Thinking outside the box can be significant before you start owning any properties. Most people think you need to start getting creative only when you’re already building your Real Estate Portfolio. The truth is that getting creative can begin as early as conceptualizing the portfolio you want to build and the niche you want to focus on. It’s no secret that REI is a powerful tool for getting out of the “rat race”, but it’s not without its struggles, like having multiple competitors! Charlotte Dunford was a fairly new investor in 2018, and her leverage in the industry (at the time) did not align with the profits she desired. Thinking outside the box, she saw absolutely nothing wrong with her goals, but there was an opportunity to optimize her strategy. Instead of fighting head-on with huge competitors, Charlotte aimed to reach her REI goals by focusing on a blue ocean strategy – turning small mobile home parks into hi-yield investment options! Truly, there’s more than one way to build generational wealth and achieve the financial freedom you desire. All it takes to succeed is to see the flaws in your plan and get creative to find those workarounds! What makes Charlotte’s strategy effective and sustainable? What do you need to consider in owning mobile home park investing? Is this strategy applicable to other small niches? Check this out to learn about Charlotte Dunford and Mobile Home Park Investing Strategies: Website: www.johnscreekcapital.com/ Thank you all for listening and I will see you on the next episode. When you're ready, head on over to https://billyalvaro.com https://billyssecrets.com To get some neat (and FREE) Tools | Tips | Tricks to help you in REI!
Thinking outside the box can be significant before you start owning any properties.
Most people think you need to start getting creative only when you’re already building your Real Estate Portfolio.
The truth is that getting creative can begin as early as conceptualizing the portfolio you want to build and the niche you want to focus on.
It’s no secret that REI is a powerful tool for getting out of the “rat race”, but it’s not without its struggles, like having multiple competitors!
Charlotte Dunford was a fairly new investor in 2018, and her leverage in the industry (at the time) did not align with the profits she desired.
Thinking outside the box, she saw absolutely nothing wrong with her goals, but there was an opportunity to optimize her strategy.
Instead of fighting head-on with huge competitors, Charlotte aimed to reach her REI goals by focusing on a blue ocean strategy – turning small mobile home parks into hi-yield investment options!
Truly, there’s more than one way to build generational wealth and achieve the financial freedom you desire.
All it takes to succeed is to see the flaws in your plan and get creative to find those workarounds!
What makes Charlotte’s strategy effective and sustainable? What do you need to consider in owning mobile home park investing? Is this strategy applicable to other small niches?
Check this out to learn about Charlotte Dunford and Mobile Home Park Investing Strategies:
Website: www.johnscreekcapital.com/
Thank you all for listening and I will see you on the next episode.
When you're ready, head on over to
To get some neat (and FREE) Tools | Tips | Tricks to help you in REI!
SUMMARY KEYWORDS
park, deal, mobile home parks, investor, cap rate, rent, tenants, investing, money, utilities, sellers, home, offers, charging, syndication, business, people, niche, return, buy
SPEAKERS
Outro, Billy, Charlotte
Billy 00:00
What's happening? This is episode number 71 Unstoppable Rei Wealth. Today we are going to be interviewing Charlotte Dunford specialty her niche is mobile home park investing this lady has about $4 million worth of mobile home parks. She started doing this just a few years ago. She gives you some good insights, good nuggets, and how to find these properties. More importantly, how to make sure if you do invest in this asset class, how do not get in trouble. She has 15 points in our algorithm. I think she speaks about three or four in this podcast of what to look for if you're investing in mobile home parks what the returns are and more importantly how you can start making some serious cash hope you guys enjoy the interview with Shaw Dunford. Welcome to unstoppable real estate investing wealth. My name is Billy Alvaro, aka the unstoppable VA former billion-dollar mortgage banker gone bankrupt turn professional real estate investor where each week you'll learn the tools, strategies, systems, and secrets myself and other highly successful real estate investing entrepreneurs use to start, grow and scale their businesses creating massive profits and how you can too, and we'll teach you how to put those profits to work. So you no longer have to get ready to finally experience financial freedom and generational wealth. Now let's get started. What is going on everybody? Welcome back to another episode of unstoppable Rei wealth. I'm your host Billy Alvaro, here to bring the heat today. Today we're going to be speaking to your lady out of Georgia. One of my understandings is a syndicator of a product that I am dying to get into. So I'm going to be picking your brain today Miss Charlotte Dunford Charlotte, how are you?
