How to Successfully Invest in Mobile Home Parks

Mike Pine: [00:00:00] Welcome to the Hidden Money Podcast! Today, Kevin and I are super excited to have one of our friends and clients, Jarrid Cavanaugh joining us. Today, we want to talk about investing in mobile home parks. I happen to think, in the current economic conditions that exist right now, they might be a really, really good investment. But Jarrid, before we start talking about mobile homes, tell us a little bit about yourself. How did you get to where you are?

Jarrid Cavanaugh: Hey, Mike. Hey, Kevin. Thanks for inviting me. It's really good to be here and I appreciate it. 

So, my background is actually military, and I got out about 5.. 6 years ago. I started investing in mobile home parks while I was in the military.. around 2013. Bought my 1st mobile home park in Louisiana, and from there I saw the value in it.  I went through- about a year of trial and error- which cost me, luckily, all my own money, but once I figured it out... because it was very, very different from single family homes, or anything like that... I really started to see the value in mobile home parks, and  the level of 'hands-offness' that you can [00:01:00] get to, if you structure and set them up right. Since then, I've partnered with a good friend of mine- his name's George... he couldn't be here today... and George and I have been buying parks in and around Alabama and Georgia, and just keep doing it. We, typically, target strong value-add plays that are D class mobile home parks. We want to bring them up to a C... a high C. That's our niche, and where we stay. 

Mike Pine: Before we get into what all that means- class A, class C, a value-add- why do you think mobile home parks are a good investment right now? Especially in today's weird economy.

Jarrid Cavanaugh: I would say to most of your listeners, have you tried to buy a house lately? The cost of housing in the country is just astronomical! We can get into it in the podcast, and I'll talk about some of the metrics that you look for in a market, but I'll give you an example. In one of the markets we're in, in Georgia, a D class, 2-bedroom apartment is about $1,400, and a 3-bed, 1,600 square foot mobile home with a backyard... you can drive up to the front door... is $300 a month lot rent. So, that's a [00:02:00] huge delta when you live on a household income of $40,000 a year, and around 130 million Americans make less than $50,000 per household. I think the last time I looked at it, the 2020 numbers were in the high $1,800s for a 2-bedroom apartment is the national average. So, if you go by a 3rd of your income, that's roughly a $70,000 income that you need. So, that's really the driving factor, and as long as you stay in markets, that's what's driving your demand signal, then it's a really, really safe real estate play.

Kevin Schneider: That's a good point because with the ebbs and flows of the economy, it seems like mobile homes will always be available. You're always going to have that class of need for housing. I get excited about mobile home parks because  the tax benefits are absolutely tremendous, even more so than single family. Before we get into that, tell us how do you target these, and because I know we'll be talking about some very common terms, can you lay out what Mike was saying? The D.. C.. B.. this alphabet kind of class [00:03:00] system that is- can you define that for  our listeners?

Jarrid Cavanaugh: I'll put it in the apartment sense, because it's very, very similar in the mobile home park sense. You have those big downtown Dallas, downtown LA... pick your major Metro... apartments that are huge, and they're beautiful, and they're very expensive, and they're really premier with tons of amenities- those are your class A's. Same with mobile home parks. There's mobile home parks all throughout cities in America, and you have some that are, very beautiful- two, three community pools, parks- just really, really nice. Those are your class A parks. Stepping down, class B is your bread and butter. So, that's just like a level lower. And then, class C is where you start to get into the parks that are really for the people below the poverty line by quite a wide margin. And then, class D in the mobile home park world are really just run down parks that have just really bad management- high crime, drug use... all the trailers are going to be 1970s,maybe some late '60s or early '80s, and those are what we target to buy. Then we like to fix them up and rehab them, and bring them up to a high C

[00:04:00] level by improving the infrastructure, the roads, things like that. So, when I say value-add, that's what we're talking about- buying something that could have a lot of value for a cheaper price, and then putting the the work in to actually get it up to a higher standard. 

Mike Pine: Makes good sense. I think trailer parks are mobile homes. I call them trailers. They have a stigma to them. I don't know why people dislike them so much. I happened to live in a trailer park. It was class D, up in Montana when I went to college. It made so much sense for me. I was going to school for four years. I could pay rent and watch it go away... it was like $1,100 a month rent for a decent place up in Bozeman at the time, but I bought a trailer. I paid $10,000 for it, and I sold it for $10,000 three years later.

