The MHP Brokers Tips and Tricks Closing Cocktails Podcast Interview with Broker Eric Wanck on the Lake and Acres MHP Deal

The Mobile Home Park Broker's Tips & Tricks To Investing

In this episode of The MHP Broker’s Tips and Tricks Closing Cocktails podcast, Maxwell Baker, president of The Mobile Home Park Broker, interviewed The MHP Broker’s Eric Wanck on his recent Lake and Acres Mobile Home Park sale.

Just like with every Tips and Tricks Closing Cocktails podcast episode, this one’s brought to you by The MHP Broker’s’ proprietary Community Price Maximizer. Use this four-step system to get the highest price possible for your mobile home park or RV community when you sell it through The MHP Broker. Guaranteed. Call up Max for details.

Here Are the Show Highlights:

- Max Baker asked Eric Wanck to review his successful transaction in selling Lake and Acres Mobile Home Park. (Max, 0:22)

- The park owner approached Eric to ask him to sell Lake and Acres, an approximately 50-pad park in a good location, with city water and sewer, but with about fifty percent vacancy. Eric saw it as a nice value-add potential and was eager to take it on. At this same time, Eric was selling another park for a seller who turned out to be interested in buying Lake and Acres. As it turned out, the Lake and Acres buyer sold his park the day before he closed on buying Lake and Acres, so it was a very busy 24 hours for Eric. (Eric, 0:55)

- Lake and Acres had a mix of park-owned and tenant-owned homes, and was in need of a little tender loving care. Eric realizes that parks in less than ideal condition and in need of rescue can be just what certain investors are looking for. This was such a park. (Eric, 2:27)

- The park that Eric was in the process of selling for the eventual buyer of Lake and Acres was going for a couple of million dollars more than Lake and Acres, so the eventual buyer had the money to invest. He didn’t have to take out a loan and so there were no issues with appraisals taking time or going south. (Eric, 3:17)

- One of the lessons Eric learned on the deal was the importance of patience. While he was able to put buyer and seller together quickly, the closing took longer than expected because they had to wait on the buyer’s close on the park he was selling. (Eric, 3:59)

If you’re an investor interested in buying and selling mobile home parks, Eric Wanck and The Mobile Home Park Broker can help you on both ends of your deals. Contact The MHP Broker at [phone] or drop them an email at [e-mail].

Power Quotes in This Episode:

“We closed on (the buyer’s) park and literally the next day turned around and closed on Lake and Acres. So, it was a beautiful transaction all around.” (Eric, 0:55)

“At the end of the day, it’s all about getting to the finish line. Both parties understood and there was a firm commitment from the buyer here to close, and that’s what we got here.” (Eric, 3:59)

“I love how every deal is a little bit different, and this one was definitely different in it own right, but hey, back-to-back closing almost on this one. I’d love to do them again!” (Eric, 5:11)