Charlotte 01:41
Good. Thank you so much for having me on here.
Billy 01:43
You're welcome. So you are in the space of mobile home park investing? Correct? How did you get into that space? And why did you choose it?
Charlotte 01:51
Right? That's a great question. So when I started in, investing in real estate right out of college, I use my salary to qualify for deals with single-family homes and duplexes. But after that point, I found it, you know, unsatisfactory to only stick with those two, I wanted a lot more. So it wouldn't really satisfy the ambition or the drive that I wanted for my real estate portfolio. So I wanted to originally go into multifamily, but at the time, I found myself in a difficult position where the competitors who will compete who I competed against were people who were in multiple multifamily investing for decades. So for someone who was kind of new at the time, when I started in 2018 2019, that was almost impossible. So I found a mobile home park. So based on my firm belief in a blue ocean strategy, where you find an opportunity in an industry that is not extremely heated or competitive competed for so mobile home park fits that perfectly. So I was able to start buying parks and pretty much grew to what it is today. 2026 parks and went for over $4.8 million in investor subscription.
Billy 03:04
Congratulations. Very nice. How many? How many mobile homes paying units being doors do you have in those mobile home parks?
Charlotte 03:13
That's a good question. So most of our parks are around anywhere from 10 to 30 slots. And obviously, not all of the slots are completely occupied. They're mostly occupied at 70. And above, mostly 80 and above occupancy. So don't really count it as doors but more like lots because it's really a parking lot business, the land business, parking lot business, so it's really profit for the lot.
Billy 03:42
Alright, and we're gonna get into how you are on the right, the first one to get into how do you find these parks, what's your process, your methodology, your strategies for going out there, and finding parks, you guys get invested?
Charlotte 03:53
Right, so the parks that we get based on, a lot of them are based on the relationships that we've built, since we started because mobile home parks are kind of a small, smaller, kind of a niche, especially my niche is smaller mobile home parks, where we go in at a higher cap rate is it's kind of a smaller community. So we had, you know, we have built lots of relationships with sellers, brokers, and just you know, the really those deals really come to us. So we've had underwritten 1000s of deals at this point, just from the daily deal flow, that it's going to our desk so it really they come to us based on the relationship we built and but when we first started out, we will have to seek out the listings online. A lot of times mobile home park stores and just get to know to talk to the brokers reach out to the brokers and talk to them and tell them your criteria.
Billy 04:44
Do you buy any from wholesalers?
Charlotte 04:48
Yes, actually, we have done a few deals from wholesalers, one seller particularly but those are usually pretty small deals. And yeah, so we have we did work with wholesalers. So there are so many different channels. Yeah, you know eyes.
Billy 05:00
And I know brokers seem like your main thrust. You did mention though that the consumer is you're dealing with the sellers direct How do you go about getting them to raise their hand? Is it just direct mail? Are you calling them? Like, how does that relationship start for you to start getting these deals from the sellers themselves?
Charlotte 05:17
Right. So for sellers, they already have a listing there. So they're already motivated to sell. Yeah, yeah. And I don't really we don't really focus on sellers who don't really want to sell yet, because it well, it's just, it's really, almost impossible for us for this niche anyways, to get a really good price that we want. If the seller is completely unmotivated, I think it takes two motivated parties for something to work and that's definitely a seller, a well-motivated seller is not really something you need in a deal.
Billy 05:47
Yeah, for sure. I think that's in any market, right. And if you don't have a motivated person, they're not going to sell your property especially. Alright, so you're finding peace, I figured it out. So now you're in the smaller, mobile home parks tend to 30. So why that size niche, why don't you go larger, why are you sticking with the 10 to 30. Right, you
Charlotte 06:07
could go larger, except the cap price get a lot lower, you're looking at 4% cap rate of 5% cap rate, instead of you know, what we got at 10 12% cap rate going in. So it's really a business decision. And just like the blue ocean strategy that we implemented with going to mobile home parks, in this space, everybody wanted something that's, you know, over 100 laws, while still, people are chasing over 100 laws and that space extremely heated. Again, we want to escape that competition. And one of my favorite quotes is from Peter Thiel, a Silicon Valley investor, you know, he says, you know, in his book, The business failure, any kind of business fails because you failed to escape competition. So, I think that's what we really believe in is that we want to focus on a niche, and to find that diamond in the rough, where people are kind of ignoring it. But now we're seeing really good profits from those smart parks.
