Mobile Home Parks and Affordable Housing w/Carin Skowronsky and Mike Samson
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Episode Description
Welcome to the Freedom Point Real Estate podcast! This week, Jeremy Dyer is joined by Carin Skowronsky and Mike Samson to discuss the need for affordable housing and how you can get involved in it.
Carin serves as a Senior Director of Franchise Development at Franchise Fastline. She is an accomplished and experienced sales, marketing, and content professional with over nineteen years marketing and brand building experience. She is proficient in driving brand growth, leading large-scale programs, enhancing business relationships, and developing creative and insight-driven strategies. Carin has strong leadership skills and deep experience in managing all levels of program detail. She specializes in relationships management, partnership marketing, content creation, and brand building.
CONNECT WITH CARIN SKOWRONSKY!
Website: https://www.sawgrasscapitalpartners.com/
LinkedIn: https://www.linkedin.com/in/carin-skowronsky/
Mike also serves as a Senior Director of Franchise Development at Franchise Fastline. With 15+ years of retail leadership experience and a drive for leadership development, Mike takes aspiring franchisees and helps them grow to become successful and highly accomplished business owners. He has taken even the lowest performers and helped them to become top performers. By leveraging a strong skillset in relationship building, teamwork and collaboration, and people development, he has served and helped leaders and their teams become profitable, sustainable, and successful.
CONNECT WITH MIKE SAMSON!
Website: https://www.sawgrasscapitalpartners.com/
LinkedIn: https://www.linkedin.com/in/samsonmike/
CONNECT WITH JEREMY DYER!
Website: https://startingpointcapital.com/
Instagram: https://www.instagram.com/startingpointcapital/
LinkedIn: https://www.linkedin.com/in/jeremydyer
Facebook: https://www.facebook.com/startingpointcapital
Book a Call! https://calendly.com/startingpointcapital/discuss-investing-with-jeremy-dyer?month=2023-12
Summary
Tip #1: Understanding Mobile Home Park Investments
"Big risk, big reward is what I was saying earlier. Boiling it down, it's about how much value you can add to the investment." - Karen
Karen and Mike share their transition from traditional investments to mobile home parks, emphasizing the niche, often overlooked opportunities in this asset class. They highlight the significance of adding value within these spaces and identifying overlooked potential for substantial returns.
Tip #2: Syndication in Real Estate
"We're putting a business case in front of them to say, 'Here's what we have, here's the projected return.' It's about trust and belief in our approach." - Mike
Exploring syndication in real estate, Mike delves into the essence of bringing together passive investors who trust in the expertise of the operators. He explains the process, dynamics between general and limited partners, and the shared commitment to achieving collective success.
Tip #3: Value Addition & Investment Strategy
"We want people to be proud to live in our park. It's about changing the experience for both investors and tenants." - Karen
Their strategy revolves around adding value to the parks, from basic infrastructure improvements to fostering pride in ownership for tenants. By emphasizing community enhancement and prudent management, they aim to elevate the overall investment value.
Tip #4: Rent-to-Own Opportunities
"The end goal is ownership, providing a cleaner park and instilling pride in ownership through rent-to-own or outright purchases." - Mike
Discussing various pathways to ownership, Mike highlights the importance of offering tenants the opportunity to eventually own their homes. Exploring rent-to-own models, they aim to elevate the quality of living and generate a long-term positive impact.
Tip #5: Exit Strategy & Investor Returns
"We're looking at a 5-7 year exit plan, but we reserve the right to adapt based on market conditions." - Karen
Detailing their approach to exit strategies, they emphasize a timeline while focusing on addressing deferred maintenance, gradual rent raises, and infill opportunities. They aim to ensure investor returns while considering market fluctuations and property appreciation.
Tip #6: Property Management & Value Addition
"We're seeking to build a portfolio to attract larger buyers and ensure better returns upon sale." - Mike
With a keen eye on property management, Mike emphasizes the need for a cohesive approach to managing multiple parks efficiently. Their focus on adding value within the parks aims to attract future buyers and optimize returns for investors.
Tip #7: Mitigating Risks & Investor Communication
"The key lies in transparent communication and prudent underwriting, ensuring investors are well-informed about potential risks." - Karen
They stress the significance of transparency in communication, detailing risks, and their mitigation strategies. By maintaining a high level of communication through monthly and quarterly updates, they aim to keep investors informed and reassured.
Tip #8: Structuring Syndications & Tax Benefits
"We've transitioned from heavy preferred returns to a more balanced cash flow split to align interests." - Mike
Discussing syndication structures, they highlight the shift towards equitable cash flow splits to align interests between operators and investors. Addressing tax benefits, they explore depreciation benefits and how they pass through to investors over time.
Tip #9: Mobile Home Parks in Current Market Conditions
"With a housing crisis, mobile home parks offer affordable housing options in growing rural areas." - Karen
Karen emphasizes the relevance of mobile home parks in the current housing crisis, offering affordable options in suburban and rural areas. Exploring the historical performance of this asset class, they illustrate its stability and demand in evolving market conditions.
Tip #10: Future Goals & Educational Resources
"Expanding our investor base while educating new investors about the opportunities in mobile home park investments." - Mike
Looking ahead, they aspire to expand their investor pool while enhancing educational resources. Recommending resources like Peter Harris's educational series and Jefferson Lilly's insights, they aim to educate potential investors entering this niche market.
The Freedom Point podcast, powered by Starting Point Capital, serves as a platform for education and entertainment, offering insights into the world of mobile home park investments. Before making any investment decisions, listeners are advised to seek professional financial guidance.
