The MHP Brokers Tips and Tricks Podcast Interview with MHP Brokers Jeff Dodge and Erick Wanck on a Particularly Challenging Deal

In this episode of The MHP Broker’s  Tips and Tricks podcast Closing Cocktail, Maxwell Baker, president of The Mobile Home Park Broker, interviewed his brokers Eric Wanck and Jeff Dodge, the team that worked together to close a particularly tricky recent transaction.

As with every Tips and Tricks podcast episode, this one is 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 Max for details.

Here Are the Show Highlights:

• Jeff and Eric worked together to successfully close a park with plenty of challenges, from the condition of the park-owned homes to the disinterest of lenders. A lotta drama, but they got it done. (Max, 0:22)
• It was a multi-parcel community that had been bron up some through previous land sales. The park mostly had park-owned homes, which can present problems finding financing. There was county water and sewer, which is advantageous, and the books and records were clean and complete. But the buyers had to apply to multiple lenders before finding a hard money source. (Eric, 1:13)
• The buyer got turned down by about a half dozen lenders before finding their hard money resource. (Eric, 2:11)
• There was some value-add to the park in terms of the new buyer being able to raise rents and bring in new homes, so it was advantageous for the buyer to go through all of the hassles of finding a lender. (Eric, 2:13)
• The buyer was visionary and saw the park’s long-term potential. He knew he could quickly add value by bringing in new homes and fixing up some of the existing inventory. (Jeff, 3:04)
• The market is healthy and vibrant right now. Parks are moving, and the MHP Broker teams was able to close this sale to everyone’s satisfaction despite the challenges. They can do the same for you. (Jeff, 5:24)

Regardless of the particular challenges that your mobile home park or RV community present, you can trust The MHP Broker to find a way to get to a successful close. Call Eric Wanck, Jeff Dodge or Max Baker at The MHP Broker, [phone]. Or drop us a line at [email protected].

Power Quotes in This Episode:

“This was more difficult than we envisioned from the start…That’s what we do. We never take no for an answer. Long story short, we went through multiple lenders to…eventually find some hard money lenders.” (Eric, 1:13)

“So yeah, we got it done. THe buyers actually had a good source of hard money. There was some value-add, they’re going to bring in some new homes, so it all seemed to work out at the end of the day to get it done.” (Eric, 2:13)

“They were mostly older homes and needed some work, but the buyer saw, you know, great opportunity with this park, going to bring in some new homes, raise the rent. So, they really saw the vision and stuck with it.” (Jeff, 3:04)

“Yeah, so this deal, like I said, was not an easy deal to get funded. We had multiple community banks sniff their nose at it but our team was bold, determined, and consistent. So, that kind of behavior is what you expect that you will receive here at The Mobile Home Park Broker when you give us the listing on your community, RV or mobile home park, or even in this case, it was a land-home package neighborhood.” (Max, 3:21)

“We're not those white glove brokers that only work on white glove deals…we get dirty, we know how to sell the ugly stuff. But don't get me wrong, we will do the white glove stuff (too).” (Max, 3:58)