Billy 07:06
So are you are these small parks? Are they run to the ground? Are they really like something that you have to commit and a lot of value in, turn them around and reposition?
Charlotte 07:14
No, no. So they're never, they should never be run to the ground. So that would be pretty distressing property just because they're small. They don't have to be, you know, necessarily rent to the ground. They're very high-quality value add properties.
Billy 07:29
So the real value add, so tell us what you look for in the parks that you're going into you're investing? Are you looking for solely Park owned rentals? Are you looking for lots where the tenants actually own their mobile homes? And they're renting a lot for you? What is what Which one do you go for and why?
Charlotte 07:45
Right. So mostly the majority of them have to be majority tenant-owned, they cannot be Park rentals, because it's really not a rental business. It's not really a fixing furnace, furnace, and breaks, you know, fixing broken air conditioning kind of business. It's a lot of parking lot. So as a parking lot you want, you don't want to own a bunch of cars, right? So those vehicles, you don't want to own them. You're not a car dealer. So you want your tenant to own the homes themselves. So yeah, we were actually one of the very ones of the most important parameters for us, when I look when we look at acquisition is to have the majority to own homes. So tenants actually own their homes.
Billy 08:27
Is it? Is it a percentage ratio that you look for when you're underwriting a deal?
Charlotte 08:32
So they got to be lower than most what we really prefer if it is lower than 15% 50 1515?
Billy 08:38
Yeah.
Charlotte 08:41
Yeah. So if it is more than that, and we have to look at the age of the homes, the age of you know, how old they are they because usually, older mobile homes bring the most problems. So yeah.
Billy 08:53
How do mobile home investors get themselves in trouble? If they're not underwriting the deals properly? Because I know it's completely different from single-family, apartments storage? Like how could we give some insights of what some tips of how people that want to invest in this sector, how they can get them, so make sure they don't get themselves in trouble with the due diligence process?
Charlotte 09:14
Right. So for our acquisition process, we have developed this algorithm that consists of 15 major parameters that really come from our experience of seeing how those param parks actually perform based on historical data. So the way you can get yourself into trouble is when you don't stick to your own criteria. And our acquisition criteria, as I said, 15 major parameters, we'll actually have an upcoming webinar talking about that. So you have to be careful with mobile home parks, and the utility structure of the deal. So you know, the biggest money loser in the industry is you have a lot of utility problems. What are our allies broke, and the tenants using too much water? If the park pays for the water, obviously, so you know that you have to be careful with and the due diligence process is really you have to have a huge, you know, we have a huge checklist and the huge algorithm that determines if this deal is a pass or we go forward with it. So there are several phases to it as well. So you have to stick with this algorithm that you develop yourself, you know, we have our own, I think like an investor, you probably have your own standards as well. So, so I will say be careful with the utility structure, make sure you verify the income, if the income is not there, the deal is dead.
Billy 10:33
So utilities for the second one dive in a little bit deeper. So on the utilities, you kind of brushed over it, but discuss going a little deeper, what can happen with the water, if the water electric, if it's built directly to the part that's going to hurt the landlord because the tenant is going to be utilizing the water.
Charlotte 10:50
And, yeah, and they don't care if they're using too much water and hike your bill, because they're not the ones paying for it. And especially if there is a water line break breaking, and they couldn't care less, you know, they couldn't care less if they flush something down the toilet that it shouldn't. And it clogs the whole sewer’s sewage line and causes an issue. So and the health department goes after the landlord, and they will shut your part down. So that could be completely catastrophic. So yeah, so it's not only that they're direct built, when you're buying a park, you have to do your due diligence on inspecting the lines, do your camera job, for the lines, and just you have to determine what the material the pipes are made off. And how old is the system checked with the Health Department? Have there been a lot of past issues at this location? There are just so many things that you need to do to verify that utility lines are solid, if not,
Billy 11:47
Do you prefer the mobile home parks that they're on? Well, water or city water doesn't make a difference?
