Glenn and Jason chat with Ian Tudor and Ryan Narus of The Archimedes Group about converting park owned home to tenant owned homes. Plus, we get into the ethics behind mobile home park ownership.

Glenn offers up a couple listing to Jason. Jason, asks about what winning and losing deals have looked like in the past.

Joined by special guest Yonah Weiss, the eighth episode of The Mobile Home Expert Podcast delves into something we all find confusing, tax law. As a tax deduction expert who focuses on cost segregation, Yonah gets Glenn and Jason excited about the potential savings cost segregation can provide for MHP owners.

Timestamps:

:50 -- Meet Yonah Weiss, the cost segregation expert.

2:35 -- Cost segregation, the little-known tool for MHP owners and real estate investors.

3:41 -- What cost segregation actually is.

4:18 -- Depreciation, The IRS’s gift to real estate investors.

5:16 -- Depreciative Capture Tax - what you pay when you sell a property.

6:18 -- Cost segregation as a one-time thing.

7:46 -- How cost segregation can help you have a better bottom line.

9:33 -- You can’t save like this in other industries.

10:19 -- The opportunity to expand returns.

10:48 -- MHP and cost segregation.

11:36 -- It takes an expert, not just your accountant, to handle cost segregation.

13:48 -- MHPs benefit from cost segregation so much because of land improvements.

16:18 -- The average savings that result from cost segregation.

18:15 -- It’s an underutilized tool.

18:48 -- Yonah’s process.

20:43 -- How this applies to land lease parks.

21:48 -- Bonus Depreciation, a new law you may not know about, but is great for MHP owners.

25:05 -- The lot-lease MHP advantage when it comes to cost segregation.

25:54 -- Who should call Yonah?

27:24 -- How Glenn could have benefitted from cost segregation in his past.

28:30 -- Tax laws do have an expiration date. What’s the future for this one?

29:16 -- What was the incentive that motivated this law?

31:23 -- Differences regarding allocation for park-owned homes.

32:30 -- How to find Yonah to request a free estimate.

Featuring Jason Sirotin and Glenn Esterson, The Mobile Home Expert Podcast follows Jason on his journey as a potential investor into the mobile home park (MHP) industry. Guided by the experience and expertise of Glenn Esterson, the two discuss what it means to invest and manage mobile home parks, drilling down into each element that impacts profitability and success.

In the seventh episode, Jason and Glenn delve into the seven most common mistakes people make as new MHP investors, with tips on how to avoid them.

Timestamps: 1:52 -- Mistake 1: Not vetting tenants during due diligence period. 5:15 -- Mistake 2: Not fully understanding the impact of your relationship with the municipality. 9:43 -- MIstake 3: Lacking an understanding of the local market and what the economic and demographic drivers are. 13:25 -- Gentrification and its impact on MHP. 16:20 -- Mistake 4: Falling for cheap value ads and biting off more than you can chew as a new investor. 22:32 -- Mistake 5: Not fully understanding or carefully inspecting the infrastructure of a park. 26:08 -- What kind of inspector to get for an MHP. 28:28 -- Mistake 6: Buying at the wrong time. 32:23 -- Mistake 7: Managing expectations when it comes to financing.

Featuring Jason Sirotin and Glenn Esterson, The Mobile Home Expert Podcast follows Jason on his journey as a potential investor into the mobile home park (MHP) industry. Guided by the experience and expertise of Glenn Esterson, the two discuss what it means to invest and manage mobile home parks, drilling down into each element that impacts profitability and success.

Episode 1 introduces Glenn and Jason, focusing on the decision to begin the journey as an MHP investor. Glenn shares his experience getting started in the business and shares how his ethical approach to MHP management has served him well in the long run of this 20+ years in the industry.

