Dan Gibson has been in real estate for the last 7 years and around 4 years ago, he got into mobile home parks with his brother. Dan currently owns two parks in the St. Louis area and he has a third one under contract. Dan answers all of your burning questions about mobile home parks and the kind of cash flow they generate on this week’s episode!
Key Takeaways:
- Why do mobile home parks have such a bad stigma?
- How did Dan get started in this business?
- What are some of the benefits of owning a mobile home park?
- Dan discusses some of the challenges that might come up with mobile parks.
- Look for properties that range from 20-100 lots. These parks are often too small for the ‘big guys’.
- Where are these mobile homes located?
- A quick rule of thumb to find out whether you have a good location is to see if there’s a Walmart nearby. That’s a good sign.
- How did Dan accidentally buy his first mobile home?
- Dan discusses what his expenses are for the mobile home and how much cash flow he walks away with.
- How much time, on average, does it take to manage a park?
- How did Dan find his second park?
- How can you find your first deal and get started in buying mobile parks?
- Dan shares what are some of the key things you need to look for when buying a park.
- Can Dan do this business virtually?
- How does Dan find his deals?
- Dan breaks down the due diligence process.
- Dan has compiled a quick PDF for you to download! Check the show notes!
Mentioned in This Episode:
I would greatly appreciate an iTunes Review 🙂 Flip Empire on iTunes
Email Alex: Alex@FlipEmpire.com
Grab your “Top 5 Reasons to Invest in Mobile Home Parks vs Apartment Complexes” PDF here: FlipEmpire.com/trailers
Connect with Dan Gibson to learn more about Mobile Home Park Investing here: Trailerparkbros.com and/or follow them on Facebook: Facebook.com/trailerparkbros
Search Mobile Home Parks for sale: Mobilehomeparkstore.com
Tweetables:
“Once you get your mobile park under contract, it’s a full 2-3 month due diligence process.”
“Managing a 30–lot park usually takes between 3-5 hours a week.”
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