The MHP Brokers Tips and Tricks Closing Cocktail Podcast, Eric Wanck Two Deals Interview

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

In this episode of The MHP Broker’s Tips and Tricks Closing Cocktail podcast, Maxwell Baker, president of The Mobile Home Park Broker, interviewed top broker Eric Wanck about two of his recent transaction successes.

This and every Tips and Tricks podcast episode 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. Ask Max for details.

Here Are the Show Highlights:

- Top-performing broker Eric Wanck was interviewed by Max on Eric’s success closing two recent deals, one in South Atlanta and the other near Lake Oconee in central Georgia. (Max, 0:22)

- Eric had made contact with the then-owner of Fernwood Mobile Home Park in South Atlanta five or six years ago, but nothing happened at that time. More recently, the property came up as an estate sale by inheritors who wanted to unload it. The park was a serious challenge in that it had more than 100 pads but only about 19 tenants in a challenging location, making the transaction “a big heavy lift,” in Eric’s words. Nonetheless, he had a local buyer in mind, and made a deal come together in a relatively smooth transaction. (Eric, 1:37)

- A potential deal-killer was the fact that the park had an on-site sewage treatment plant (which can be considered an issue/obstacle by some prospective buyers). (Max, 2:33)

- However, the buyer conducted due diligence on the condition of the plant and found it to by well maintained and in good working order, and not an obstacle to the transaction. (Eric, 2:36)

- Yet another challenge was that Eric was working against another buyer not represented by The MHP Broker, but Eric’s buyer offered more and closed the deal. (Max, 2:57)

- Eric’s second deal, Eagle View, on exclusive Lake Oconee, was far from a typical mobile home park.

- The very desirable park consists of 25 luxury double-wide tenant-owned mobile homes, each on half an acre of land right on the shore of this exclusive lake. (Eric, 4:06)

- Eric had several interested backup buyers lined up, but an investor from California jumped in with a bid over the property’s list price. He was great to work with, and the appraisal and financing went off without a hitch. The buyer was highly motivated to leave California and eager to resettle in the more conservative and landlord-friendly southeast. (Eric, 4:42)

- If you’d like to work with Eric on a deal, call him at The MHP Broker or email him at [e-mail].

Want to buy or sell an RV park or mobile home community? Just drop Max Baker a line at [e-mail] or give him a call at [phone]. Or email Eric at [e-mail].

Power Quotes in This Episode:

(Regarding the Fernwood park in South Atlanta.) “So this was over 100 pads, and there's currently about 19 tenants in the park. So this was a big heavy lift, but we knew the buyer for this, they were local, this is their bread and butter.” (Eric, 1:37)

“...all the park owners out there that are listening to this, just know that we do come across sewage treatment plants and they do sell. We do a lot of upfront due diligence on them…” (Max, 2:57)

(Regarding Eagle View) “…they put double-wides, it was all double-wides. Twenty-five homes and they're sitting on nice half-acre parcels. And I joke with the buyer on this because I said ‘hey, if you didn't buy it, I was gonna buy it.’ It’s just that unique of a deal and as Max said, ‘if you can get real estate on Lake Oconee it's worth buying.’” (Eric, 4:06)

“...everybody's moving to the South because they are landlord-friendly states, one of the last few states in the nation, before they go out dodo-bird style.” (Max, 5:12)

“The double-wide dream neighborhood community. I would call it double-wide dreams because you sit there and you're double-wide, looking out at the lake, and just enjoying all the cruisers with a cold cruiser in your hand, y'all.” (Max, 5:34)