Timestamps: 1:10 -- Newly published Mobile Home Park Manifesto breaks down the business through the lense of Glenn’s decades of experience. 2:51 -- How Glenn got started in the industry even when it wasn’t on his radar as an investment opportunity. 4:45 -- Managing expectations on returns as an investor. What’s realistic to expect. 6:00 -- Timetable for returns. 7:04 -- The current state of the MHP business, addressing John Oliver’s expose versus how ethical practitioners approach management. 11:06 -- Methods for achieving an upside without raising rents. 13:45 -- Biggest challenges as an investor. 17:12 -- MHP culture. 20:27 -- Fitting MHPs into the affordable housing crisis and why governments need to take MHPs more seriously when thinking about zoning and permits. 27:37 -- Advantages for investors. 30:13 -- When to ethically raise rents. 31:59 -- Whether or not mobile home parks are recession-proof. 34:30 -- The start of Jason’s journey as an investor with no real estate of MHP experience/Chapter 1 of Mobile Home Park Manifesto, the WHY. 37:57 -- Breaking down the importance of proximity for your first park. 41:16 -- Speaking to the amount of GRIT and WIT this journey takes. 42:05 -- Sharing why MHP investing is beginning to appeal to large conglomerates. 43:45 -- Jason’s narrative in becoming an investor and a realistic overview of the business.

Join us next episode when Jason and Glenn discuss MHP tenants and why they really are the core of the business.

Featuring Jason Sirotin and Glenn Esterson, The Mobile Home Expert Podcast follows Jason on his journey as a potential investor into the mobile home park (MHP) industry. Guided by the experience and expertise of Glenn Esterson, the two discuss what it means to invest and manage mobile home parks, drilling down into each element that impacts profitability and success.

Episode 6 explores the state of the MHP economy. Coinciding with the Chapter 5 from The Mobile Home Park Manifesto, Glenn breaks down whether now is a good time to invest or whether current owners should wait things out for the real estate correction that’s coming.

Timestamps: 1:08 -- Are we facing a seller’s or buyer’s market? 5:12 -- What impacts the value-add? 7:13 -- MHP ownership is mostly a marathon, especially based on today’s economic cycle. 8:02 -- Whether park size matters in a down/up economy. 11:02 -- Is now a good time to build a park rather than buy one? 13:12 -- Is now the best time to sell if you’re aiming for retirement? 15:47 -- Update on deal flow and what the market looks like today. 17:19 -- Will the move by the federal government to reduce the debt help MHP deals? 19:04 -- What a buyer needs to bring to the table (the cash) for a successful sell. 23:25 -- Sample cash intake percentage for a 80 lot part that’s well-maintained. 26:25 -- Monthly cash intake after expenses and debt for sample park and what the profits would be if sold in five years. 29:52 -- Final thoughts on the state of the MHP economy.

Featuring Jason Sirotin and Glenn Esterson, The Mobile Home Expert Podcast follows Jason on his journey as a potential investor into the mobile home park (MHP) industry. Guided by the experience and expertise of Glenn Esterson, the two discuss what it means to invest and manage mobile home parks, drilling down into each element that impacts profitability and success.

Episode 4 takes a deeper look into retirement. For current owners thinking about selling, Jason and Glenn are joined by special guest (and MHP owner) Charles DeHart. The three of them discuss how to get the most out of a sale and what steps should be taken to get top dollar.

Timestamps: 1:20 -- Common signs you’re ready for retirement as an MHP owner. 8:15 -- Calculating sales numbers & cap rates. 13:30 -- How the economy impacts business in an MHP and influences the desire to retire. 15:42 -- Today is a seller’s market. 16:04 -- Getting the maximum dollar out of a MHP sale. 16:25 -- Get your books in order and make them presentable. 18:16 -- Evaluate what money you’re leaving on the table. 19:50 -- Contact municipality and make sure everything is in order and legally zoned. 20:55 -- Don’t hide the dirt. Buyers find out anyway. 22:22 -- Where owners waste money trying to add value. 25:24 -- Key improvements worth making to your park that don’t cost much. 27:32 -- What the process for selling looks like. 31:15 -- The value of using a broker.

In episode 5, Glenn and Jason take a look at the good, the bad, and the ugly components of MHP ownership. Tune in to get a complete picture of what being an MHP owner is really like, from someone who has seen it all.

Featuring Jason Sirotin and Glenn Esterson, The Mobile Home Expert Podcast follows Jason on his journey as a potential investor into the mobile home park (MHP) industry. Guided by the experience and expertise of Glenn Esterson, the two discuss what it means to invest and manage mobile home parks, drilling down into each element that impacts profitability and success.

