Tim Kelly

REI ROCKS! PODCAST

Listen to another great episode with industry leaders in real estate.

Mobile Home Communities and Investor Mindset with Tim Kelly

In this 4 part series, Tim highlights how he pursued his dream of owning and operating multi-family real estate and helping others realize their financial freedom goals!

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Part 1

Things you will learn in this episode:

[00:01 – 04:59] Opening Segment

● Let’s bring in Tim Kelly to the Show
● Tim talks about his background 
● He shares the story about his background in military
● How military training helps him persevere in business
● He learned and began real estate investing

 

“Mobile home parks are the major solution for so many people who need affordable housing. If you could provide clean, functional, safe, and affordable housing, mobile home parks are going to be a sound investment.”

[05:00 – 13:14] Active Duty, Passive Income and Multi Family Real estate  
● Tim shares a brief introduction about ADPI projects
● Military house hacking
● Podcast and books about mindset and financial courses
● Being active in the community with his wife
● Tim talks about the reason why he chose multifamily real-estate

[13:15 – 18:59] Why Mobile Home communities?
● Tim shares the story of how he got involved with mobile home parks
● The benefits and advantages of mobile home parks
● Housing with the highest return
● Tim shares how to find mobile home park deals
● Tim talks about the stigma on mobile home parks
● Know the median home price

[19:00 – 26:38] Types and models of Mobile Home communities
● Tim explains terminologies and types of mobile home communities
● 1-5 stars classifications
● Tim talks about the difference between tenant owned homes and park owned homes
● Tim talks about the utilities and various models of mobile home communities

Part 2

Things you will learn in this episode:

[00:01 – 04:59] Mobile Home Association and Notes

● Tim talks about Mobile Home Association and types
● Tim explains about Mobile Home Notes, Title, and Deeds 
● He shares some ways to find deals

“You have to figure out, what can you do to help you be remembered and what could you do that others are not willing to do.”

[05:00 – 16:14] The Keys to Connect with the Broker and Get Better Deals  
● Tim shares the keys to get better deals from brokers
● Tim talks about the importance of the relational aspect to get the deal
● Create the opportunity for the potential deals

[16:15 – 20:59] Understanding the Mobile Home parks Tenants
● Tim shares about how to build a good culture with the Mobile Home tenant
● The preventative actions to avoid riff-raff
● Tim talks about the management of Mobile Home communities

[21:00 – 26:52] Challenges for Mobile Home Park Owners
● Tim talks about the various ways to add value to Mobile Home Parks
● Tim talks about the development challenges of new Mobile Home Parks

Part 3

Things you will learn in this episode:

[00:01 – 05:14] Advantages and Disadvantages of Mobile Home Parks

● Tim talks about the importance of getting to know the right people in the city hall
● Tim talks about the advantages and disadvantages of Mobile Park Homes 
● Tim talks about Mobile Home Parks in natural-disaster zone areas (flood/tornado zones)

“Even if you have the most knowledge about real estate investing but you don’t have the mindset to go with it, it’s not going to mean anything at all.”

[05:15 – 16:49] The Keys to Profitable and Successful Investing  
● Make sure you understand your market
● Make sure you do the adequate market due diligence
● Analyze the arbitrage
● The higher the cap rate, the more management intensive it is going to be
● Tim talks about the RMLO (Residential Mortgage Loan Originator)

[16:50 – 24:17] Mindset is Everything
● Tim shares the importance of mindset mindfulness
● How you talk to yourself will determine what is coming back at you
● Remove the words “can, hope, and try” from your vocabulary
● Tim talks about ‘How you feed your brain’

Part 4

Things you will learn in this episode:

[00:01 – 08:55] Becoming a Better Investor

● Tim talks about becoming a better investor
● Tim talks about the importance of choosing the right environment
● ETE (Education to Entertainment) Ratio
● Tim talks about the Multifamily Academy Module

“From the time you get your amazing ideas to the time you actually implement it, will dictate your success. It should not be more than 24 hours.”

[08:56 – 19:36] Morning Routine and Time Value  
● The time where you dedicated your own growth
● Questions to ask every morning
● The most successful people manage their time because they value their time and others time than most people
● Tim talks about how to manage and track your time
● Habitual advantage and speed of implementation

[19:37 – 27:58] Coach, Mentors, and Community
● Be very picky with who you spend your time with
● There are always more people to help
● Ask yourself the “why” questions
● Tim shares his final words and how to connect with him

You can connect with Tim on LinkedIn, Instagram, and Facebook.

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Angel Williams Host
Reach out to Angel and find out how you can collaborate and come on the show!

Angel@lorrencapital.com

lorrencapital.com

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