just for land. 0:14:58.200 --> 0:15:01.640 With homes included. Yeah, so you did own the home, 0:15:01.680 --> 0:15:03.280 so we did, and then what we know. So what 0:15:03.320 --> 0:15:05.080 we do from there is that's when we go in 0:15:05.160 --> 0:15:07.520 and we pretty much create seller finance and so we 0:15:07.520 --> 0:15:09.240 can come and say, hey, listen, you know what we see. 0:15:09.280 --> 0:15:11.840 You've been renting from us. Let us let us help 0:15:11.880 --> 0:15:14.360 you own your own asset now. Right, So now we 0:15:14.400 --> 0:15:16.200 can help them, you know again, they'll have it, can 0:15:16.240 --> 0:15:18.600 put them on a monthly term. They own their home, 0:15:18.920 --> 0:15:21.480 they have their title and so now again they just 0:15:21.520 --> 0:15:23.880 paid for the lot rent, which is what they paid 0:15:23.920 --> 0:15:26.080 for like the amenities of the park. And the reason 0:15:26.120 --> 0:15:29.320 why we do that is, for one, the responsibility because 0:15:29.360 --> 0:15:31.880 the more homes we own, if anything, goes wrong, then 0:15:31.880 --> 0:15:34.280 my maintenance men have to go to each individual house 0:15:34.320 --> 0:15:36.480 to fix. But as a homeowner, they gonna take more 0:15:36.480 --> 0:15:38.920 pride into their house. They're more likely not to tear 0:15:38.960 --> 0:15:41.520 it up less. And then the beautiful thing about it 0:15:41.560 --> 0:15:44.560 when it's when we want to sell. Now they're able 0:15:44.600 --> 0:15:47.440 to get bank financing because a bank is more inclined 0:15:47.480 --> 0:15:52.800 to loan to more tenant own homes than versus park 0:15:52.840 --> 0:15:55.120 owned homes because it's basically a less risk. 0:15:55.720 --> 0:16:00.920 So how many homes was on that fifty You owned 0:16:00.960 --> 0:16:02.920 all fifty one homes at the beginning. 0:16:02.640 --> 0:16:05.160 Of it, no Ah Man, So I think the one 0:16:07.040 --> 0:16:08.680 I don't know how to accurate number, but I think 0:16:08.680 --> 0:16:11.280 it was less than fifteen homes. I know that was 0:16:11.320 --> 0:16:12.080 actually yeah, we. 0:16:12.200 --> 0:16:17.320 Want and then you sold them back to the owner 0:16:17.480 --> 0:16:19.760 to people that was ranm yep. And when you so 0:16:19.920 --> 0:16:23.120 when you sold it, they didn't get any homes with 0:16:23.520 --> 0:16:24.760 the person that brought it for. 0:16:25.280 --> 0:16:27.760 You do it all without breaking the sweat, like being 0:16:27.760 --> 0:16:31.080 a boss. Exec to Tuesday tennis, to homework and why 0:16:31.160 --> 0:16:34.760 did they give the kids so much homework? Family dinners, lunches, brunches, 0:16:34.960 --> 0:16:37.800 trips to the vet, and a weekend getaway that's anything 0:16:37.840 --> 0:16:40.320 but a getaway, and you do it all in style, 0:16:41.080 --> 0:16:43.280 even when you have back to back conference calls on 0:16:43.320 --> 0:16:45.760 top of the kids, AAU games, and not to mention 0:16:45.840 --> 0:16:48.640 your side hustle. 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When you buy a mobile home community, 0:17:26.480 --> 0:17:30.960 right like, the guarantee is, hey, I'm binding with these homes. 0:17:31.000 --> 0:17:34.040 That's gonna pay us this land fee nine times out 0:17:34.040 --> 0:17:35.639 ten with the community, the good people not trying to 0:17:35.680 --> 0:17:39.560 move their mobile home out of there. You don't want 0:17:39.600 --> 0:17:41.040 I don't want to. I don't like saying, because they 0:17:41.040 --> 0:17:42.840 can't afford to move their home out of there. Because 0:17:42.840 --> 0:17:46.000 sometimes that is the case. But if the community is good, 0:17:46.040 --> 0:17:49.119 they want to stay there. So you technically, for example, 0:17:49.200 --> 0:17:52.840 you're looking it will say like a seventy one pack community, right, 0:17:52.960 --> 0:17:55.680 even though the homes may be still tending ONWN. It's 0:17:55.720 --> 0:17:57.760 just you know that those is that is the lot 0:17:57.800 --> 0:17:58.680 rent that's coming in. 0:17:59.080 --> 0:18:01.119 So that was the deal. That was one deal, but 0:18:01.160 --> 0:18:03.200 it is the team situation going on. So while you're 0:18:03.200 --> 0:18:05.560 closing that deal, I know you had a couple more 0:18:05.600 --> 0:18:07.840 parks in twenty twenty, right, so like what was that process, 0:18:07.880 --> 0:18:10.320 like the search process? How are we getting financing to 0:18:10.320 --> 0:18:11.639 get all these? Right? Because I think it was how 0:18:11.640 --> 0:18:13.119 many we got in twenty twenty. 0:18:12.880 --> 0:18:14.280 Four it was fo Yeah. 0:18:14.840 --> 0:18:18.320 So the cool thing is that our one partner, he Quarterback, 0:18:18.560 --> 0:18:20.879 that those deal as well. So the first park that 0:18:20.960 --> 0:18:23.359 barn has been talking about that was one park. And 0:18:23.400 --> 0:18:25.800 then he hit us back up a few months later 0:18:25.880 --> 0:18:27.480 and was like, hey, I have a three park deal. 0:18:27.960 --> 0:18:30.560 You know, same situation. He's going to quarterback. He has 0:18:30.560 --> 0:18:33.240 a team involved as well. He hit us like, hey, 0:18:33.280 --> 0:18:35.760 you know same buy in fifty k he hit us, 0:18:35.760 --> 0:18:36.800 So we had the money. 0:18:37.240 --> 0:18:38.640 That's just kind of how that happened. 0:18:40.119 --> 0:18:42.520 And then you sold one of those though, right, yeah, 0:18:42.640 --> 0:18:47.399 so that I love that deal. So that deal. So 0:18:47.560 --> 0:18:49.640