The Mobile Home Park Lawyer Podcast

Welcome back to the Mobile Home Park Lawyer Podcast! In this episode, Ferd sits down with Austin Fee of Bank of Springfield, a Kansas City–based lender with deep experience in commercial and mobile home park financing. Austin shares how he evaluates deals, what banks look for in today’s lending environment, and how borrowers can position themselves for smoother approvals and better terms. Ferd and Austin dive into the nuts and bolts of underwriting—including down payment expectations, amortization norms, rate structures, committee approvals, deposit requirements, guarantor strength, and seller financing. Austin explains how banks think about risk, when they stretch on pricing, how relationships influence renewals, why communication matters, and how borrowers can “sell the deal” to help lenders champion it internally. The conversation also covers market shifts in 2025, tightening credit, committee dynamics, and why small deals often open the door to long-term lending relationships. Whether you’re approaching your first bank, planning a refinance, raising capital, or navigating infill and turnaround projects, this episode gives you clear, practical insight into how lenders think—and how to get more of your deals across the finish line. Tune in now to understand today’s lending landscape and build stronger banking relationships that support your long-term growth.   Highlights of the episode: 00:36 – Introducing Austin Fee 03:17 – Market differences 05:29 – Selling your deal 07:06 – How rates are priced 10:26 – Value-add flexibility 12:06 – Guarantee importance 17:17 – Seller financing blends 20:07 – Net worth ranges 23:12 – Bank-friendly documents 27:13 – Performance vs. projections 28:08 – Communication matters 35:33 – When deals get vetoed 37:23 – Relationship-driven lending 39:22 – Trust in banking 40:03 – Packaging your loan 42:35 – Document requirements 45:40 – Minimum deal size 46:58 – Credit tightening 48:47 – Customer scoring 49:45 – Relationship value 50:01 – Lending states & contact info Connecting with MHP Law:    Website: https://themobilehomelawyer.com/  Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069  LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/  Instagram: https://www.instagram.com/themhplawyer  Connecting with Guest: Linkedin: https://www.linkedin.com/in/austin-fee-/  #MobileHomePark #MHPInvesting #RealEstateInvesting #BankingInsights #CommercialLending #MobileHomeParkFinancing #PropertyManagement #Underwriting #LoanApproval #ParkAcquisitions

Welcome back to the Mobile Home Park Lawyer Podcast! In this episode, Ferd sits down with longtime banking expert Keith Asel of Hawthorn Bank to unpack what park owners really need to know about lending, loan structures, underwriting, term sheets, and navigating bank relationships. With over 45 years in the banking world—from teller to federal bank examiner to commercial lending leader—Keith brings rare insight into both sides of the table. Ferd and Keith discuss how banks actually evaluate mobile home park loans, what bankers look for in cash flow, collateral, and guarantor strength, and why debt structure can make or break your business plan. Keith breaks down the real differences between big-bank rigidity and community-bank flexibility, how interest rates and indexes are chosen, when to use construction loans, why interest-only periods matter, and how to avoid surprises when renewing lines of credit. Whether you're buying your first park, restructuring debt, planning infill, or trying to understand how lenders think, Keith delivers practical, experience-backed guidance to help operators secure better financing, build stronger relationships with their bank, and avoid hidden pitfalls that stall deals. Tune in now to learn how to approach lenders strategically and set your projects up for long-term success. Highlights of the episode: 00:36 – Keith’s banking journey 01:10 – Teller to examiner 03:33 – Restructuring debt properly 05:49 – Separate land vs. homes 06:19 – Big vs. small banks 07:06 – Educating your banker 08:52 – Rate spread basics 10:09 – Why indexes change 12:26 – Collect term sheets 14:19 – When banks say no 16:45 – Infill line changes 17:59 – Annual renewal purpose 18:55 – Evaluating slow projects 19:48 – Loan call triggers Connecting with MHP Law:    Website: https://themobilehomelawyer.com/  Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069  LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/  Instagram: https://www.instagram.com/themhplawyer   Connecting with Guest: Website: https://www.hawthornbank.com/  #MobileHomePark #MHPInvesting #RealEstateInvesting #BankingInsights #CommercialLending #MobileHomeParkFinancing #PropertyManagement #Underwriting #TermSheet #ParkAcquisitions

