Interview with Byron Sellers of Mobile Home Elite Investors

Welcome back to the Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel. On this episode of the Passive Mobile Home Park Investing Podcast, Andrew talks with Byron Sellers of Mobile Home Elite Investors. Byron is a mobile home investor and educator based out of Chicago, IL.

After listening to a real estate podcast featuring a segment about mobile home investing, Byron Sellers and his partner, Sharnice Williams, decided to dive in deeper to mobile homes. The couple was very interested in real estate investing but just didn't have the cash needed to get started. After learning about mobile home investing on the podcast it made them realize just how great of an opportunity it would be to get started, with very little money needed upfront. Together, they studied the mobile home investing space and raised enough capital to launch Travae Scott Investments LLC in 2018. They have been taking the mobile home scene by storm and growing at a tremendous rate including becoming mobile home community owners in 2020. Byron and Sharnice also have an education program teaching people how to invest in mobile homes at a large scale.

***Andrew Keel and Keel Team Real Estate Investments (Keel Team, LLC) do not endorse any interviewee. This interview is for informational purposes only and should not be depended upon for investment purposes. ***

Andrew Keel is the owner of Keel Team, LLC, a Top 100 Owner of Manufactured Housing Communities with over 1,500 lots under management. His team currently manages over 20 manufactured housing communities across ten states - AR, GA, IA, IL, IN, MN, NE, OH, PA and TN. His expertise is in turning around under-managed manufactured housing communities by utilizing proven systems to maximize the occupancy while reducing operating costs. He specializes in bringing in homes to fill vacant lots, implementing utility bill back programs, and improving overall management and operating efficiencies, all of which significantly boost the asset value and net operating income of the communities.

Andrew has been featured on some of the Top Podcasts in the manufactured housing space, click here to listen to his most recent interviews: https://www.keelteam.com/podcast-links. In order to successfully implement his management strategy Andrew's team usually moves on location during the first several months of ownership. Find out more about Andrew's story at AndrewKeel.com.

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Talking Points:

00:21 - Welcome to the Passive Mobile Home Park Investing Podcast
01:58 - Byron's history and journey with mobile home park investments
04:50 - How passive investors get involved in mobile home investing
06:49 - A technique on how to find operators
07:44 - $50,000 business plan scenario
09:43 - Working with mobile home park owners
10:50 - The best ways to find mobile home deals
12:13 - Average purchase price for mobile homes
13:36 - The process of a "typical deal"
19:10 - Average lease with an option to purchase
20:11 - Dodd-Frank and SAFE Act
21:15 - The biggest risk factors in mobile home investing
24:00 - Case study for a passive investor who wants to flip homes
25:17 - Byron's perfect mobile home park
27:40 - Cast study example of a recent deal
30:10 - Getting a hold of Byron
31:03 - Backstory of Andrew and Byron's relationship
32:05 - Conclusion

Links & Mentions from This Episode:

Quotes:

"Facebook Marketplace, that is huge. I tell a lot of people, a lot of times, your deals aren't on the Zillow and the Redfin." - Byron Sellers

"Marketing is huge. We tell people all the time we're in the marketing business. As soon as we get this house, we're taking good quality pictures, and then from there, we're blasting into all the online places." - Byron Sellers

"You have to look at it as a partnership. You want to bring in the same type of person that the park requires, but you want to bring that type of buyer in-make it a win-win situation." - Byron Sellers

"We also do a non-refundable move-in fee. Whatever the final price is, we normally do 8%-10% of that. That's what we ask for a down payment because we want to make sure we have a serious buyer." - Byron Sellers