Sign Hawaii Banking Lease Template Mobile

Industry sign banking hawaii lease template mobile

it's it's like the good old boys so like there's about 44 000 in proximal parks in the us um it's a lot of industry relationships just like you alluded to like i speak i was supposed to be one of the main speakers at the national congress mhi congress and expo this year obviously cover got postponed but dr ben carson was one of the speakers and also the ceo of uh clayton homes which is the biggest home manufacturer they produced about fifty thousand of the hundred thousand mobile homes per year so i was one of the twelve main speakers hopefully 2021 in april may they'll have it in person but being speaking in front of those stages going to the trade shows when they're actually in person welcome to the bulletproof cash flow podcast let's get into the show hey everyone this is agastino there's a lot of interest in real estate these days and people are looking to invest in many alternative asset classes aside from the popular multi-family space and mobile home parks have been known to be very very profitable well today's guest knows all about the key aspects of this asset class and understands the advantages of investing in mobile homes and mobile home parks now having an extensive real estate background that started early on he grew up in a real estate family where his father was a gc for over 80 custom homes including being selected as a preferred home builder by inland real estate now today he is a fund manager at midwest park capital a private real estate investment firm that provides equity investors and accredited investors rather with access to high yield investments in the mobile home park vertical additionally he is the founding director of revenue ascend a digital marketing agency now with all that like to welcome jonathan tuttle hey jonathan thanks for coming on bud thanks for having me on i'm excited to be here thank you yeah yeah thanks i think it's gonna be super now if you like what jonathan has to say you can reach him via his contact page at midwestparkcapital.com if you like our content please don't forget to leave a comment and rate the show it helps us out tremendously when you do finally if you text the word freedom to 202-410-4202 you get our free e-book the bulletproof guide to finding a broker okay jonathan go ahead and tell this a little bit more about how you got your start sure sure yep thanks for having me again um like you alluded to in the intro i started up growing up in a real estate family my dad was a contractor he also at the same time during the 80s he had three real estate office like brokerage office so basically when i was a very very little kid i'd be playing with the staplers going on the job sites literally seeing all aspects from the ground up from the brokerage side to the development side he also invested in different commercial real estate asset classes so i kind of had that boots on the ground from a very early age and also saw the work ethic of you know it's the weekend just doing your due diligence it's literally learning every aspect of real estate to really provide value uh and then eventually later on he got into mobile home parks around 2005-6 when it was still kind of like kind of taboo wasn't really commonplace there was a little knowledge about it but it wasn't like mainstream like it is like you know 2020 going on 21 now so we got our first park then and then i knew right away within the first year he's like i wish i would have gone to space 15 20 years ago when everything was like you know penny isn't a dollar compared to what it is or we could actually develop parks then so that's kind of how i got involved in the park space and then i did park brokerage from 2010 to 2016 and then now i focus on the mobile home park fund so you know buying deals finding deals uh doing all the uh you know boots in the ground for our investors and we do in the mobile home park space so excellent excellent so the thing about the mobile home parks as far as i understand that anyway is that they're they're not making any new ones so it sounds or at least they're they're tougher to come by so so is that is that actually a true statement and if it is how how do you how do you find new inventory yep exactly it's very similar to multi-family like the whole premise and the concept of it it's just the the zoning stipulation right it's almost impossible based on there's a couple different data sources out there but they're saying about 10 new parks have been developed in the last 20 years even though there's such a need for affordable housing in the u.s the government doesn't really allow new products it's the stigma it's also the taxation uh just approval process there's probably a few more but they're usually rv slash self storage there's usually some other kind of component to it that allows it to be transition over typically but a brand new park is almost impossible and also it's a different play than multi-family if you were just from right now if you had to buy the lots right buy the land develop the lots and then bring in all these new mobile homes an average new mobile home now is 50 80 to 100 000 so it's not as comparatively when you're buying a cash flowing like if you're doing multi-family the same premise if you're buying a cash flowing asset it's much better if you want an immediate return to buy a part that already has you know cash flow tenants it's already you know a business and operating instead of developing one from the ground up and waiting four years before it becomes profitable so it doesn't even really make sense for most people to even develop them anyway majority of the parks were developed between the golden arrows were the 50s and 60s and then the hud era which is really good too it was probably the best is 70s and 80s and around 1990 is when they started really slowing down with developments okay so so how do you find deals today i mean again talking to friends in this business is kind of like they they know who all the owners are and they kind of just keep in touch with them and hopefully they get tired of owning one of these mobile home parks and just eventually sell it off i guess