And it was my own home- I had my own yard.it was in Montana, so I had a white picket fence with a mountain view right outside my trailer. It was great! It was like having a little home, but it was a trailer. Well, it's already making it really hard [00:05:00] for people to afford housing. As people are going to get kicked out of their houses because they can't make their mortgage payment, do you think that stigma of mobile home parks can change?

Jarrid Cavanaugh:  You've got to look at the history where mobile homes first came from. There's been 'mobile homes' or trailers ever since basically the car. So, in the early '30s was when the first mobile homes came out. They were a luxury item, just like if you or I have a big Winnebago or an RV today... an Airstream... and that lasted all the way into, really, World War II. And then, in World War II, the government started to man all these factories, and what they did was, they mass produced mobile homes to put outside the factories,  and then, after the war, they still had that high end appeal-

 there was really a good demand, and a lot of people were catching on to them, and parks still didn't have that stigma. Then, you look at the 1970s, and HUD- Housing and Urban Development- came in, and basically, with the stroke of a pen, overnight, sent the mobile home industry into a tailspin. [00:06:00] Much like the same reason I'm so hesitant on Tiny Homes today is that the regulations haven't happened- it's better to know what the rules are before you start playing. Essentially, that's where it started to go downhill, and mobile homes started to get the stigma because manufacturers had to drive to all these regulations, they had to then cut costs elsewhere, and quality became an issue, and everything else. You fast forward to today, and everyone's about affordable housing,  but if I walk into your neighborhood HOA, and I say, 'Hey, will you guys give up that park and let me put a mobile home park there?' 

-- The answer will, 100%, always be no, no. 

Jarrid Cavanaugh: I don't know if we can change the stigma. It really starts at the local level, which is where we focus when we're buying parks. We go talk with the local fire marshals, city councilmen, sheriff. If you don't have local support, because there's a lot of shady operators out there. Some of the stigma around the mobile home park is deserved

because a lot of bad operators run them down, and let them turn [00:07:00] into war zones, essentially, and then, some of it is very much not deserved.

Mike Pine: Well, I can attest after living in mobile homes for more than four years, I think they're very nice. It was better than any apartments I had in Montana. So, we understand that affordable housing is a big problem, we know that there's going to be a draw to affordable housing, and we established that mobile homes are actually decent places to live, and they're a lot cheaper,

but with them being so cheap, how's there any profit in buying and running a mobile home park? Where's the profit come from?

Jarrid Cavanaugh: Well, from the value-add side of it, the profit comes from the lot rent. You'd be surprised. You said you bought your home for $10,000. What year was that?

Mike Pine: 1996.

Jarrid Cavanaugh: Okay. So, our average home that we sell today is about $10,000.. $11,000.

Mike Pine: Wow.

Jarrid Cavanaugh: That's a 1980s rehab home. Wow. what that still sells for today. The vast majority of mobile home parks were still owned by mom and pop that had 15 extra [00:08:00] acres, and they put in some infrastructure with septic or sewer and all that, and some roads, and they brought in some trailers, and they made a little mobile home park, and it was a little side hustle for the family.

That's the vast majority of mobile home parks in the country. And what they did was they said, 'Okay, Bob, I'll rent you a trailer. It's going to be $100 a month.' So, if you look at the average mobile home park, that's still owned by a mom and pop, and these are starting to disappear, they're in the low hundreds of dollars a lot, rent. And if you would just back up to 1980, and adjust for inflation, you'd be north of $600 right now, just for a lot rent, and in our portfolio, we're right in the mid-$300s. We're buying parks that were in the low $200s, and now, we're up to the mid-$300s... and we'll continue to elevate that...

but really, that's where your profit comes in. Rehabbing the homes, getting them off your books, selling them to the tenant, and then collecting that lot rent is really where your value is.

What's the rehab look like? If you find a D [00:09:00] class property, what is that property? Can you give us a little visual of what we would be walking into? And do you bring investors in at that point or are you bringing investors after the rehab? So, we bring investors in right from the beginning. What you're walking into, is probably somewhere you wouldn't drive down the road with your kids in the car, is typically the way I'd put it, to be honest. You see everything from burned down homes- which those have to be demolished all the way- to homes that just need a little cosmetic work, and everything in between.

We, typically, will spend about $10,000 on a rehab, and we'll usually sell the home for about $10,000 to $12,000. Sometimes, we even take a loss on the home,

which we're okay with, and there's a reason why- because the overall value of the park increases as you increase the income. The rehabs are, typically, 1 month, maybe 2 months on a home, and we try to do a couple at a time, but you want to do things like make sure the roof is sound, make sure electrical's sound. 

