Ep 31: Part 1 - The TOP 10 mistakes to avoid when investing in Mobile Home Parks – 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 and Bloomberg Magazine.  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, and consults to mobile home park owners in California.   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.   In this episode, Jefferson shares with us the Top 10 mistakes he made when getting started in this business with the hopes that you can learn from his mishaps and avoid these same pitfalls   In this interview with Jefferson you’re going to learn: ·         Why building a team and surrounding yourself with other successful people in your niche is vital to your success ·         Why you need to be slow to hire and quick to fire with park employees and managers ·         How to dramatically increase your bottom line by buying 4 br MH’s instead of the common 3 bd units (almost the same price) ·         The dangers behind not being fully involved with your park i.e., working a full-time job and trying to manage a park in a different state ·         Why he loves tax season soooo much and looks forward to it every year ·         And much more…