Jefferson and Brad share some funny and true stories about the things they have heard mobile home park brokers say regarding their mobile home park listings. Keep in mind that the vast majority of brokers have the utmost integrity, but - like any profession - there are certainly a few characters in the mobile home park broker business that you'll want to look out for.
[1:32] Caveat - the Park Street Partners love the brokers that they deal with, but they have also been told things like, “sewage lagoons are wonderful”, by brokers.
[3:51] Don’t let any broker tell you that anything other than City Water and City Sewer is somehow better.
[5:35] When you find red flags during diligence and a broker says, “Don’t worry about that, you’ll run the property much, much better than he will”.
[7:14] “If you don’t hurry up and buy this park…I’ve got another buyer who’s gonna snap it away from you” - said by a broker.
[9:20] One broker sent Brad an off-market deal with few details about the area it was located in - turns out it was located in a 250 person town with no county and in the middle of nowhere.
[10:31] When you ask if a deal meets all your criteria and a broker says, “Well, I think it’s gonna be right at the edge of your criteria”.
[11:40] A broker once pitched 10 million bucks for a 10-pad mobile home park located in the Canadian oil sands.
[13:27] Brokers have said, “There has never been a plumbing expense, that’s why that line item doesn’t appear”, but that’s almost never the case.
[15:30] “This is a 10, 12 cap on paper - easy.”
[17:34] Any mobile home park broker that’s listening to this podcast - “we are not talking about you”.
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