Ep. 172 | Interview With Derek Vickers on Buying Parks With POH and Tips for Florida MHPs

May 24, 2023

36:42

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In this insightful episode, we welcome Derek Vickers, the owner of Victory Real Estate Group, who brings his expertise in the mobile home park business to the forefront. Derek shares his unique perspectives on various aspects of the industry, shedding light on how he tackles different areas and navigates challenges.

We delve into the endless demand for mobile home parks in Tampa and discuss effective ways to test market demand to ensure successful investments. Derek also offers valuable insights on Fannie Mae financing and highlights the potential limitations that park-owned homes can have on exit rates.

One of the key takeaways from this episode is the importance of considering exit strategies when seeking deals in the market. Derek emphasizes the significance of thoroughly understanding budgets, emphasizing that missed prices, rather than misprices, often have a more significant impact.

Furthermore, we touch upon the common oversight of sellers neglecting to thoroughly read loan documents, highlighting the potential risks and implications. Derek's experiences and expertise serve as a valuable guide for real estate professionals in navigating these crucial aspects of the mobile home park business.

Tune in to this episode to gain practical knowledge and insights that will help you make informed decisions and maximize your success in the mobile home park industry.

Highlights of the episode:

00:00:37 Guest Introduction & Background: Derek Vickers

00:01:08 How Derek Got Into the Business

00:04:14 About Derek’s Park Homes

00:07:14 The Demand in Tampa Is Endless

00:08:46 How Do You Test Market Demand?

00:13:49 Prospectus

00:18:17 Fannie Mae Financing

00:21:55 Park-Owned Homes Could Limit Your Exits Rate

00:24:34 When Looking for a Deal, Look at an Exit Strategy

00:27:58 “What Ruins the Budget Is Not a Misprice, But a Missed Price”

00:31:56 A Lot of Times, Sellers Don’t Even Read the Loan Docs