You want to do a nice skirting because that'll hide the axles, and [00:10:00] everything underneath, and the plumbing runs under the trailer. So, those types of things. We'll, typically, put a little deck on it in a front entry way, and then, go in and paint and put new bathroom fixtures- 

 a lot like you would rehab a single family home.

Kevin Schneider: Yeah. And I'm guessing... when you're looking at this geographically, and like, gust of winds, tornadoes... how are these anchored into the ground?

And does a strong storm cause a lot of damage to these? And is that a huge risk for you? 

Jarrid Cavanaugh: I mean, if it's a storm, that's going to damage a single family home, like, say, a hurricane hitting Florida, or a tornado hitting Nebraska, it's going to damage a mobile home park, of course. 

 But they are anchored to the ground. People say 'mobile' homes, but they're really not mobile. We can talk about tenant base, and how long tenants stay in the homes, but one of the driving factors is that mobile homes cost around $5,000 to $6,000 to move, whether you're moving it 10 feet or 2 miles.

It's a really big lift, and you've got to bring in trucks and get permits. Sometimes, you've got power lines taken down, or power poles taken out if there's a turn that they have to make- they can't [00:11:00] cut corner or something. So, they're really not as mobile as people think.

Mike Pine: 

Give us a diagram of your average mobile home park deal. How do you underwrite it? How do you select the location? Let's start with that. How do you select the location?

Jarrid Cavanaugh: 

So, market and team are the two most important things. I know when I say 'team', I mean the team you have on the ground and the market you're invested in are way more important than the property. I will take a mediocre property in a great market with a great team over a great property in a bad market with a bad team.

 So, the things I look at- 1. I want to see migration pattern, which is why we're in Alabama and Georgia and my partner was heavy in Florida. For about five years

of net in-migration- meaning people coming into the state and it growing- I like to see populations above 100,000 people, and the reason for that is something called market elasticity. So, if one manufacturer leaves the town, I can't have the whole town go under, which is actually the situation [00:12:00] I was in in my first park in Louisiana. I was in a town of about 8,000 people where one manufacturer employed two-thirds of the town. Luckily, I had kind of a heads up and got out of there.2. You want landlord-friendly tenant laws specifically with the local government. So, your county, your city- you want to make sure you know what their take is on not just parks in general, but the parks you're buying, because they probably know them by name. 3. Diversity in the employment sector- Unless it's government or health care,

I, generally, never want to see more than 30% of any given sector. If you look at Salt Lake City, it's the most diverse city on earth in terms of employment diversity, and they've done a really good job there. So, that gives stability to the market.

You see the tech industry right now, laying off hundreds of thousands of people, you don't want to see anything like that. Then, the more important ones are- 4. You want to see median home values above $130,000, and you want to see 2-bed apartment rents at least north of $1,000, [00:13:00] I tend to like north of $1,200.

And the reason for that is that's your demand signal. If to buy a home cost $130,000 or more, or to get an apartment cost $1,200.. $1,400.. $1,500- that's where your demand comes from. Because if you go back to your scenario, Mike, where you were the college kid who's broke as a joke,

and you're living on $800.. $900 a month of income, the difference between $1,200 rent and a $300 rent is drastic. So, that's really the biggest driver you want to look at. and then, the bigger things like- 5. You want to see low housing vacancy, you just compare that to the national on any of those sites.

And then again- 6. The team- If you're moving into a new market, can you assemble a team on the ground that's going to be capable of taking care of the day to day? And that's your property manager, your rehab folks.. Can you find good vendors? If you have septic, can you find a good septic company?

Can you find a good electrician that's not going to rake you over the coals? Those types of things.

Mike Pine: Before we get into the fundamentals of the like financial [00:14:00] underwriting, you mentioned you go and you meet the local city officials and the town officials. You meet with the fire marshal and others. Why is that important?

Jarrid Cavanaugh: Because people all have biases. This young kid bought these two parks in the heyday, right prior to COVID, 

and then, when he went to refi was last summer rates were still climbing out of control, and he couldn't get out of it, and part of his problem, when I dug into it with him, was the local city did not support him.

 These two parks that we had bought, they had been through two or three managers They were just bad operators and bad owners, and they let crime get out of control, they let shootings happen, they let drugs run rampant. 