Welcome back to the Mobile Home Park Lawyer Podcast! In this solo episode, Ferd dives into the importance of strengthening relationships with local communities—from city officials and vendors to residents and law enforcement. He explains why goodwill not only makes operations smoother but also directly impacts compliance, profitability, and long-term stability for mobile home park owners.   Ferd shares ten proven strategies to build trust and improve perception, including prioritizing curb appeal, investing in long-term infrastructure, subsidizing resident exterior upgrades, partnering with local police, and maintaining transparency about improvements. He illustrates these points with real examples, like earning a city “ROSE Award” for turnaround efforts and navigating challenges when support from municipalities wasn’t yet established.   Whether you’re an owner looking to ease tensions with city hall, reduce code enforcement headaches, or simply create a more positive experience for residents, this episode lays out practical steps to build goodwill that pays off in better operations and stronger returns. Tune in now to learn how to elevate your reputation and relationships while improving the bottom line.   Highlights of the episode: 00:32 – Why relationships matter 01:24 – Challenges with city support 02:36 – Prioritize curb appeal 03:43 – Build city relationships 04:24 – Subsidize resident upgrades 05:26 – Sponsor local events 05:58 – Enforce high standards 06:48 – Housing with dignity 08:11 – Partner with police 08:58 – Be transparent on improvements 09:21 – Build digital presence 10:55 – Invest in infrastructure 11:27 – Wrap-up: goodwill pays   Connecting with MHP Law:    Website: https://themobilehomelawyer.com/  Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069  LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/  Instagram: https://www.instagram.com/themhplawyer   #MobileHomePark #MHPInvesting #RealEstateInvesting #PropertyManagement #CommunityRelations #AffordableHousing #CurbAppeal #CityRelations #Operations #ParkOwnership

Welcome back to the Mobile Home Park Lawyer Podcast! In this solo episode, Ferd unpacks two nuanced syndication structures that are shaping today’s real estate deals: co-GP partnerships and fund-of-funds models. Drawing from his legal and investing experience, Ferd explains how these approaches work, their pros and cons, and the real-world risks that come with each. Ferd breaks down the co-GP model—where multiple general partners join forces to raise capital, find deals, and combine skill sets—while warning of the legal and reputational pitfalls if a “money finder” arrangement crosses the line. He also explores fund-of-funds syndication, where a manager pools investor money to place into other sponsors’ deals, highlighting the benefits of diversification, better access to elite opportunities, and lower minimums alongside the drawbacks of double fees, less control, and reliance on another sponsor’s judgment. Whether you’re an operator considering how to structure capital or an investor weighing direct vs. pooled opportunities, this episode gives you a clear framework to evaluate both models. Tune in now to learn how to protect yourself, spot risks early, and make informed syndication decisions.   Highlights of the episode: 01:00 – What is a co-GP structure and how it works 01:47 – The benefits of co-GP 02:39 – The downsides of partnerships 04:01 – Real-world partnership challenges 04:37 – Risk mitigation 07:04 – Introducing the fund-of-funds model 07:21 – How fund-of-funds give investors diversification 08:55 – Benefits for investors 10:55 – The cons: double fees, dilution of returns, less control 12:11 – Questions investors and GPs must ask before choosing a model 12:44 – balancing convenience, risk, and control in syndications Connecting with MHP Law:    Website: https://themobilehomelawyer.com/ Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069 LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/ Instagram: https://www.instagram.com/themhplawyer #MobileHomePark #MHPInvesting #RealEstateInvesting #Syndication #RaisingCapital #FundOfFunds #CoGP #PassiveInvesting #DueDiligence #Partnerships

