208: Mobile Home Park Investing with Jefferson Lilly

Jefferson is a self-made millionaire, mobile home park investment (MHP) expert, educator, and industry consultant. Park Street Partners owns 17 MHPs coast-to-coast totaling over $32mm in value. Prior to co-founding Park Street Partners in 2013, Mr. Lilly spent seven years investing his own capital acquiring and operating mobile home parks. Before becoming an investor full-time, Jefferson spent nine years in sales leadership roles with several venture-backed startups in Silicon Valley. He holds a B.A. from the University of Pennsylvania and an MBA from the Wharton School of Business. Jefferson started and hosts the Mobile Home Park Investors Podcast. He also founded the Mobile Home Park Investors group on LinkedIn – the world’s largest professional networking group focussed on MHPs (3,500+ members). Key Points Why mobile home parks serve an important purpose in our country How to manage properties nationwide using the latest technology Supply and demand imbalances The MHP business model Value add opportunities in MHPs Fun Facts Mobile homes have a VIN number, just as a boat, car, or trailer would 10% of the U.S. lives in mobile homes Lightning Questions What was your biggest hurdle getting started in real estate investing, and how did you overcome it? Jefferson was distracted by his job, personal life, etc. He’s now completely focused and disciplined in his search for mobile home parks. Do you have a personal habit that contributes to your success? Jefferson has mad an effort to hire people to help him out in his business. His goal is to make himself irrelevant to his business. Do you have an online resource that you find valuable? Bestplaces.net What book would you recommend to the listeners and why? The Snowball: Warren Buffett and the Business of Life by Alice Schroeder If you were to give advice to your 20-year-old self to get started in real estate investing, what would it be? Do the same things, but sooner. Resources Visit Audible for a free trial and free audiobook download! Park Street Partners Rent Manager – Property management software Bestplaces.net