In today's podcast, founding member of MH Park Advisors Skyler Liechty shares his in-depth knowledge of the mobile home park investment industry. He is a third generation park owner and also runs other businesses like MHC Leads.
Skyler discusses his processes to address issues with new owners moving in, handling market-dependent homes, and finding new investment opportunities.
QUOTES:
14:15 "Doing that on a scale, one might not be all that challenging. Two, more challenging. You start talking about five or ten or twenty as the example we used, there's lots going on there and it's much more difficult than what it seemed when you first set out."
15:39 "Everyone has their opinions about what's a better way. Us personally, we tend to like that lease with an option to purchase program simply because from an operational and functional standpoint, it's a lot easier if you have a problem with the resident."
16:18 "Once you decide what strategy you're going to go with, then that dictates what the process to execute on that plan is."
30:49 "Most people, they may call, they may email, but the biggest communication source we found was text messages."
44:40 "When people are looking for a home or a place to live or an apartment, whatever it is, it's immediate. They are looking right now. You call them two days later, it's not a hot lead anymore."
47:09 "I tend to believe that most transactions are relationship-driven."
HIGHLIGHTS
07:12 Introduction to Skyler Liechty and his entry into the mobile home park business
10:50 Discussion on the biggest challenges for new investors
14:29 Using strategy to master current processes and create an efficient system
19:34 The lease option program of Skyler for new homes explained
28:32 What is MHC Leads and how does it work?
42:13 How to integrate with existing software and programs for smooth workflow
45:36 Discussion on finding investment and acquisition opportunities
53:02 Roles of brokers in the mobile home park industry
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