CI 53 - Mobile Home Park Profits with Jefferson Lilly

Jefferson Lilly is a mobile home park investment expert, educator, and industry consultant who has been featured in the New York Times, Bloomberg Magazine, and on the 'Real Money' television show.  Prior to co-founding Park Street Partners in 2013, Mr. Lilly spent seven years investing his own capital at Lilly & Company where he acquired and continues to operate mobile home parks in the Midwest.  Prior to becoming an investor full-time, Jefferson spent 10 years in sales leadership roles with several venture-backed startup companies in Silicon Valley that were acquired by Openwave Systems and VeriSign.  Earlier in his career he held operational roles at Viacom and was a consultant with Bain & Company.

Key Takeaways:

[2:30] The history of Jefferson's investing and value investing with mobile home parks

[4:38] Whether the mobile home park scene is too crowded or if there's still room

[7:07] How to find a broker for mobile home parks

[11:22] If Jefferson prefers park or tenant owned homes

[14:02] The interest rates being charged to tenants when they're buying homes

[18:20] Why mobile home parks aren't being built anymore

[19:25] The biggest mistake Jefferson made in the mobile home park real etate market

[22:20] How Jefferson went about turning a mobile home park into a better investment after purchase

Websites Mentioned:

www.parkstreetpartners.net
www.tulsaestatesmhp.com