Welcome back to the Mobile Home Park Lawyer Podcast! In this solo episode, Ferd shares another real-world case study—this time focused on the power of synergy. By acquiring a 48-site park just blocks away from a 47-site turnaround, Ferd was able to create economies of scale, build rapport with a powerful local family, and leverage city relationships to unlock additional value. Ferd walks through how he bought the park for $825K from one of the wealthiest families in the Midwest, why he chose not to retrade a single penny, and how aligning this deal with the previous acquisition created a scattered-site portfolio eligible for agency financing. He details the occupancy growth from 22 lots to full capacity, the operational efficiencies across 95+ sites, and how new infill homes transformed the community’s image while being sold at a profit. The story doesn’t end there—Ferd dives into the refinance, pulling out millions in tax-free equity while maintaining strong ongoing cash flow and keeping flexibility with local bank terms. This episode is a blueprint for spotting synergy, turning underperforming assets around, and multiplying returns through strategic clustering. Tune in now to learn how synergy can turn small wins into million-dollar outcomes. Highlights of the episode: 00:32 – The “synergy rule” of business 01:08 – A neglected 48-site park 02:45 – $825K purchase, no retrade promise 03:32 – Building rapport with sellers 04:28 – City cooperation and adding an extra lot 05:52 – The scattered-site advantage 07:06 – 187 sites across three parks with one manager 08:43 – Occupancy from 22 to full 09:37 – Community upgrades 10:43 – Strategic refinancing: $2.88M appraisal, 70% LTV, millions in cash-out 12:33 – Local bank financing over agency or CMBS debt 13:53 – Look for synergy, protect flexibility, and scale smart Connecting with MHP Law:    Website: https://themobilehomelawyer.com/ Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069 LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/ Instagram: https://www.instagram.com/themhplawyer #MobileHomePark #MHPInvesting #RealEstateInvesting #CaseStudy #ValueAdd #Synergy #CashOutRefi #AffordableHousing #PropertyManagement #EconomiesOfScale

Welcome back to the Mobile Home Park Lawyer Podcast! In this solo episode, Ferd breaks down a real-world case study of a 47-site turnaround he bought in 2021 with heavy zoning risk, wholesaler drama, and a seller threatening to walk. He walks through the two rules that guided the play (“don’t take no for an answer” and “don’t use your own money”), why he chose not to syndicate this one, and how strategic seller financing plus a zoning win unlocked the deal. Ferd shares the exact negotiation sequence (price, assignment, retrading the wholesale fee, and structuring a 60-month, no-interest seller note), his legal strategy to restore infill rights, and an on-the-ground operating plan to convert problematic park-owned homes, add amenities, and submeter utilities—despite a local ordinance that initially prohibited it. He closes with the refinance numbers: a January ’25 appraisal at ~$2.75M, ~70% LTV debt, and roughly $1.2M tax-free equity pulled—off an initial ~$12K cash in. Whether you’re underwriting a small value-add with hair or navigating a stubborn city, this episode lays out the playbook: structure the capital stack, win the zoning fight, run the business plan, then lock in the win with smart refi timing. Highlights of the episode: 00:59 – The two rules: don’t take no; don’t use your own money 03:13 – City stance: legal non-conforming use but no infill; “abandoned” lots 03:51 – Pricing & DD: $800k offer, wholesale fees, weak third-party report 06:33 – Retrading the wholesale fee due to hair on the deal 07:19 – Why not syndicate: protecting LPs when zoning risk is binary 08:56 – Operating plan: converting POHs to resident-owned to avoid inspections 10:54 – The legal memo & strategy: restoring infill rights with case law 12:43 – Amenity & ops upgrades: dog park, picnic area, paint, submetering push 13:25 – City council approval to submeter despite local prohibition 15:22 – Refi in Jan ’25: ~$2.75M appraisal, ~70% LTV 16:17 – Payoffs and proceeds: about $1.2M tax-free equity pulled 17:44 – Lessons learned: use the seller’s money; don’t take no from the city 18:33 – Current rents, NOI view, and why Ferd believes it’s a ~$3M park 19:34 – Wrap-up: higher occupancy, better housing, strong ROI Connecting with MHP Law:    Website: https://themobilehomelawyer.com/ Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069 LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/ Instagram: https://www.instagram.com/themhplawyer #MobileHomePark #MHPInvesting #RealEstateInvesting #SellerFinancing #ValueAdd #Zoning #DueDiligence #Submetering #CashOutRefi #AffordableHousing