And then, that, for lack of a better term, pisses off the city, and then, they get a reputation. You just want to make sure that, at a minimum,

the local city is not totally and 100% against parks. That's the No. 1. Then you want to make sure that if there were bad owners previously, if you're talking to the sheriff, 

 and if he sits down [00:15:00] or she sits down and looks across the table from me, and says, 'Yeah, we'll work with you. But we want to see good business, and we want to see those parks cleaned up.' --Then, you have something you can build on.

Mike Pine: Right.

Jarrid Cavanaugh: 

Mike Pine: So, even if you have exactly the same parks, same kind of area, exact same economics, if the local officials aren't on your side or don't believe in the park, they can prevent you from doing anything or improving the park.

Jarrid Cavanaugh: Yeah. Like I said, my partner has a ton of experience in Florida, specifically towards the South of Florida. He's had parks in that town and he just won't touch it because of the way the city treats them, and how hard they make life.

Mike Pine: How can a fire marshal prevent you from doing a good business?

Jarrid Cavanaugh: Well, fire marshals can come in and say that you're in code violation or, basically they can make their own assessment of what is or isn't safe. Sheriffs can refuse to patrol the parks.

Council members can pass new laws and do things to make your life really hard. You've got to get permits every year, like tags, because mobile homes are not homes- they're private [00:16:00] property, like a car.

So, making that a hard problem. If the local city has control over the utilities, which most do, they can make that a problem. It's just a lot of ways that they can get at you, and just really cut you. 

Mike Pine: The landlord laws- you mentioned them earlier- how do they impact, and what do you have to look out for?

Jarrid Cavanaugh: Landlord laws- generally, if they have strong landlord backing at the state level and the city level, you're okay. We've seen in Georgia, in one town, they just have some weird rules. I'll give you an example

 where the home was abandoned. We went through the abandoned property process. We didn't have the title, and they awarded it to us after we went through all the legal process. And then, there was about 9 or 10 squatters in the home.

And the marshals wouldn't come remove the squatters, they wanted us to pull the home off of our property, and then, push it back onto our property. It was just the most ridiculous 'rule' they had, and we went around town and talked to other park owners and they're like, 'Yep, that's 

[00:17:00] what you have to do. 

Mike Pine: $5000 a pop to move it! And can you move it with the squatters inside it? Probably not.

Jarrid Cavanaugh: No. 

You're in a real Catch 22. So, it's like, 'Okay, we have to move this trailer off the property, and then put it back on the property.' --And they're like, 'Well, you just have to move it.' --I'm like, 'So, if I move it to the back of my property, and let it sit there for an hour, and then move it back, that's good?'

--They're like, 'Yep.'

Kevin Schneider: --What a mess.

Jarrid Cavanaugh: The government is tough to deal with. So, you want to make sure that they're as business friendly as possible. 

Kevin Schneider: That's really smart. Anyone in real estate, no matter what- multifamily, single family, mobile home- you're going to have these crazy stories. No one's safe and shielded 100% from those. That's always the risk of doing business in general- there's always things you can't see coming.

You can learn from them and anticipate them. You learn the laws of that area, or you've probably learned to get with the fire marshal and get with the city officials and develop relationship with them on the front end. That's probably a learned thing, because he got burned in the past, or you've seen other people get burned,

and so, you're trying to pivot, [00:18:00] do differently. That's just good business sense, in general, is learning from mistakes, or seeing what your competitors are doing that's not working. Or learning from your environment of what happens. That's a very good mindset for an operator. 

Mike Pine: Yeah. So, let's get into the financial modeling for the underwriting of this, and talk about some of the actual returns that you've seen. 

Jarrid Cavanaugh: You're looking for a few key metrics. You want to see below-market rents in the park. I like to see a lot of park-owned homes, especially vacant ones, because then I can turn them real fast. We can rehab, sell, rehab, sell, rehab, sell, and really increase the NOI of the park.

You want to see things like the park is paying all the utilities. I put meters on every home, and you can bill back the utilities to the residents, or you can have the city direct-bill them at a certain point.

And then, price point- what you're really looking at is cap rate. And a cap rate is what you're going to pay for a certain amount of income. And so, we're always looking for a 3 point spread on the cap rate between the cap rate and the debt.[00:19:00] 

So, right now, that makes it really tough because you're getting debt on value-add parks in the high teens.

Mike Pine: Oh.

