Episode 036: Eloy Retana-How the Search for Multi-Family Led to Mobile Home Parks

Author of: “The Top 10 Reasons to Invest in Mobile Home Parks”
TO DOWNLOAD, go to: www.partnerwithapex.com

host of “Savvy Mobile Home Park Investor” podcast.

113 apartment and mobile home units
Mentors Mentioned: Brian Ellis and Adam “AAA” Adams

Chose IT career over Real Estate Dreams.

Realized that in order to reach income goals, he would have to pick up ALOT of single-family homes.

Met partner, Stephen Anderson (former single family flipper), at a salsa dancing event, who invited Eloy to invest in apartment.

 Lots of investors flocking to mobile home park investing:

-LOW tenant turnover
-Less moving parts 

Tate and Eloy go into the inner workings of owning a mobile home park. Mostly, mobile home park owners only own the lot and charge a lot rent fee. In Eloy’s model, he is owning BOTH the park, the grounds AND some of the actual mobile homes, which he will rent out creating further value.

We discuss Cap Rates, how they determine value in different markets, and how the ENTRY Cap should always be higher than the TARGETED EXIT Cap rate, which is how Eloy has structured his deals.

Mobile Home Parks have become incredibly popular during the COVID pandemic. This is due to collections staying high and tenants continuing to pay rent. When tenants OWN part of their housing (in this case, their mobile home), they’re much more likely to pay rent on their lot. Money is moving from risky assets (such as retail, office, hospitality, etc) to “safer”, more risk mitigated assets.

There’s NOTHING you can’t find on YouTube and Google, BUT you have to know what to look for!

Podcast-“The Savvy Mobile Home Park Investor”  https://podcasts.apple.com/us/podcast/the-savvy-mobile-home-park-investor-show/id152240366

You’ll learn more doing DEALS than taking classes. The best ticket into the industry is to find a deal (or find capital for a deal) and get it done (which can be done through partnering with a more experienced operator/syndicator) However, paid masterminds are great! Peers, coaches, mentors who are committed to getting you to the next level are all accessible and ready to give you as much value as they can.

Eloy is looking for DEALS! Florida mobile home parks.  Eloy can be reached at www.partnerwithapex.com