The Mobile Home Park Lawyer Podcast

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Ep. 145 | How To Wholesale and Buy Mobile Home Parks as a Side Hustle

May 4, 2022

In today’s episode, we talk to Eric Lindsey. Eric is a real estate hustler, owns and flips mobile home parks while investing in homes and apartments. Eric got into Mobile home parks four to five years ago as a solution to address his job instability in the construction arena. After having encountered several layoffs, finding a secure job but then facing corporate politics along the way, it was then evident for him to seek and double down on other income sources.

Eric joins Ferd to share insights about wholesaling mobile home parks as a great way to get training wheels for ownership. Eric deeps dive into his processes and best practices on how to operate mobile home parks as a side hustle.

Highlights of the episode:

00:00:38 Guest Intro: Eric Lindsey
00:01:04 Eric’s background
00:04:24 What Eric sees in today’s marketplace
00:05:59 Wholesale as a training wheel step to ownership
00:11:28 The process of wholesale on homes, parks, and apartments
00:14:12 Ways to locate mobile homes
00:17:07 Wholesaling a mobile home on a handshake and best practices
00:19:00 Convincing people to just wire the money
00:22:09 Tips and tricks for people who want to get into the MHP space

Connecting with the Guest:

Website: https://ericlindseyrei.com/
LinkedIn: https://www.linkedin.com/in/eric-lindsey-15b937123/?trk=public_profile_browsemap
Email: moonlightequitiesgoup@gmail.com
Facebook: https://www.facebook.com/MoonlightSideHustle/
Podcast: “The Moonlight Real Estate Side Hustles and Syndications Show”

Connecting with MHP Law:

Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer

#wholesale
#mobilehomepark
#sidehustle

Ep. 144 | Contractor Paperwork for Pros and Schmos

April 29, 2022

In this episode, Ferd talks about the differences between hiring a Pro versus a Schmo contractor. He also explains why pros are expensive compared to Schmos. Ferd also discusses why there is a need to have general liability insurance for workers or contractors.

Listen to the episode as we learn more about the best practices for hiring pros versus schmo contractors and identify how and when to hire one or the other.

Highlights of the episode:

00:00:32 Pros vs Schmos Contractor
00:04:37 General Liability Insurance
00:06:29 Why you should never hire a schmo
00:07:26 Pro is expensive while the waiver is risky
00:10:07 COI certificate insurance
00:15:08 When do you need to hire a pro or a schmo
00:19:42 Best practices for hiring pros vs schmos

Connecting with MHP Law:

Website: https://themobilehomelawyer.com/
Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069
LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/
Instagram: https://www.instagram.com/themhplawyer

#Schmos
#GeneralLiabilityInsurance
#Hiringcontractors

Ep. 143 | Should I Accept Section 8 for My Mobile Homes

April 20, 2022

Section 8 is an opportunity for low-income families and residents to rent apartments and housing at fair market rates.

In this episode, Ferd Niemann shares with us real-life experiences and examples of section 8, whether a landlord or tenant should allow this arrangement and the cost that comes with it.

Highlights of the episode:

1:57 - What is section 8?
2:09 - Pros of Section 8
2:54 - Cons of Section 8
4:29 - Is section 8 favorable among MH
4:56 - Regulators of Section 8
6:28 - Old stereotypes on low-income tenants
7:26 - Different real-life encounters under section 8
20:45 - Wrapping up on section 8

Notable Quotes

4:11 - “Just because people are poor doesn’t mean they shouldn’t have the same kind of housing or livability standard” - Ferd Niemann

Connecting with MHP Law:

#Section8
#MobileHomes
#realestateopportunities

Ep. 142 | Understanding the Importance of Seller Deliverable Requirements

April 13, 2022

It’s always critical to your deal the level of due diligence you can apply before purchasing a property. In this episode of the MHP Lawyer Podcast, Ferd Niemann shares his own due diligence list specific to mobile home parks and highlights the importance behind each one of them to how they can be leveraged strategically to manipulate the contract and timing associated with your offer.

The devil is in the details and the victory is in the details of the contract. Tune into this episode to use the ultimate seller deliverable list that will change the way you write your contract and change the outcome of the offers that you write.

Highlights of the episode:

00:47 - The importance of a seller due diligence list

03:20 - Copies of existing surveys

04:12 - Third-party reports

06:01 - Copies of the permits

06:25 - Copies of leases

06:39 - Private utilities and insurance policies

07:06 - Right of first refusal

07:13 - When to get copies of property tax bills

08:15 - Letters of non-compliance

08:46 - Copies of utility bills

08:56 - Copies of vendor contracts

09:50 - List of the 5 best and worst aspects of the property

10:21 - P&Ls

10:45 - Tax returns

11:15 - Capital expenditures

11:29 - Age, type, and material of the structure

12:24 - List of infrastructures and refurbishing issues

13:08 - Personal property included in the sale

14:29 - Criminal activity and problem tenants

14:52 - Copies of title

15:21 - Copy of any title policy or insurance

Notable Quotes

“The part of this due diligence list, for purposes of due diligence, is also kind of a way to extend your inspection period and your closing period.” - Ferd Niemann

