Rental property can be an excellent source of residual income. Mobile home parks are an increasingly popular segment of this market. It is also, as we will hear, a great way to leave a legacy for the generations which follow you.

On this episode of the Uncommon Life Project podcast, Bryan and Phillip talk with Chris Ramsey who, with her two sisters, operate a mobile home park in South Sioux City, Nebraska. Chris also happens to be Phillip’s mom, so it’s a lively conversation, to say the least.

You’ll learn about the dynamics of a multi-generational family business and how to make that work.

Chris Ramsey did not expect to get into the mobile home park business – but when her parents passed it on to her and her sisters, they all rose to the occasion and are very happy they did.

Chris has worked in advertising, as a tutor, and in adoption services. She's a singer, songwriter and performer. Her group, the Matney Sisters were chosen by the Smithsonian Institute to represent Iowa during the sesquicentennial celebration, performing on the mall in Washington DC for two and a half weeks.

Chris and her husband of 43 years, Phil, live in Grimes, Iowa. She is a mother to two adult children and Nana to six grandchildren. She's a huge advocate of stepping out in faith, allowing God to work in all things creative.

What you’ll learn:

• How to protect family relationships layered with a business relationship
• The importance of a buy/sell agreement, especially for a multi-generational business
• Creating legacy assets that can benefit and protect generations to come
• Uncommon ways to evaluate the risk of jumping in to a venture
• How to define roles and expectations in any business relationship
• Why many people relish the idea of taking on a new challenge later in life
• Why mobile home parks are becoming an increasingly popular source of residual income
• How to handle business disagreements in an open, honest way
• Giving family members the freedom to get involved or not get involved in the family business