Welcome back to the Mobile Home Park Lawyer Podcast! In this episode, Ferd sits down with John Pentecost, managing partner at Hart Kienle Pentecost, a California law firm with decades of experience representing mobile home and RV parks. John breaks down the realities of investing and operating in California—state and local rent control, vacancy control, conversion hurdles, and the growing exposure around “failure to maintain” lawsuits.   John explains how restrictive formulas (like 70% of CPI capped at 3% in some cities) and vacancy control impact revenue, why some owners still buy for long-term appreciation, and what you must vet during diligence (Title 25 compliance, CUPs and permits, infrastructure health, insurability, wells/septic, slopes, lift stations, and more). He also covers recent policy shifts removing prior exemptions, tenant right-of-first-refusal pushes, and the new California park manager education requirement.   Whether you own in California or are simply evaluating the market, this conversation is a masterclass in risk mitigation, compliance, and realistic underwriting for MHPs in pro-tenant jurisdictions. Tune in to learn exactly what to look for—and what to avoid—before you buy.   Highlights of the episode: 00:36 – Guest intro: Attorney John Pentecost  01:13 – From evictions to full-service MHP/RV counsel 03:02 – California rent control landscape 06:46 – Why investors still buy in CA 10:23 – When officials want MHPs to stay vs. redevelop 15:05 – “Failure to maintain” lawsuits and costs; why maintenance really matters 18:12 – Diligence checklist: Title 25 inspection, CUP/permits, and leases 21:49 – High-risk systems and why these get you sued 23:32 – Insurance realities and what’s not covered 30:50 – Long-term lease exemptions 37:01 – Tenant ROFR efforts; local skirmishes despite case law limits 38:45 – Which parks get covered: thresholds and small-park carve-outs in some cities 40:54 – New manager education requirement and why it matters 42:13 – Updating your residency docs, rules, and architectural standards 43:41 – Parting advice: do real diligence early, hire the right CA-savvy team   Connecting with MHP Law:    Website: https://themobilehomelawyer.com/ Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069 LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/ Instagram: https://www.instagram.com/themhplawyer   Connecting with Guest: Website: https://www.hkplawfirm.com/ Linkedin: https://www.linkedin.com/in/john-pentecost-116331b/   #MobileHomePark #MHPInvesting #RealEstateLaw #RentControl #CaliforniaRealEstate #DueDiligence #ParkOperations #LandlordRisk #AffordableHousing #RealEstateInvesting

Welcome back to the Mobile Home Park Lawyer Podcast! In this episode, we sit down with Mathew Owens, a CPA-turned-real estate investor who has bought, renovated, and sold over 1,000+ single-family homes, lent $35M+ to real estate investors, and raised over $150M in private capital. Mathew shares his expertise in mobile home parks, multifamily investing, private lending, and financial engineering to help investors maximize returns. Mathew dive into the importance of active investing experience, fund-to-funds structures for raising capital, and how to mitigate risks in mobile home park operations. He breaks down his process for managing large-scale renovations, structuring investment deals, and sourcing funding efficiently. Whether you’re an investor looking to scale, raise capital, or improve your financial modeling skills, this episode is packed with practical strategies for optimizing mobile home park investments. Tune in now to learn from Mathew’s real-world experience and discover how to implement smart financial engineering in your deals!   Highlights of the episode: 00:34 – Guest intro: Mathew Owens 01:45 – Leaving a CPA firm to invest full-time in real estate 03:02 – From single-family flips to mobile home parks and multifamily 05:10 – Hands-on investing experience before outsourcing 07:48 – Managing large-scale renovations 10:30 – Financial engineering and structuring deals the right way 14:15 – Raising capital legally and efficiently 18:20 – What makes mobile home park investing different from other asset classes 22:12 – Sourcing mobile home parks 25:50 –Working with contractors and how to keep projects on track 29:10 – Risk mitigation strategies for mobile home park investing 33:45 – Where to connect with Mathew Owens   Connecting with MHP Law:    Website: https://themobilehomelawyer.com/  Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069  LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/  Instagram: https://www.instagram.com/themhplawyer   Connecting with Guest: Website: https://ocgproperties.org/en/home-default/  Linkedin: https://www.linkedin.com/in/mathewowens/  Instagram: https://www.instagram.com/mathew_owens1/ Linktree: https://linktr.ee/mathewowensocg   #MobileHomePark #RealEstateInvesting #PassiveIncome #ValueAddInvesting #MHPInvesting #RaisingCapital