“It’s crucial to understand property taxes. It’s one of the most important variables in the operating expenses that I see brokers lying about all the time, and I see buyers and sellers not understanding all the time. ” - Ferd Niemann

“The devil’s in the details, but sometimes the victories are in the details of contracts.” - Ferd Niemann

Connecting with MHP Law:

Website: https://themobilehomelawyer.com/

Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069

LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/

Instagram: https://www.instagram.com/themhplawyer

#DueDiligence
#Checklist
#MHP

Ep. 141 | Pros and Cons of Buying A Small Mobile Home Park

April 7, 2022

This week's episode is about the pros and cons of owning a small mobile home park. Ferd Niemann shares the pros and cons of buying a small mobile home park. While some pros exist such as getting a chance to connect with tenants on a more personal level, cons also do exist such as not having the ability to hire a full time property manager. In addition to this discussion of contrast between the two, Ferd also weighs in by using his personal experience as a small mobile home park owner and addresses the problems that he faced and had overcome.

Highlights of the episode:

00:20 - What Is A small park
01:21 - Initial Cons of owning a small park
03:24 - Paying The Park In Cash
03:40 - Not having a full time manager
03:52 - Finding at a higher cap rate
05:00 - Easier to Zone
05:23 - Less tenants equal less headaches
05:34 - 1 vacant unit will be a big hit to the business
06:06 - Getting more personal with the tenants
06:34 - Issues with scaling
07:53 - Conclusion

Notable Quotes

“In general, smaller parks are going to cost less, it’d be cheaper and require less cash.” - Ferd Niemann
“It may be a nice trial park, depending on where you are financially.” - Ferd Niemann
“You could know all the tenants by name” - Ferd Niemann

Connecting with MHP Law:

#SmallMHP
#ProsAndCons
#MHP

Ep. 140 | How To Properly Evaluate Sewer Lines

March 31, 2022

Jamie Simerly has experience in installing sewer and water utilities for new residential and commercial construction. He has been with Homestead Inspection since 2019. Homestead Inspection is a family-owned and operated business with over 30 years of residential building experience and over 24 years in home inspection services.

In this episode, Jamie will deep dive into the common problems investors face with sewer lines such as identifying a previous repair, a tree root clog, and more. He also discusses why Orangeburg pipes still exist today even though they’ve been disallowed by the government. Finally, Jamie shares his typical quotes in service at Homestead inspection so that you can have a baseline in your market or even possibly inquire about his services should you need them for your properties.

Highlights of the episode:

00:32 - Introduction of Jamie Simerly

01:03 - Background of Jamie Simerly

02:42 - How to do sewer surveys

05:53 - Determining an Orangeburg pipe

08:44 - Why you should check your sewer line

09:30 - Other materials you should avoid for your sewer line

12:43 - Failure points of clay pipes

17:21 - Common fixes for clay pipes

18:43 - Different Types of sewer piping problems

18:57 - How to tell if it’s had a previous repair

20:08 - How to tell if it’s a tree root clog

22:16 - Why there shouldn’t be water sitting on the pipe

23:52 - Checking out on the disconnects

24:35 - Pricing for Jamie’s services

27:54 - Knowing if your manhole is connected to the sewer line

30:27 - Talk to people in the community first

33:11 - How to reach Jamie

Notable Quotes

“If you don’t have it properly cleaned out and descalled, then you don’t know what you’re dealing with until it breaks” - Jamie Simerly

“If you don’t have enough room to actually put a 4 inch pipe into a line that’s been reduced down to 2 inches, then you won’t be able to sleeve it at all.” - Jamie Simerly

“We want to give you the most information that we can, possible, out of us going out and doing a sewer survey.” - Jamie Simerly

Connecting with Guest

Phone Number: (816) 883-1090
Website: https://www.homestead-inspection.com/

Connecting with MHP Law:

Website: https://themobilehomelawyer.com/

Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069

LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/

Instagram: https://www.instagram.com/themhplawyer

#Sewerline

#TypesOfPipes

#SewerSurvey

Ep. 139 | Why Rent Control Should Be Abolished

March 24, 2022

In this episode, Ferd Niemann shares his thoughts on why the concept of rent control should be removed. Ferd expands on the detrimental long-term effects of Rent Control such as low quantity and quality of housing. He also discusses the three types of Rent Control (strict price, vacancy control, and vacancy de-control) which are all real-world examples of the impacts they can have on the future market. Finally, Ferd notes that other investors may not know that they are victims of Rent Control and why Rent Control isn’t institutionalized.

