Jefferson Lilly, a millionaire who left his Silicon Valley job to become an expert in Mobile Home Park Investment. Listen as Nathan goes over the nuts and bolts of Mobile Home Park Investing with one of the industry’s leaders. Famous 5 Favorite Book? – The Snowball What CEO do you follow? — Sam Zell What is your favorite online tool? — Search Tempest Do you get 8 hours of sleep?— Yes If you could let your 20 year old self know one thing, what would it be? — How good this niche of real estate is...I would have started raising outside capital sooner. Time Stamped Show Notes: 01:20 – Nathan’s introduction 02:01 – Welcoming Jefferson to the show 02:15 – Why Jefferson left Silicon Valley to enter mobile home investing 02:40 – “Warren Buffett was right” - Jefferson looked for value investments 03:10 – Mobile home parks yield 300-400 basis points more than apartments 03:30 – Jefferson was 39 with a $100k salary when he got involved with property investing 04:30 – First deal was $450k, with an 80% loan from the bank - put down about $86k 05:17 – Jefferson had almost $1 million saved at this point 06:00 – First property earned about $45k each year 07:00 – 40 filled lots; lot rents $110 per month. 24 vacant lots 08:08 – Jefferson invested in buying and fixing used mobile homes to fill his vacant lots 09:10 – The $20k investment in each used home was repaid by tenants at $600 a month 10:00 – Rental income is about… 12:00 – “If I’ve got $30k, what are the first steps I should take to find a deal?” 12:30 – Get educated: resources at Park Street Partners 13:00 – For $30k, look to buy a 5-space property, say $100k 14:20 – “If you’re not earning 20% on your money, you’re doing something wrong.” 14:50 – Any state that borders the ocean is a good bet 15:30 – Look at places like LoopNet for starting deals 16:30 – How do I value a mobile home park? Jefferson’s advice. 18:00 – Going it alone vs. joining a fund 20:00 – Park Street Partners runs an investment fund 21:40 – They don’t charge management fees - they only make money if the fund does 22:40 – Last year the business made around $5 million 3 Key Points: Do your research. If you’re moving into a new investing field, take at least 100 hours to really learn what you’re doing. Mobile homes have some of the best returns on investment of any property type Consider how much time you want to spend managing a property investment. If you’ve got the time and want more profits, go it alone; otherwise it’s worth looking into funds Resources Mentioned: Freshbooks - The site Nathan uses to manage his invoices and accounts. Host Gator – The site Nathan uses to buy his domain names and hosting for cheapest price possible. Leadpages – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+ Audible – Nathan uses Audible when he's driving from Austin to San Antonio (1.5 hour drive) to listen to audio books. Show Notes provided by Mallard Creatives The Top is FOR YOU if you are: A STUDENT who wants to become the CEO of a $10m company in under 24 months (episode #4) STUCK in the CORPORATE grind and looking to create a $10k/mo side business so you can quit (episode #7) An influencer or BLOGGER who wants to make $27k/mo in monthly RECURRING revenue to have the life you want and full CONTROL (episode #1) The Software as a Service (SaaS) entrepreneur who wants to grow to a $100m+ valuation (episode #14). Your host, Nathan Latka is a 25 year old software entrepreneur who has driven over $4.5 million in revenue and built a 25 person team as he dropped out of school, raised $2.5million from a Forbes Billionaire, and attracted over 10,000 paying customers from 160+ different countries. Oprah gets 60 minutes or more to make her guests comfortable to then ask tough questions. Nathan does it all in less than 15 minutes in this daily podcast that's like an audio version of Pat Flynn's monthly income report. Join the Top Tribe at http://NathanLatka.com/TheTop