Once considered a fringe investment, mobile home real estate wasn’t the go-to for property investors and waned in the shadow of the more profitable multifamily. Today tells a different tale, though. Roughly 60 million Americans need affordable housing, and there are around 12 million mobile homes to service that need. According to Jonathan Tuttle, this is an opportunity. As today’s guest Jonathan talks to us about the rise of mobile home parks in the United States, and why they’re a great investment in today’s real estate. We kick off the episode by learning about his background in mobile homes. Growing up in the 80s, he spent a lot of time around his father, a general contractor, and was exposed to the ins and out of the business. It was during this time that Jonathan also grasped the resilience of real estate, considering its recovery from the savings and loan crisis during that time. These days, Jonathan is a fund manager at Midwest Park Capital which is a private real estate investment firm providing accredited investors with exclusive access to high yield investment in the mobile home park vertical. As our conversation progresses, he guides through the subtle, and perhaps strange nuances of mobile homes, touching on grandfather laws and Fannie and Freddie financing. To get your fill on mobile home park investment, be sure to pull in for this episode!
Key Points From This Episode:
- We take a moment to introduce today’s guest and explore his professional background.
- Jonathan talks about how his interest in real estate started.
- Find out what Jonathan finds most exciting about mobile home real estate.
- Discover some of the unusual nuances and virtues of investing in mobile home parks.
- Hear about Jonathan’s opinions on third-party management companies.
- Jonathan explains his typical business plan.
- Learn about the tax benefits that come with mobile home investment.
- As an asset class, mobile homes have been very resilient during the months of pandemic.
- Although limited, there is still scope to adding value to these parks.
- How adding to an existing park could be a huge value add.
- Jonathan talks about Fannie and Freddie financing in mobile homes.
- Treating evictions is very similar to evictions in multi-family.
- Flipping mobile homes and the nuances attached to them.
- Dive into our Final Four Questions with Jonathan.
Links Mentioned in Today’s Episode:
Apollo Commercial Real Estate Finance
Passive Income Through Multifamily Real Estate Facebook Group