Welcome back to the Mobile Home Park Lawyer Podcast! In this episode, we sit down with Cory Harelson, a structural engineer turned mobile home park investor, to discuss key lessons learned from buying, operating, and improving mobile home communities. Cory shares his journey from working long hours in engineering to discovering mobile home park investing and building a thriving portfolio.   Cory and Ferd discuss the challenges and successes of mobile home park acquisitions, including navigating zoning issues, scaling up with off-market deals, and managing private utilities. Cory dives into his most challenging deal—a wastewater treatment plant disaster—and how he overcame a $1 million setback. He also shares insights on sourcing off-market deals, utilizing virtual assistants for property management, and why ugly parks in great locations can be hidden gems for investors.   Whether you're a seasoned mobile home park owner or just getting started, this episode is packed with valuable insights on finding, financing, and optimizing mobile home parks. Tune in now to learn from Cory’s real-world experiences and discover how to scale your mobile home park investments successfully!   Highlights of the episode: 00:34 – Guest intro: Cory Harelson 01:50 – Leaving engineering to invest in mobile home parks 03:10 – Finding the first deal through Craigslist 05:12 – Scaling up with strategic acquisitions 08:45 – A costly mistake with private utilities 10:58 – How a wastewater treatment disaster nearly derailed a deal 15:30 – Lessons learned from financial setbacks 19:40 – Turning challenges into investment opportunities 22:55 – Sourcing deals: Off-market vs. brokered transactions 26:38 – Using virtual assistants to scale operations 31:15 – The infill process: New vs. used homes 36:50 – Market predictions for mobile home park investing 40:10 – Where to connect with Cory   Connecting with MHP Law:    Website: https://themobilehomelawyer.com/ Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069 LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/ Instagram: https://www.instagram.com/themhplawyer   Connecting with Guest: Website: https://freedominvestinggroup.com/ Linkedin: https://www.linkedin.com/in/cory-harelson-81141414/   #MobileHomePark #RealEstateInvesting #PassiveIncome #ValueAddInvesting #MHPInvesting

Welcome back to the Mobile Home Park Lawyer Podcast! In this milestone 200th episode, we take a deep dive into the lessons learned from 24 mobile home park acquisitions. Host Ferd Niemann reflects on the key takeaways from his deals, covering everything from value-add strategies, zoning battles, tenant challenges, infill processes, and successful exit plans. Ferd breaks down his business approach to off-market acquisitions, rent increases, submetering utilities, and creative financing. He shares firsthand experiences on how some deals turned out better than expected, while others presented unexpected zoning, tenant, and infrastructure issues. From flipping small parks to stabilizing large ones, this episode offers a candid look at the successes, struggles, and strategies that shaped his portfolio. Whether you're a new or seasoned investor, this episode is packed with actionable insights on mobile home park investing, value creation, and risk mitigation. Tune in now to hear what worked, what didn’t, and what to watch out for in your next mobile home park deal! Highlights of the episode: 00:34 – Lessons learned from 24 mobile home park acquisitions 01:18 – Off-market deals, value-add strategies, and infill process 02:41 – Slow turnaround, park-owned home challenges, and eventual success 04:02 – Why strategy matters in acquisitions and resale 05:34 – Zoning and why cities can make or break a deal 07:19 – Infill parks: Costs, financing, and demand challenges 09:01 – Zoning rights and the impact on park expansion 10:45 – Paying a fair price vs. getting a bargain 12:32 – High-density parks: The pros and cons  14:26 – When a park needs drastic changes to improve safety 16:30 – Rural mobile home parks: Logistics and demand struggles 18:03 – Park-owned homes to tenant-owned homes 19:42 – Turning a B-class park into an A-class investment 21:07 – The danger of trusting seller representations 23:00 – When a “hot” market turns out to be slow-moving 25:47 – The most important lessons from 24 mobile home park acquisitions Connecting with MHP Law:    Website: https://themobilehomelawyer.com/ Facebook: https://www.facebook.com/The-Mobile-Home-Park-Lawyer-103814958118069 LinkedIn: https://www.linkedin.com/in/themhplawyer-ferdniemann6923147/ Instagram: https://www.instagram.com/themhplawyer #MobileHomePark #RealEstateInvesting #PassiveIncome #ValueAddInvesting #MHPInvesting