Episode 3 focuses on Chapter 7 of The Mobile Home Park Manifesto, taking a look at each variation within the industry. It’s more broad than you think, encompassing mobile home parks, RV parks, camping grounds, and tiny house communities. Learn more about each type of mobile community and where the best investment opportunities lie in today’s market.

Timestamps: 1:15 -- What is a manufactured home community and what do they look like today. 3:53 -- Causes for the shift in MHP quality, appearance, and popularity. 6:54 -- The appeal of a MHP for today’s investors. 8:51 -- How banks factor into MHP purchasing and financing in general. 11:02 -- Variations in the basic MHP concept. 11:46 -- RV parks. 14:53 -- RV parks vs MHP. 17:08 -- Managing property maintenance in a MHP. 19:11 -- Tiny house communities. 22:21 -- Putting this concept into an in-town site. 26:03 -- Campgrounds. 28:17 -- Campgrounds vs MHP in yields. 30:54 -- The best model for a first-time investor in this space.

Up next, episode 4 brings together Jason, Glenn and special guest Charles DeHart to focus on when it’s time to retire and sell your park. They share tips for how and when to get the most out of a sale and what preparation should be done to receive top dollar.

Featuring Jason Sirotin and Glenn Esterson, The Mobile Home Expert Podcast follows Jason on his journey as a potential investor into the mobile home park (MHP) industry. Guided by the experience and expertise of Glenn Esterson, the two discuss what it means to invest and manage mobile home parks, drilling down into each element that impacts profitability and success.

Episode 2 dives into chapter 2 of Mobile Home Park Manifesto, which focuses on tenants. Learn more about what makes a good tenant, who you should avoid renting to and how to build a profitable community of people who want to stay put in their units.

Timestamps: 1:24 -- Breakdown of who MHP tenants really are. 3:14 -- An overview of how to vet potential tenants. 4:32 -- Guidelines to use for vetting/what you should check out. 7:03 -- Tenant no-no: addicts and dealers. 7:50 -- What issues can arise with renting to a tenant who’s paid under the table. 10:16 -- When a tenant sounds good but it ends badly. 12:55 -- Checking credit scores as part of the vetting process. 14:23 -- Removing a bad tenant. 18:45 -- Tenant majority are people who are good with simple needs. 21:10 -- How to keep good tenants in your park. 22:41 -- The benefits of encouraging tenants to buy their homes and become lot renters. 25:46 -- The importance of a property manager and establishing a rapport tenants. 28:24 -- Vetting a property manager.

Come on back for episode 3 where Jason and Glenn break down MHP ownership as a business, discussing the variations within the industry and how it continues to grow and change. Possibilities for ownership aren’t as singular as you may expect.

Featuring Jason Sirotin and Glenn Esterson, The Mobile Home Expert Podcast follows Jason on his journey as a potential investor into the mobile home park (MHP) industry. Guided by the experience and expertise of Glenn Esterson, the two discuss what it means to invest and manage mobile home parks, drilling down into each element that impacts profitability and success.

Episode 5 gets into the ins and out of MHP ownership, going from the good, to the bad, and the ugly. Luckily, no matter how crazy a situation gets, and Glenn shares a few from his own experiences as an owner and broker, there’s a way out so you can continue to reap the financial benefits of park ownership.

Timestamps: 3:08 -- Things an owner should know and expect. 7:25 -- The Good. 10:00 -- What can catch you off guard during The Good. 10:53 -- An intro to The Bad (it’s fixable.) 11:46: Bullet points for The Good. 13:08 -- When you find yourself at a bad park. 14:04 -- Common bad situations. 16:08 -- Why refinancing with a bank is easier than getting an initial bank loan. 17:07 -- Fraud in the MHP business. 20:21 -- Transitioning into The Ugly by improperly vetting tenants. 24:46 -- Cleaning up an ugly mess. 27:14 -- Reasons to stay in the business even after encountering The Ugly. 29:42 -- Get free support no matter what stage you find yourself in to help make your park successful.

Tune in next episode as Glenn evaluates the state of the MHP economy and offers advice on whether or not now is a good time to buy, sell, or ride out the potential recession on its way.