Charlotte 11:53
Well, there has to be city water, I'd much prefer that. Because the wild water even though you don't have to pay for the bill, carries is a huge liability, you have to test it every year, you have to test it and if you need to test they find something wrong with it. You are personally well you're not personally but you are, you know, it depends on the how your LLC is structured, who owns the park if you own the park personally, they are personally liable for the health hazard that water possesses one of the tenants if they're sick, or become seriously ill and sue you, your entire park will go bankrupt and you personally might even go bankrupt as well. So a lot of insurances don't even cover it with no issues. So and the liability does not stop even if you sell the park. So I would caution against it.
Billy 12:40
Definitely. Good. Good. Good point. What about septic? I know that's a major issue in mobile home parks talking about that.
Charlotte 12:46
Yes, septic, does not possess as much of a health risk, you know, instead of like the water, but yeah, septics that you just you need to pump them, you need to monitor them, you need to inspect them periodically if there's an issue so you definitely want to budget more reserves for septic systems, septic tanks. So that's an issue.
Billy 13:09
Yeah. Are you doing a lot of these parks, you're taking over you separating out the utilities and charging them submetering them to the tennis?
Charlotte 13:17
Yeah, a lot of them. That's definitely one of the major value ads that we can do is to appeal it back to tenants or submetering them. Yeah, that really is a great upgrade. But you got to be careful with the laws, because people are not very happy with, you know, building back utilities, obviously. So be careful with the local regulations, what you do what you cannot do
Billy 13:39
about the local regulations, I was looking, I'm in New York, New Jersey in New York, and I was looking to pick up a park and it was I could have added a lot of value to increase the rates substantially. But my due diligence in New York, they said that you can't go higher than 3% per year on rent increase, and the rents were like $250 below market, there's no way I can get up to that. It would take me 10 years for the 3% rule. So you have really to your point, you really have to know the local market, what the ordinances are, what the regulations are because you can think you're buying yourself a really good product and in turn, it's something you're not gonna be able to turn around make money.
Charlotte 14:15
Exactly, exactly. And something to be careful with, you know, just from a lot of times a deal may make sense on paper. From a financial perspective, economically, the numbers work out and it's, and it's great, but you have to look at the operational side, the construction site, how old are the homes and how what is the actual condition of the park. So a lot of times the paper, you know, everything that works on paper might not work in real life. So you have to because just because they're charging this amount of rent, they're making this much money and whatever they're presenting you. First of all, you have to verify that that's true. That income is there. And secondly, you have to make sure that operationally is not going to cause your arm and leg just to operate it. That yeah, be extra careful. With that you can, you can definitely lose your shirt.
Billy 15:03
Yeah, be careful, you started off with the 15. The algorithm with the 15 boys, you covered the utilities, you cover the expenses.
Charlotte 15:12
What else should be concerned about utilities and turn it on home versus Park on homes, and you have to have a high 10 own home, at least a majority 10 own home structure. And you want to have this gap between what you're charging as a lot of rent, and other local housing products. For example, the local apartment buildings charging, also $200 Just for rent. So just, for example, is not really happening. But you know, you definitely want to make sure that your rents are really low, or if your lot rents $150 or $200, you want to ensure that local housing product, meaning that the mortgage amount plus interest, and the rent amount, it definitely is a $500 to $600 of a gap between what you're offering as a mobile home park, you know, a lot of rent versus what they're paying, because why would they want to go to your park, if they have a better option, and a cheaper option where you know, more money, more value for money. So that's actually another important one.
Billy 16:08
So you're looking at about a five to $600 decrease? If you're out a 250 per lot, the rent of the area or mortgage and taxes should be no more than 750 500. On top? Is that what you're saying? It should be more than sets?
