Welcome to the Mobile Home Park Academy podcast. In this episode, Charles and I will discuss mistake number 16 from our popular eBook, “The 21 Biggest Mistakes Investors Make When purchasing their First Mobile Home Park…and how to avoid them.”
One of the great things about owning multifamily real estate is that it is just that, multi-family. On a 100-unit property, losing one tenant is relatively insignificant. What if that one tenant was an investor and they owned 10, 20, or 30 of the units in the park? This is something that we have seen time and time again in the mobile home park industry.
One might think, on the front end, that it would be nice to only have to collect one big check on those units. You may also like the idea of dealing with less tenants and having someone else handle tenant relations on those units. Where is the problem in this thinking? If this sounds like a nice arrangement, I would also like to pose the following potential problems:
Having a third party investor in your park is not always a bad thing. It can sometimes be a good thing. However, you need to know how to remain in control of your park and protect your investment. We can show you how to maximize this arrangement and work with these investors properly.