Highlights of the episode:

00:32 - Introduction

03:25 - Why Rent Control Is Bad In The Long Term

06:08 - Types of Rent Control

12:00 - Long Term Impact of Rent Control

13:48 - Why Rent control isn’t institutionalized

19:35 - Conclusion

Notable Quotes

“Capital goes where it is welcome, and it stays where it’s appreciated.” - Ferd Niemann

“If my expenses keep going up and my revenue is fixed; I’m going to choose not going to do some of the discretionary stuff.” - Ferd Niemann

“In the development game, I'm not going to add more risk in capital if you’re not going to increase my upside.” - Ferd Niemann

Connecting with MHP Law:

Website: https://themobilehomelawyer.com/

Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069

LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/

Instagram: https://www.instagram.com/themhplawyer

#RentControl

#RentRegulation

#AffordableHousing

Ep. 138 | The Latest and Most Effective Way To Hire For Your Team

March 17, 2022

In this episode, Ferd Niemann discusses the importance of hiring a great property manager in the mobile home park business. Ferd expands on the importance of hiring slow and sometimes needing to fire fast. Ferd reviews the soft and hard skills that it takes to become a great property manager along with the core values that he and his team look to align with when hiring. If you’re looking to hire a property manager for your mobile home park, you’ll want to listen to the ‘12 steps to hire best’ clearly outlined in this episode.

Highlights of the episode:

00:32 - Introduction

01:31 - Recent experience at Mcdonald’s

03:19 - Why having a good property manager is essential

08:16 - Skills that all employees need to have

11:22 - 12 Steps to a proper hire

Notable Quotes

“I’d much rather pay somebody 30k base and 30k in commissions than pay someone 40k base. What I found is that the guy/gal that will take the lower base is hungry for commissions and they’re my best players.” - Ferd Niemann

“Not having the person here is a pain, but hiring the wrong person and then having to fire them or they quit and then do it all over again is a bigger pain.” - Ferd Niemann

“I’m calling references at this point because they can make or break the deal sometimes.” - Ferd Niemann

Connecting with MHP Law:

Website: https://themobilehomelawyer.com/

Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069

LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/

Instagram: https://www.instagram.com/themhplawyer

#TeamBuilding

#HiringProcess

#PropertyManager

Ep. 137 | Everything You Need To Know Before Investing In REITS with Brad Thomas

March 10, 2022

After 25 years as a developer, investment banker, and real estate analyst, Brad Thomas believes there’s only one rule in investing: protect your principal at all costs.

He’s built his career on trust, staying smart, and conservative on researching, connecting and doing what’s best for his clients.

Besides real estate, Brad is an editor for the Forbes Real Estate Investor newsletter and writes weekly for Forbes.com and Seeking Alpha, where he maintains “real-time” research on many publicly-listed REIT securities.

He is also the co-author of The Intelligent REIT Investor, and has also been featured in Forbes Magazine, Kiplinger’s, U.S. News & World Report, Money, NPR, Institutional Investor, GlobeStreet, and Fox Business. He was also ranked as the #1 contributing analyst on Seeking Alpha from 2014-2019.

Highlights of the episode:

00:32 - Introduction

01:24 - Background of Brad Thomas

03:27 - What are REITS and Why You Should Invest

07:01 - The Pro’s and Con’s of REITS

09:47 - Total return of investment from REITS

14:56 - Minimum assets under management to make REITS worthwhile

21:57 - Underlying Ground Lease

27:41 - Importance of finding your passion

31:42 - Why You Should Invest in REITS

Notable Quotes

“You shouldn’t compare REITS on a price to earnings multiple. You should compare it to a price to funds from operations multiple.” - Brad Thomas

“It (REITS) gives the individual investors all types of options and alternatives to invest in Real estate.” - Brad Thomas

“Most private companies today cannot compete with the cost-to-capital that these public REITS have. It’s not even close.” - Brad Thomas

Connecting with the Guest

LinkedIn: https://www.linkedin.com/in/rbradthomas/
Forbes: https://www.forbes.com/sites/bradthomas/

Connecting with MHP Law:

Website: https://themobilehomelawyer.com/

Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069

LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/

Instagram: https://www.instagram.com/themhplawyer

#REITS
#StockMarket
#BradThomas

Ep. 136 | Interview With Victor Alves How To Transition From Single Family Flips Into MHPs

March 2, 2022

In this week’s episode of The Mobile Home Park Lawyer Podcast, we have Victor Alves, a real estate entrepreneur and Co-Founder of Vecno capital.

Victor was a former sales district manager for a Fortune 500 company, who won several top performance awards before pursuing his career in real estate investing. He is a licensed contractor in the city of San Antonio, TX, a licensed manufactured home retailer, broker, and installer in the state of Texas, and actively serves as a Real Estate Coach for one of the nation’s leading real estate investment education companies.

If you are thinking about transitioning from single-family flips to mobile home parks, you have to see this episode. Victor tackles the steps required to take when transitioning from single-family flips to MHP, understanding demographics and clientele, finding and working with good people in the industry, and being ready for the unexpected.

Highlights of the episode:

00:50 - Introduction of the guest

01:30 - Background of the guest

06:10 - Motivation for the transition from single family flips to MHP

11:38 - Easy and hard steps through the transition

12:16 - Understanding demographics and clientele

14:05 - Utilities and working with a septic company

14:48 - Understanding infill

18:40 - Tips for people who are thinking about following Victor’s footsteps

19:58 - Finding good people in the industry

23:03 - Loans and working with lenders

26:42 - Underwriting