55 Units in 2 Years as the "Queen of Mobile Home Investing"

TL;DR

Emily Fackler transitions from house flipping to mobile home park investing.

Transcript

this is real estate rookie episode 149er it's nice to be able to help everybody wants a nice place to live no matter who you are they do and it's nice to be able to give someone a really nice place to live especially like recently with um i was talking to tony but the tornadoes had hit our area recently in eddieville kentucky and everybody's scramb... Read More

Key Insights

• Emily Fackler shifted from a corporate sales job to real estate investing, initially focusing on house flips before discovering her passion for mobile home parks.
• Her first house flip took 17 months, highlighting the challenges of under-budgeting and mismanaging timelines, which taught her valuable lessons in project management.
• Emily purchased a 39-lot mobile home park for $139,000, which became a more lucrative and satisfying investment compared to traditional house flipping.
• The mobile home park investment allowed Emily to create affordable housing solutions and foster relationships with tenants, aligning with her personal values.
• Emily emphasizes the importance of persistence in sales and real estate, noting that 'no' often means 'not right now' and the value of consistent follow-up.
• Partnering with friends and family can be beneficial, but it's crucial to have clear agreements, even if informal, to ensure smooth collaboration.
• Emily utilizes property management services to handle the administrative aspects of her mobile home park, allowing her to focus on strategic growth.
• She plans to expand her mobile home park investments, aiming to be recognized as a leading figure in the industry, leveraging her experiences and network.

Questions & Answers

Q: How did Emily transition from sales to real estate?

Emily transitioned from a corporate sales job to real estate by leveraging her sales skills, which helped her in negotiating and dealing with clients. She initially started with house flipping but later found her passion in mobile home park investing, which aligned better with her values and financial goals.

Q: What challenges did Emily face with her first house flip?

Emily's first house flip took 17 months, much longer than anticipated. She faced challenges such as under-budgeting and mismanaging timelines. These issues arose from a lack of experience in project management and reliance on contractors without clear plans or follow-ups, teaching her valuable lessons for future projects.

Q: Why did Emily choose mobile home parks over house flipping?

Emily found mobile home parks more financially rewarding and personally satisfying compared to house flipping. Mobile home parks offered a steadier income stream and aligned with her values of providing affordable housing and fostering tenant relationships, which she found more fulfilling than the transactional nature of flipping.

Q: How does Emily manage her mobile home park investments?

Emily manages her mobile home park investments by hiring a property manager to handle administrative tasks, allowing her to focus on strategic growth. She also partners with friends and family for financial backing, ensuring clear agreements to facilitate smooth collaboration and leveraging her network for opportunities.

Q: What is Emily's advice for handling 'no' in sales and real estate?

Emily advises that 'no' often means 'not right now' and stresses the importance of persistence and follow-up. She believes that consistent communication and building relationships are key, as many people may not respond immediately due to their own busy lives, but appreciate the follow-up when they are ready.

Q: How did Emily finance her mobile home park purchase?

Emily financed her mobile home park purchase by partnering with her best friend, using funds inherited from their grandmothers. They split the down payment and managed the park themselves initially, learning the importance of property management services to handle logistics and improve efficiency.

Q: What are Emily's future plans in real estate?

Emily plans to expand her mobile home park investments, aiming to become a recognized leader in the industry. She intends to increase her monthly income goal and focus on bringing more homes into her parks, leveraging her experiences and network to grow her portfolio and achieve her financial targets.

Q: How does Emily approach rent increases in her mobile home park?

Emily approaches rent increases by using a 'stair-stepping' method, gradually raising rents to market levels over time to avoid shocking tenants. This method helps maintain tenant relationships and ensures affordability while aligning rental income with market standards, facilitated by her property management team.

Summary & Key Takeaways

• Emily Fackler transitioned from a corporate sales job to real estate, initially flipping houses, but found her niche in mobile home park investing. Her first flip took 17 months, teaching her valuable lessons about project management.

• She purchased a 39-lot mobile home park for $139,000, which proved more lucrative and satisfying than house flipping. This investment aligned with her values of providing affordable housing and building tenant relationships.

• Emily emphasizes the importance of persistence and follow-up in sales and real estate. She plans to expand her mobile home park investments and aims to be recognized as a leader in the industry.