Charlotte 16:21
Yeah. Yeah, it will be more beneficial for you, because you will have more demand as a mobile home park owner, if you have, you know, a bigger gap, the bigger the better, right, the bigger gap for a mortgage amount. So let's say the old house median housing price in the area is below 100,000. And you got a lot of rent of $400. And that's not really a good deal, right? Because they can easily buy a house and live in a house, they wouldn't want to move into your part. So I think it's important to calculate that and to actually compare how attractive your housing product is, and how are they actually going to be demand for your park, your neighborhood?
Billy 16:59
Are you when you're buying these parks and taking them down in your due diligence process? Are you flying out? Because I know you're scattered all around the country? Are you personally flying out of
Charlotte 17:07
your partner, my partner who is more of boots on the ground? Probably guy so he does fly out and do site visits as agents process and depending on the deal, but you know, when necessary would definitely fly out and inspect the site.
Billy 17:22
I love it. Talk what are the points? Because you have you had 50? What are the other some of the other points that issue?
Charlotte 17:28
Right. So the other ones include the condition of the homes, and the age of the park, if the homes are all really old from the 60s and 70s, then that pretty much approaches the lifetime of a mobile home. So you know, even if they're tenant-owned, the tenant could easily abandon it, just leave and you're left with an abandoned home, it's really bad news. And I think they're their whole 15 of them. But I think another important one is I think who pays for the utilities. The direct build is better than you know, build back though the back is better than Park Bay. But that entirely depends on the deal structure, maybe you can make a lot more money from Park pay because you're charging higher rent as well. And a market, right, so you want to make sure that you're in a market that has a lot of dynamics going on, you have a dynamic town, you want to make sure that the city, that or town that the park is in, next has some sort of economic hub next, so it doesn't need to be right in the middle of the MSA. But it needs to be a part of MSA, or close to the MSA so that people can actually commute to work and people can, you know, have this tendency you have you know, tenants wanting to move into your purpose, the population is there, you don't want to move into a market where it's middle of nowhere, and there's nothing going on. So. And another thing is acquisition. From the acquisition perspective, something is called a spread. So there's a cap rate, the cap rate is the net operating income divided by the sales price, that's the cap rate. And if you're getting financing on a loan, then that's a percentage, let's say it's four or 5% interest rate. So the difference between this cap rate and the interest rate needs to be at least 3%, meaning three points, and have off to have some sort of meat on the bone to make money out of it. If your interest rate is 7%, then you're getting something at a 4% cap rate and you're losing money on day one. So those are just some of the most important ones. And obviously, our 15 major parameters, it's assigned different weights, and different things, you know, mean different things. I mean, sorry, its different parameters have different weights, based on the deal structure. So it's kind of a complex set. I kind of like that it's a somewhat complex algorithm. And when we see a deal, we kind of assign a score to that parameter for this deal. And we kind of do the sum-product for the entire deal and kind of determine if it's a pass or a fail and how long it takes.
Billy 19:58
You, too, I look at a property that comes across your desk to identify if this is something you want to go to the next step and do due diligence, do an LOI or pass on it, how long does that process take?
Charlotte 20:10
Well, the preliminary five seconds, five, five seconds using your brain because where are we at this point have determined have looked at 1000s of deals at this point. So for me, on the acquisition side, we're able to look at a deal and determine whether it's a good deal, or a deal that we can possibly look deeper into, right and five seconds, just from the outside look. And then afterward, five seconds, that's where you input all the detailed information data into the algorithm which could take a couple of days. So days, wow, a couple of days to because you have to because you don't want to make an offer unless you can verify the park is illegally operating, that takes calling the local regulatory authorities, and they may not call you back, right. So the average time is a couple of days, one or two days, for them to verify this part is legally operating and was grandfathered in, there are only three parts of three types of Park, right? So legally legal, compliant, or non-compliant, and grandfathered in or illegal. So it must not be illegal. So you have to call the right departments to find that out. And there are so many, there are some preliminary things that you have to do before even going deeper into it. So a couple of days to actually make a good offer to actually make a decision to pull the trigger on the deal. But if you want to see, you know, if I'm presented a deal and see, is this a good deal, or is even worth talking about five to 610 seconds, you should know. And everybody who's been underwriting so many deals at those questions should know that.
Billy 21:46
How many total parks Did you say you have in your portfolio?