this is how i understand that is there is there some other way for you to get your hands on on these sorts of assets because again i guess you're not really building any new ones i mean or maybe there are but like you said they're they're tougher to get your hands on because of all the zoning issues among other things like how do you find the new assets then no they're 100 you're 100 correct it's uh because it just gives you a comparative analysis self storage is kind of complementary similar niche to ours uh we've been consolidated we're 20 years older than that industry but we've been consolidated like 75 80 percent less than them uh and both of our niches have been really popular last few years last decade especially um it's it's like the good old boys so like there's about forty four thousand practical parks in the us um it's a lot of industry relationships just like you alluded to like i speak i was supposed to be one of the main speakers at the national congress mhi congress and expo this year obviously kova got postponed but dr ben carson was one of the speakers and also the ceo of clayton homes which is the biggest home manufacturer they produced about fifty thousand of the hundred thousand mobile homes per year i was one of the 12 main speakers hopefully 2021 and april may they'll have it in person but being speaking in front of those stages going to the trade shows when they're actually in person because a lot of these you know the loudest like you lose to a lot of these baby boomers that develop in the 56 70s they're not as tech friendly so it's it's even though they're doing conferences it's online so it's a lot of these relationships haven't been established before this the whole covet situation and it's really just just like anything it's established initial relationships uh doing the trade shows boots on the ground you know going driving through the parks driving through tours of you know all the parks in the state making friends with the owners following up with them email phone every you know three to six months also maybe take them out to dinner uh and then also the the park brokers and and the park brokers in our niche there's a handful of guys uh and it's they know who the people they want to sell to it's like they'll put it out to like three to five hundred investors and those are the people that have act just you know the deals by the time it hits like the mobile home park store or anything online it's already been picked through and it's like either it doesn't make sense for skill of economics or there's some dirt or something hairy about the deal that they'll pass up so it's a lot of basically establishing relationships building the the groundwork and like the longer you've been in the industry the more people know like and trust you those are the ones that get the deals so it sounds to me like it's i mean it's like it's similar to every other business every every other vertical in the real estate game right i mean it's once once once you get started let's say in multi-family for instance in my case you know that's where i got well first of all single-family then multi-family getting into development was that much easier for us because i already had a background in multi-family and getting into multi-families easier because it's a single-family space i mean there's people out there right now they're probably listening to this they're like man i just want to go straight into into doing mobile home parks because that's where they see that's where they hear about all these the the places to be so like how how does someone getting started then really get into it then as a matter of just trying to connect with brokers and it's the same sort of thing you do multi-family where you have your credibility book and you go and reach out to them try to do like you said talk to the owners that kind of thing or is there some other way to do it it'll be a great start i think uh the real opportunity right now is smaller deals so if you could do a smaller deal just to get like a little track record kind of like you mentioned the single to multifamily even if it's a smaller deal if it's within two hours obviously you don't want to buy a job but just to say it's a big difference when you go to a broker or an owner like i actually own a park currently then like i just heard about this yesterday and i want to buy because you're not gonna typically you have to learn the curve you'd have to show that you could close on a deal it shows your passion about the industry it's a lot harder getting that first hurdle so just get a smaller park so you get familiar with it uh and buy those ones on like the mobile home park store maybe they're not the best deal but just for the just for the track record and experience it's a great you know great start to your your mobile home park investing or invest in like a fund where there's a couple good funds where one of them uh it's a good way to learn the industry passively get the you know the cash flow but understand what's going on and see how the whole you know exp like how the whole industry operates it's a good way is you know like through our fun midwest park capital or one of the other funds or just acquire first park and just do us reach out to the owners the park brokers will sell the smaller deals if you own other uh commercial real estate that's also another good if you're a multi-family owner or you have a duplex you'll be looked more favorable than someone that's never invested the main thing is get somebody get some guidance so you don't back out of the deal if you back out of a deal the broker is never going to send you and your reputation is tarnished because if you back a deal they waste their owner's time and then they're not getting any referrals either so you got to think from all angles when you're you're investing in mobile home parks yeah this well the same rules apply the same rules apply whether once if you're going to throw down on a deal throw down the deal and don't back out of that deal you you better be sure you want to do that deal unless of course there's a reason to get out of it like they they they they change the terms of the deal you discover that there's there's