Jarrid Cavanaugh: And the cap rates haven't come back up. The cap rates that we're seeing for most D class parks are still in the 8s, and that's driving small players like me out, and it's driving the black rocks in because they can get their money, still, at single digit percents while I can't.

I don't have a slush fund behind me. The other things are, like I said, a lot of these parks are mom and pop owned. A lot of those sellers will give you a loan. They'll basically hold the debt and you make payments to them.

Those are great because there's no credit check, it doesn't go on your record. You've got to get creative and make it attractive for them, because a lot of them just want a million dollar check, and they want to walk away. 

 So, you look for those things. Yeah. Who pays the utilities?

Can you bill them back? Where are the rents compared to market? And can you drive rents? Are there a lot of vacant park-owned homes? And then, if the market matches, as long as you have a good team on the ground, you're going to be successful because you can drive the Net Operating Income (NOI) [00:20:00] of the park, which with the difference between commercial real estate and residential is that residential is valued on whatever the house like it sold next door.

It's comparative sampling. That's not the case for mobile home parks. There can be a $60 million mobile home park next to a $1 million mobile home park with the same number of owner's lot, if you will. So, in commercial real estate, the operator has a lot more control of the value because if you can find ways to drive the income, you drive the value of the park.

 Jarrid, let's get into the finances of the actual returns. What are you seeing in the parks that you've done, and what are you forecasting for the current ones you're out buying?

So, in value-add parks, it takes a little while. Coming in, you might not have a return for the whole first year. It's really how the operator and the team of investors agree to structure this. George and I always try to be very clear to our investors.

We are very big into putting a lot of capex into the park as fast as we can, in the [00:21:00] safest possible manner, and giving you a bigger return on the back end because we want to have a fully stabilized, well-performing property as fast as we can. 

 So, maybe 4%, 5% first year, second year- we have a portfolio that was doing 8%.. 8.5% cash on cash. I always use cash on cash- never anything else.

And then that same portfolio is moving into its third year- I think we're bumping up to the 12% now, and we could go a lot higher. We could give our investors, out of that portfolio, 20% cash on cash by Year 3. We're choosing not to because we still have, I think, 30 vacant lots that we can fill,

so, we need that capex to keep coming back into the park. 

We're just trying to get the value up as fast as possible. But you could go the opposite model, 

if the operator and the team of investors, or if it's a single investor, want to see a bigger return sooner, and maybe make those repairs and stuff slower over a longer time period. You can easily, even with a value-add, be into the double [00:22:00] digit cash on cash, maybe even into the high teens by Year 2. It's really how you want to structure it.

On that portfolio I was mentioning, probably next year we'll be in the 20s, cash on cash, and that'll be Year 4- we'll go to refi and we'll pull out every penny that we paid for the park in cash, and give our investors their money back,

and we'll still probably be in the high teens, I would think.

Mike Pine: The high teens, 20s- those are great rates in their own right, but there's also some amazing tax ramifications that increases that ROI. What are those, Kevin?

Kevin Schneider: It's a lot more beneficial than your typical multifamily or single family. The only reason is because with a mobile home park, you're going to have these land improvements that are going to be eligible for bonus depreciation, which is 15 years. You're going to have a pad.

 You're going to have the electrical hookups. All of that is going to be 15 year property land improvement, eligible for bonus. Now the actual mobile homes themselves, the outside structure is still probably going to be 27.5 years, [00:23:00] but the skirting, like Jarrid was talking about, the decking that he adds, the bathroom fixtures and remodels, that Jarrid and his team do that go in to renovate the property-

that's likely 15 year property as well. Now, depending on what kind of improvements, anything allocated to the 15 year life, or below, is eligible for bonus depreciation. So, in my experience, when you buy a mobile home park and you have the land improvements, the pad, the electrical hookups, and all these other components, your depreciation could be 30, 40% right off of your initial investment.

 It's tremendous for bonus.

Mike Pine: Actually trailers, mobile homes, if they still have the wheels or the axles underneath them, they're not 27.5 year property. They're 15 year property or 7 year property. That's if you're not going to sell them though. Do you bonus depreciate the homes you buy, even though you're planning on selling them?

Jarrid Cavanaugh: Nope. We do cost segregations, but yeah, we choose not to depreciate the homes, [00:24:00] mostly because when you're dealing with a property that has 150, 160 homes, and you're selling one to a month, and taking, maybe, depreciation the first year, and then, Year 2, I sell 30 of those homes, what it costs me to pay you guys to do all that work, it's going to be a paperwork nightmare. So, we don't touch the homes as far as any depreciation because we plan on selling every home.