Charlotte 21:49
26? Going on seven?
Billy 21:51
Yeah. And you're doing it for how many years now?
Charlotte 21:54
We started by parking in 2019, and late 2019. So but we really started picking up speed in 2020. And Johns Creek capital was starting in 2020.
Billy 22:02
I love it. And so how many deals do you have to go through in order to buy one park? What's that ratio look like?
Charlotte 22:10
So to close on one park, you mean how many years we'll have to go under contract with or how many deals.
Billy 22:17
Actually have to review in order to buy one deal like 100 deals review, five offers one accepted? Like what are those KPIs look like?
Charlotte 22:25
That is a great question. I think we don't really make offers that we don't think that we're going to buy the deal. So I think every 10 offers we make we usually end up closing going under contract for like maybe four of them closing, hopefully, you know, three to four, most of the time, probably three,
Billy 22:45
Probably 370 5% close ratio off the purchase of the offers, how many deals, how many leads do you have to look at, and do your quick offer analyzer before you get to the 10 offers? What does that look like?
Charlotte 22:57
So how many leads? So? Like I said? Probably hundreds?
Billy 23:02
Hundreds?
Charlotte 23:03
Yeah. So 100, at least not hundreds. So out of the 100 leads, maybe we can make 10 offers out of it.
Billy 23:10
Got it. 10 offers and then hopefully three to four deals. Right? Correct. Good. Okay, good. Those are good numbers. Good. Talk to me about your fund. Did you start doing syndication? So that's how you're acquiring all these sparks. Right.
Charlotte 23:23
So they're actually not a fund. There's not actually a fund. So it's just, you know, deal by deal syndication. So, around each park, we form a new LLC, that, you know, that that's named after the street name of the park. And so yeah, so that way we keep the liability separate.
Billy 23:39
Smart. And so talk to me about the investor the returns, what does that look like for the people who put the money?
Charlotte 23:46
Right, so the investors, you know, we were actually solving a park and it's supposed to close tomorrow. So that one we have exceeded all the projected returns, but generally, our internal rate of return is around 15%. and higher, it has to be pretty much 15%. Higher. Well, I know, right? We underwrite pretty conservatively, and for the general, I guess returns are, you know, 15% or higher, and the equity multiple is anywhere from 1.2 to two and plus, depending on the holding time. So we actually have shorter holder holding times than the one that we're activating tomorrow, we held it for 22 months, so a little bit under two years. So usually our deals are around two to three years, sometimes five. And sometimes if the park that the profile really warrants it, it will be up to eight years, but we rather rarely go that far. So go that long. So usually most of our deals are pretty shorter, a pretty short hold times, and then annualized return after capital gains will be around over 20%. So those are kind of the what we're shooting for return wise as far as the return structure we distribute every month. So there is a monthly distribution, and there is a waterfall structure with an 8% preferred rate of return once a percent is hit 3070 30 splits with 70 being investors and 30 Being sponsors, and then the next hurdle is 12% mean Sorry, yeah 12% And the split becomes 6040 and then jump down to the four-points 16%. The split becomes from 250 and starts there. And this cycle resets every year, I say is cumulative cash on cash return. So if to your one we did not hit the 8% preferred rate of return, then whatever is in the deficit will be carried over to the next year. So the investors will always be made whole. It's another way, another great way to align our interests together. Yeah, absolutely.
Billy 25:37
That's smart. When you're doing the syndications Are you raising 100% of the money from your private investors? Are you doing a combination? private investor money into syndication with bank financing upfront?
Charlotte 25:51
Yeah, so the majority of our deals are 100% syndication, and investor money, and we do have seller financing we are either acquiring through cash or seller financing. So we do have seller finance, kind of low allergy season.
Billy 26:08
So the time of the year. So in short, what is your average pickup price and your buy price report average?
Charlotte 26:14
You know, the first small park is really small, like five bucks, they thought you're looking at $65,000 for bigger park anywhere going up to you know, almost 20? Lots? You're looking at 300,000? So, so decent start if it is bigger?
Billy 26:30
Yeah. How do you because with larger parks, larger apartment complexes, you single-family homes that you're buying in bulk in one area, it's a little bit more economies of scale to manage? How are you guys managing the small parks nationally? What does that look like?
