Mobile Home Parks and Mindset Shifts: William Palmer’s Real Estate Journey

If you’re seeking inspiration for your own real estate investing journey, look no further than the story of William Palmer. Featured on Raising Private Money with Jay Conner, William’s path demonstrates that you don’t need a privileged background or years of industry connections to achieve success in real estate investing. His story sheds light on the practical challenges new investors face, and more importantly, on the mindset shifts and relationship-building strategies that can propel you forward.

William started in the United States Marines and later transitioned into law enforcement. Like many, he found his world shifted dramatically during the pandemic, which brought his law enforcement career to a standstill. It was during this period that he first discovered real estate by listening to podcasts—a testament to the power of learning and adapting, even in uncertain times.

His entry into real estate was far from glamorous: he purchased his first out-of-state property sight unseen, using his own saved capital. However, very quickly, he recognized the limitations of relying solely on personal finances. He didn't want to wait years to scale his business one small deal at a time. Enter private money: a critical concept he picked up through a coaching program. This approach would end up transforming his trajectory.

For new investors, raising private money often feels daunting—especially when you don’t yet have a significant track record. William’s confidence grew out of necessity; he quickly ran out of his own funds after his first investment. But rather than let that become a roadblock, he leveraged his network. The key was simply asking people he already knew if they could introduce him to anyone open to lending on real estate. He emphasizes that protecting the privacy of potential investors is critical; instead of soliciting funds directly, he began with relationship-building.

One of William’s first significant breakthroughs came over a simple cup of coffee, when a referral from his network offered to lend him $250,000 after a straightforward conversation. Notably, William did not have a specific deal on the table during this discussion. He focused on building the relationship, sharing his process, and demonstrating the reliability and values that he—and his family—were known for locally. His approach was never about pitching a deal or pleading for funds. Instead, it was about teaching, sharing, and creating trust.

Jay Conner highlights a similar approach in his own lending experiences: never lead with the deal, always lead with education and transparency. This method not only builds credibility but ensures that potential investors feel comfortable and informed rather than pressured. By educating rather than selling, both William and Jay have been able to cultivate pools of private lenders who trust them, time and again.

Beyond single-family rentals, William expanded into mobile home parks, recognizing their unique stability, especially during economic downturns. These parks tend to be resistant to recessions, often increasing in occupancy and rent even when other real estate assets struggle. There are a variety of income streams—from just owning the land to providing additional amenities like laundromats and storage. 

However, it’s important for new investors to properly understand how banks evaluate these parks—usually based on lot rent, not the combined rent of the lot and trailers—along with regional regulations and depreciation schedules. William’s own mobile home park journey saw him using private money to acquire an underperforming asset, then increasing rents and refinancing to maximize returns.

One recurring theme in William’s story is the importance of mindset. Many prospective investors are held back by fear or feelings of inadequacy. William encourages pushing past these initial doubts—through education, mentorship, and simply by leaping. Joining real estate