In this episode of The MHP Broker’s Tips and Tricks Closing Cocktail podcast, Maxwell Baker, president of The Mobile Home Park Broker, who chatted with brokers Eric Wanck and Josie Quiroga about their closing on East Village MHP in Oklahoma. While the park was heavy on park-owned homes, strong communication, a motivated buyer, and a local lender who appraised over asking made for one of the smoother transactions in recent memory.

As with every Tips and Tricks podcast episode, this one is brought to you by The MHP Broker’s proprietary Community Price Maximizer. Use this four-step system to get the highest price possible for your mobile home park or RV community when you sell it through The MHP Broker. Guaranteed. Call Max for details.

Here Are the Show Highlights:

• Another Closing Cocktail, another win for the team — this time in Oklahoma with East Village MHP. Solid infrastructure, paved roads, and city water/sewer made it a smoother ride than most. (Max, 0:22)
• Buyer profile: younger powerhouse, already building a footprint across Texas, Oklahoma, and Louisiana. He had a clear vision to replace the older home by bringing in new homes to expand value long-term. (Eric, 3:25)
• Smooth deals are rare in this business, but strong communication all around kept collections steady and expectations aligned throughout due diligence. (Eric, 3:57)
• Lesson learned: communication is everything. When buyer, seller, and brokers stay aligned, even an all-POH community can glide across the finish line. (Josie, 4:39)
• The park was heavy on park-owned homes, which usually complicates financing, but the buyer came with a local lender who not only got it done but appraised the park owned homes over asking price. (Eric, 4:43)
• Proof once again that The MHP Broker’s process works — an 86% close ratio and a track record of solving the tough parts before they become deal-killers. (Max, 7:16)

What a team! Ask Eric, Josie, and/or Max to represent your next sale of a mobile home park or RV community. Get maximum price and minimal hassles. Call us at The MHP Broker, (678) 932-0200. Or drop us a line at info@themhpbroker.com.

Power Quotes in This Episode:

"This was a deal out in Oklahoma…fairly straightforward park, good solid infrastructure, and it all checked out in DD.” (Eric, 2:57)

“The buyer did a good job of keeping us in check and keeping the seller in check, making sure collections stayed strong all the way through.” (Eric, 3:57)

“Great communication all the way around. Buyer, seller, and our team stayed in sync from start to finish.” (Josie, 4:39)

“Truthfully, anytime we have an all POH community, you kind of cross your fingers on the appraisal — but this one appraised over asking price.” (Eric, 4:43)

“Communication through the process is paramount to having a smooth transaction.” (Eric, 6:31)

“If you go to our competitors, they are in and out of contract. I guarantee you they are less than 50%. Our close ratio is north of 86% because we do the work upfront — that’s not puffery, that’s facts.” (Max, 7:16)

In this episode of The MHP Broker’s Tips and Tricks podcast Closing Cocktail, Maxwell Baker, president of The Mobile Home Park Broker, chatted with broker Jeff Dodge about his recent close on Crawford County Estates, near Macon, GA.

As with every Tips and Tricks podcast episode, this one is brought to you by The MHP Broker's proprietary Community Price Maximizer. Use this four-step system to get the highest price possible for your mobile home park or RV community when you sell it through The MHP Broker. Guaranteed. Call Max for details.

Here Are the Show Highlights:

• Jeff successfully closed on a deal in Georgia that had a bit of drama toward the end. (Max, 1:09)
• This was a sprawling 52 acre parcel with 52 lots in Lizella, GA., just 10 miles from Macon. It included 36 park-owned homes and 13 vacant lots. Crawford County Estates offered a great opportunity for the right investor to infill, add tenants, and increase rents to local market values. Jeff received multiple offers, and they went with an experienced mobile home park buyer. Both parties were happy with the results. (Jeff, 1:27)
• They did some creative financing to close the deal, and got close to the list price. It wasn’t without drama, however. The buyer’s issues with his 1031 tax deferral on another sale slowed the deal down toward the end. The buyer was only able to close on the other deal the morning of the day that they had to close on the park. There was a flurry of phone calls, most of them handled by Jeff, but they were able toseal the deal just before the clock ran out. (Max, 2:17)
• Jeff had to deal directly with the lender toward the end to keep the sale alive, but the potential crisis was averted*. (Jeff, 3:07)
• Generally, summers are dead for mobile home park sales, and the business picks up in the fall. But this year, sales activity has been very heavy since early August, so it’s a better year than most. (Jeff, 4:31)

Regardless of the season, you need to reach out to Jeff, Max, or the rest of the team at The MHP Broker if you want to sell your park or get a good idea of its value. Call us at (678) 932-0200. Or drop us a line at info@themhpbroker.com.