more things wrong with the place than because they hit it or whatever the case may be of course there's reasons to get out of a deal but uh i'm happy to say that every single time i've thrown down on a deal i'm ready to do a deal you know so uh now jonathan you i think you did you mentioned a website what was it mobile home store or something like that right store it's like a good website to see smaller listings for uh how to acquire parks basically they'll have every state if there's a listing well besides besides uh hawaii because there's none in hawaii but uh it'll have every state listing that's and sometimes you'll find like real like non-park brokers like say a local realtor and small town they'll throw their listings on there because they know there's eyeballs on there so you actually could find a a random small town you know single family realtor that was friends with the owner of the park and they're like they throw it on there because they don't know how to really market it so it's a good you could find some smaller deals on there they're actually just be prepared it'll be a bidding war because if it's you know it's decent value and they don't know how to underwrite it correctly you could actually find some good properties on there on the you know the 30 to 75 units right right so let's talk a little bit about the operation side of things like one thing that i understand about the these mobile home parks is that unlike a multi-family where you're renting out a unit they you get a tenant in there they maybe they take care of the place maybe they don't they ended up just they end up smacking the place up trashing it they leave great now you have to spend a bunch of money to turn a unit but in in the case of a mobile home park which i think is the appealing point is that that that that trailer i guess i don't for lack of a better term i don't know i don't know what your what your technical term is that that usually belongs to the owner of that of that space but what they end up because they're they're only renting the land from you and if they end up leaving they usually leave that thing behind right and they so then you just end up just taking it over and then now you own the trailer now you just put a new person in a trailer is that roughly what it is or maybe can maybe just help fill in the gaps or just explain the whole thing yeah sure there's a couple of dynamics that but yeah the one advantage is the average mobile home park tenancy is about 14 years so compared to any other commercial real estate asset once you get a good tenant in there you pretty much know they're not going anywhere because our give you a comparative analysis we're usually one half the price of a local garden style apartment like a classy apartment which would be like they're probably the same tenant would go to either the garden style apartment plus the advantages we do like a lot of our industry is either 10 an hour minimum wage 10 to 15 an hour and or uh baby boomers retiring and obviously there's 10 000 baby boomers retiring every day and also the middle class like the middle or lower income is going down down that's always going to continue um so we have a like 60 million people in the affordable housing in the u.s there's only 20 million uh or 60 million americans in a foreign housing is 12 million sorry approximately mobile homes you have this huge urgent need and very little supply so that also factors into it uh you typically want to own it's kind of called like a land lease where you want to especially for fannie freddie financing which is now really big our space ten years ago they didn't really the government wasn't really lending on mobile home parks the last five years fannie and freddie have been huge proponents of affordable housing specifically manufactured housing they have to allocate about 37 percent to affordable housing and the biggest recipient of that is mobile home parks manufacture land lease whatever you want to call it and they one of the stipulations they require is what you alluded to is they have to have less than approximately or 20-25 uh tenant a park owned home so like you want to be a definitely ideally sorry uh where you own the land and then they owned you know the trailer and what you do when you take over you know acquisition of park is you want to get those off your hands basically that's the first one of the ways to get proof of operational efficiencies uh you know improve cash flow and making sure it's more stabilized asset is by getting those market those units to get the people to stay you know pay off so they own the unit ideally you don't want to be doing you know you don't want to have extra headaches basically and you know you want them off your hands you want the tenant to take care of their own asset so uh that's nothing yet so 14 years uh the fannie freddie a lot they want that too right now actually just give you like a little context this is where we're actually lower rates than uh for institutional we're high twos low threes uh ten year non recourse on mobile home products is actually wow tad bit lower than multi-family that's how much they trust in it they didn't even 10 years ago they weren't even wiping their hands with it now they're like what do you have no no that's i'm just gonna say that because i literally just had a call right now we're working on a big big big deal it's well over 30 million and the rates are gonna be in in the threes like let's say you know low to mid threes and i thought that was good now you're telling me in the twos but i think it goes back to your point is that they know that those tenants are going to be there long term right they're not they're not bouncing around like they do in a typical multi-family deal where they're going in that not all the time but on a b or an a class asset you know you're going to get those more favorable returns but in a class c which is what most people most people are into because there's a lot of inventory yeah they usually stick around for a year or two they they might put holes in the walls and trash the place out and you know whatever the case may be so yeah it's a little more expensive you know but but still that's that's