Charlotte 26:46
Right, we have localized efforts locally. So we pretty much assemble a team right after we close the deal or during due diligence, even that they consist of government, official government authorities, people who are for the cities, and local contractors, you know, electricians and plumbers, and good tenants from the park as kind of the watch Person of the park. So they kind of assemble a team that would kind of call upon when things arise, our headquarters still here and we handle all the requests were extremely detailed, we'll handle the requests. But when something localized needs to happen, we will either travel there and meet with people who will need to meet to get the problem solved. Or we call upon the local team.
Billy 27:25
So it's all self-managed, with no management company, no overheads.
Charlotte 27:30
Yeah, because in this case, you know, we do charge an internal management fee. But that's we don't trust really any management company to manage us such a big portfolio.
Billy 27:41
You're charging that back to the syndication to ensure you cover your overhead. Yeah, how are you? I'm not going to generalize and say that everybody that there's a mobile home park is not they don't have smartphones and computers, but you know, there's a good chance that a lot of them don't, how are you going about collecting rents from folks that really aren't connected to the web, they don't have smartphones or computers.
Charlotte 28:05
You know, what we like to do is to give them options, we have the online hang option, and we also have the pain by Muddy Waters and checks. So we really provide them options that they feel most comfortable with paying. So what we do is we send them invoices, and they pay us rent every month. So for the people, for the folks who don't have the access to the internet who don't really know how to do the whole, you know, online pain stuff, they can pay chat, but you know, we'll guide them to, to pay through checks or money orders.
Billy 28:38
And there are certain options that we will kind of help them with what system would operate or system you're using to manage your portfolio.
Charlotte 28:43
So the portfolio as far as the investor portal goes, how we talk to not just how we communicate with investors, we are investors, and I talk through emails all the time, but the portfolio and all the documentations all you know, monthly financial statements and monthly snapshots are all, you know, uploaded and also emailed to an investor through a portal online portal that they can access they pretty much every investor. As soon as you start participating with our deals or started talking to us, we have an account online account with us. So you can view your investments there.
Billy 29:18
Yep. Love it. What software is that?
Charlotte 29:21
Oh, it's called. So a company called Update capital,
Billy 29:25
Update capital. And then what about your software to manage your overall rental portfolio? Do you have an app to use for that or a property management system?
Charlotte 29:34
Yeah, we have an internal property management system, but we don't necessarily use software for it.
Billy 29:40
Got it. Cool. Well, straw This is good. It's been very educational. I have to say that this whole time, Omar if is there anything you want to add value that you think the listeners may use?
Charlotte 29:51
Yeah, I think mobile home parks areas with any real estate, investment it has is on a cycle is has a seven-year cycle. Just like with any housing market, anything so mobile home park also has a cycle. So it's I would say it's honest year one or year two, depending on the market of the cycle. So it's actually still early on in the asset class. We're actually still in the blue ocean, especially in my niche. So we'd love to get connected with you if you go to my website, Johns Creek capital.com. And yeah,
Billy 30:21
Awesome. Very good. Charlotte. Very good. Thank you so much for joining me today. I appreciate it. And so you said what the website is addressed one more time.
Charlotte 30:29
Johns Creek capital.com.
Billy 30:31
It was Creek capital.com. Fantastic.
Outro 31:29
Thank you so much for being on the podcast today. Sure. Let's catch you next time. Thank you so much. Thank you so much for listening to today's episode of unstoppable real estate investing wealth. My mission is to give you my listeners the blueprint for success, the insider secrets for starting, growing, and scaling your real estate investing business, you could experience and live, an unstoppable lifestyle. I've made it simple for you to catapult yourself to success. Go to billysecrets.com, and B I L L Y secrets.com. There you will find every single tool, tip, trick strategy system, and secretly used to make millions of dollars as a real estate plus everything my team uses, and my guests use all in one place for you to tap into to get started, grow and scale your real estate investment business. I really hope you implement what you're learning. I hope you utilize these tools, tips, tricks, strategies, and secrets. And I hope to see you in the next episode. God bless bye.