Power Quotes in This Episode:

“...must have gotten 30 calls trying to make sure things were being done. I know Jeff was taking the blunt of all of that. So Jeff, thank you for dealing with all of that, but you did a great job.” (Max, 2:17)

“...this is the first time we really had to jump in and really work directly with the lender.*” (Jeff, 3:07)

“...we can get it done regardless of the issue. Just give us the opportunity to work with you and I guarantee we'll find the right buyer for your property. Yeah, we are good at finding all of the drama on your deal upfront.” (Max, 3:47)

In this episode of The MHP Broker’s Tips and Tricks podcast Closing Cocktail, Maxwell Baker, president of The Mobile Home Park Broker, interviewed company broker Eric Wanck on his “drama-filled” close on a park in Alabama.

As with every Tips and Tricks podcast episode, this one is brought to you by The MHP Broker's proprietary Community Price Maximizer. Use this four-step system to get the highest price possible for your mobile home park or RV community when you sell it through The MHP Broker. Guaranteed. Call Max for details.

Here Are the Show Highlights:

• Beautiful Carriage Mobile Home Park in Alabama brought The Mobile Home Park Broker Eric Wanck plenty of drama, but it was ultimately another successful close. (Max, 00:22)
• The drama came from both sides of the deal, reminding Max of the Mexican soap operas he used to watch as a kid. (Max, 1:19)
• The sellers first approached Eric two years ago when they wanted to get a valuation of the park and find out how to boost its value. Eric was acting as a consultant, another service The MHP Broker offers. Eric noted that the housing inventory was mostly park-owned, and that’s a hassle to a lot of buyers who would rather not be responsible for maintenance. Eric recommended that the park owner sell a lot of their home inventory on a rent-to-own (RTO) basis. By the time the park sellers came back to see Eric two years later they’d taken his advice and now about 70 percent of the homes were sold off or still had rent-to-own notes on them. This would make for a cleaner, easier transaction, in Eric’s opinion. (Eric, 1:53)
• The notes remaining were for short-term deals, generally three years. The residents were paying them off at different stages, which made it difficult to value the park deal based on the number of notes outstanding and their varying balances. (Eric, 3:18)
• Eric’s approach, in selling the park, was to be totally transparent about the RTO notes and their value. It wasn’t easy, but Eric was able to come up with a fair price for the park and what would remain of the existing notes. One potential crisis averted. (Eric, 5:40)
• The drama on the buyer side of the transaction came about when their financing fell through. The buyer had chosen the lender, but had still not closed with them after 45 days. It turns out that the lender was presenting terms that were unsuitable to the transaction. Eric responded by connecting the buyer with a lender he’s worked with, and the buyer also came up with another lender. After comparing rates and terms, the buyer went with his second-choice lender. All of this took valuable time, of course. (Eric, 7:11)
• The deal closed, but the confusion with the lender gave it about a 30-day delay. (Eric, 8:03)
• As a seller, it’s critical that you have all of your due diligence records lined up and ready. This will save time, and that means a quicker sale with fewer hurdles. (Max, 9:56)

Your time is always valuable, whether you’re the seller or the buyer of a community. At The MHP Broker, we have experience closing deals as quickly as possible. Call Eric Wanck or Max Baker at The MHP Broker, (678) 932-0200. Or drop us a line at info@themhpbroker.com.

Power Quotes in This Episode:

“There’s a lot of variables, and financing can be tricky. (Eric, 8:03)

“We’re here to help you out, kind of quarterback…your journey to sell your community and try to look out for the pitfalls.” (Max, 9:56)

“Time is money, and time kills deals.” (Regarding delays in closing) )Max, 9:56)

“So if you’re a seller, try to get your stuff (for due diligence) in order. That doesn’t mean don’t talk to us, so give us a call. We’re happy to chat with you about the standard due diligence list items that you’ll need when you put your deal on a contract.” (Max, 11:11)