How to Evaluate Mobile Home Park Investments with Bryce Robertson
Bryce Robertson, "Your Australian Real Estate Mate," is a real estate investing entrepreneur, syndicator, educator, best-selling author, world traveler, and adventurer. Bryce is an Australian native, with over 20 years of experience in large commercial construction projects, real estate, and business.
In this episode, we brought in Bryce to talk about mobile home parks. He will be giving us tips and guides on how to evaluate a mobile home park investment. Things you should look for when doing your due diligence in checking out mobile home parks and why mobile home parks are a good investment for both active and passive investors.
[00:01 – 07:21] Opening Segment
- I talk briefly about the great value that awaits you in this episode
- I introduce and welcome guest, Bryce Robertson
- Bryce gives a background about himself and how his journey to real estate began
- Born and raised in Australia
- Discovered a formula and used it to expand his mobile home park portfolio
[07:22 – 15:33] How to Evaluate Mobile Home Park Investments
- Bryce walks us through their process of evaluating mobile home park syndications
- Bryce's criteria for mobile home parks
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- Located in an affordable housing market
- What are the alternative options in that market?
- Population
- A big enough market
- Advantages and disadvantages of different sizes of mobile home parks
[15:35 – 26:46] Risk Mitigation
- Associated risks and how to take action on occupancy problems
- Public vs. Private utilities, what are the mobile home park's responsibilities?
- Bryce talks about some of the situations they encountered in operations.
[26:47 – 32:33] Do Your Due Diligence
- Bryce walks us through the due diligence needed in operating a mobile home park
- Financial due diligence – make sure the business will work
- Physical due diligence
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- Inspect sewer systems
- What's the condition of the homes?
[32:34 – 41:25] Closing Segment
- Quick word from our sponsors
- What is the best investment you've ever made other than your education?
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- "I think the best investment was my first mobile home park."
- What is the worst investment you ever made?
- "I just can't say that I've actually had a bad investment."
- What is the most important lesson that you've learned in business and investing?
- "To take action. I honestly think that that's the most important lesson."
- Connect with Bryce online. See the links below.
Tweetable Quotes:
"I had a bad purchase of spending $30,000 on mentoring in the beginning, and none of that worked out at all. But because it didn't work out, it massively drove me to be highly motivated to get that first mobile home park, and that was part of the fire under my butt to get that done." – Bryce Robertson
"Nothing is gonna work unless you're taking massive action." – Bryce Robertson
"Obviously, if you don't know what you're doing, you need to have someone looking over your shoulder. Otherwise, it's just irresponsible." – Bryce Robertson
You can connect with Bryce by sending him an email at [email protected]. Visit their company website http://www.propertyworkzusa.com/. Listen to his podcast, Freedom Hack Radio. Grab a copy of his book, 10,000 Miles to the American Dream on Amazon.
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