Kevin Schneider: You inventory your homes, and then sell them, and then recognize your taxing, and match your tax with your cost and disposition. 

Jarrid Cavanaugh: Yeah.

Mike Pine: So, without bonusing the homes, but you've got all the improvements, like Kevin mentioned, and the roads and the office buildings, what do you generally see in a park come back to you as bonus depreciable assets, percentage-wise? So, if I'm a investor, I put in $100,000, what am I likely to see in my first year deductions assuming 100% bonus comes back?

Jarrid Cavanaugh: I'd have to go back and look at some of our cost segregations we've done. It's better than what I initially thought, going into mobile homes, compared to like single family homes. It's certainly better than that. 

Mike Pine: Kevin, did you say you see [00:25:00] 30 to 40% on some of the parks we've done?

Kevin Schneider: It's definitely a lot more than your standalone single family or multifamily... 

Mike Pine: Yeah. 

Kevin Schneider: ...because of the land improvements. Like Jarrid's saying, if they say, 'Hey, come clean this park up.' --If you go meet with a city official and as there's burned down buildings, the lot is a mess, there's rubbish everywhere and you've got to just literally go in there and lay some concrete and improve the road, 

All of that's bonus. So, depending on the situation, you could have a huge tax break on the front end.

Mike Pine: Let's talk about how that actually impacts the investors, and why that depreciation, why these tax benefits are actually a multiplier to your return on the investment. So, if we invest in a stock and got 10% dividend, let's say we invest $100, we get 10% dividend or $10 paid to us that year,

that dividend's taxable income 100%. As long as it's qualified dividend, we're going to pay 23.8% in tax on that. But then, if you get $10 and you're paying 23.8%, you've got to pay [00:26:00] that now. So, you don't get to keep that $10. You get to keep $7 and change. And then, that $7, if you go and invest it, you're only investing $7.

But let's say we get 10% from one of Jarrid's deals in the same situation. We get that $10 dividend, but with that depreciation... for most investors, it's going to be a passive activity loss... but with that depreciation, you get to offset the income from the park. So, the $10 stays in your pocket. You got $10 to grow.

You consider the compounding effect, and the time value of money, in five years, you can double your money a lot faster. Your money's growing so much faster because you're not constantly paying the tax man. That's a tax advantaged investment, and it blows equities out of the water, in my opinion, because you're not paying tax on your cashflow every year, like you have to in most other investments.

Jarrid Cavanaugh: Yup. 

Kevin Schneider: 

Let's say someone wants to invest with you. Where do you typically send them? Are you raising money right now?

Jarrid Cavanaugh: I'm slashing my investor- pulled down to [00:27:00] a lot fewer people than what I currently have.

Kevin Schneider: Okay.

Jarrid Cavanaugh: You can direct them to my website (https://www.affinityassetgroup.com/about/) or Instagram. They can find me on Instagram. That's probably where I'd be the most responsive. The model we're moving into is we just want

20.. 30 investors that we do deals with, rather than the 40-something I have right now. 

Kevin Schneider: Yeah, just Jarrid Cavanaugh at Instagram- https://www.instagram.com/jarridcavanaugh/

Jarrid Cavanaugh: Yup. That's me.

Kevin Schneider: Cool. Well, Jarrid, thanks so much for joining us. Mobile home parks is a very different type of investment, but I think it should be part of anyone's portfolio. It's really cool. If you want to learn more, get in touch with Jarrid, his Instagram handle is just jarridcavanaugh.

We'll put the link in the show notes as well. So, reach out to him there. He's really responsive on Instagram. Jarrid, any closing thoughts for people?

Jarrid Cavanaugh: I think mobile home parks are a great investment. If you're going to get into one as an LP, or a limited partner, just vet your operator. That's the most important part. Make sure they have a track record of doing what they say they're going to do. Ask to talk to their other investors.

If you're going to do one on your own, there's a couple of bootcamps [00:28:00] around the country. Would 100% say do those, or go to another mobile home park owner somewhere in that local area and ask if you can cut them into the equity, if they coach you along, or something like that.

Kevin Schneider: Well, thanks Jarrid and thank you so much for all your wisdom you've shared with us today.

Jarrid Cavanaugh: Yeah. Thanks, Kevin. Thanks, Mike.

Mike Pine: Thank you, Jarrid. There you have it. Mobile home park investing with Jarrid Cavanaugh. 

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