crazy man that's uh what a great rate it's a super rate yeah yep yeah yeah 100 right and that's it's one of the things have been driving our cap rates compression those last year we've never seen uh such compression in our industry because we were notoriously known for really high cap rates and we used to be like ten years ago ten cap was like eight for institutional seven eight for institutional quality ten cap you know second nitionary you know hour outside the city uh now we're seeing six is commonplace six and a half maybe seven uh it depends obviously the quality asset and then like institutional stuff if you're in california you're in the force you're not much different than a multi-family um but the value-add is obviously that's more for like wall street wall street's really gotten our space blackstone apollo management all these big the biggest private equity have been the last couple years of buying billions and billions of dollars in mobile home parks including you know uh blackstone some during the last recession last house and crash they were america's biggest investor in single family this time they're putting huge proponent onto uh mobile home parks they just bought 550 i'm pretty sure it closed but 550 million and florida alone last month about two months ago now uh so it shows you that the wall street sees the demand they see the and just to give you a little more context this year institutional data green street just came out with a report green sheet it's uh it's they do data for all different commercial real estate asset classes it's um they just said a year this year mobile home parks in in industrial the only two that i actually appreciate in value and i think mobile home parks appreciate eight percent right now we're also seeing 94 collection rate and across institutional ownership data and i was at a conference a couple about two months ago the southeastern conference owners and they had a head of wall street uh commercial lending on there and they do all different asset classes like nobody's even close to mobile parks we're seeing 96 percent collection rate and it really comes down to supply and demand them owning the units it's a third the price of a house in the same town you make 10 bucks an hour you have that big cushion so you don't have to worry about it and then also people got the 1200 page you know from stimulus and then you also have half the population of most parks as senior citizens or you get their social security and their their retirement so they have that cushion so you don't have to really worry about if they can't afford it there they're going to be homeless so that's what really keeps the demand and it keeps the occupancy really high in these parks because you really supply that affordable housing it's the last non you know non-subsidized affordable housing in america wow that's crazy and then when it comes to utilities and all that stuff of course they're paying all that uh you you bring the utilities right to the uh right to the lot right where that where that that trailer is and they're responsible for all utilities and i can't imagine that those those trailers use a lot of utility so just just do we just said a second ago it's affordable it really truly is affordable living right no you're 100 right give you a little idea about that too so just in illinois we're really notorious for really high real estate attacks like astronomical everyone that's why we were talking about before everyone's moving out of the state they're moving to florida uh but comparative analysis like if we if you had a single a you're a small town second nutrition market a single family house 150 200 000 typical price um you're probably paying three or four thousand real estate taxes but you live in a mobile home across the street it's ten bucks a month maybe eight bucks a month in real estate taxes so that's kind of like their equity because they stay 14 years they have you know they're saving three grand a year basically in real estate taxes over 15 years it's 45 000 it's a third of the price of the house that's kind of like their equity but they get the same schools same fire same you know library all the same advantages of being the taxpayer but they pay a fraction of it and then another advantage too is if you acquire those mom and pop owners remember these are second third generation owners sometimes if you're thinking some of these people develop these like 30 40 years ago the kids usually don't want to own them they just want to cash out and live in miami and you know because they're getting multi-million dollar payday and then the park owner the original park owner they've had it for 34 years they're in a small town that assets worth three five seven ten million dollars plus the cash flow a lot of times they haven't maximized the value so the rents you could take over when you acquire a park you could raise the rents to if you didn't there was a study from a duke professor of uh financing mobile home parks in the 50s and 60s were at 50 lot rent right now they're like if you factor out california and some of those like institutional quality assets like 350 400 but it should be five to six hundred in accordance to match inflation so they're actually lower than what they've been or what they should be so you could obviously acquire that asset raise the rents ethically bring in some capex but also managing the property better some of these on pups sometimes they don't do a buildback of the water source you won't check with your local laws but if you have them or this they traditionally lower their expenses 30 when they have to manage on water but it is very very cheap because it's a small trailer but if you get that's another when you're acquiring a park have go back if you can by law go back to water sewer although you know utilities that's off your books they manage it better super cheap anyway but that increase your cash flow management is better and then also when you acquire the park you could buy these parks you look for these smaller town guys that they don't really care to maximize because they you know there was some you know millionaire many times over so they're not really caring they just want the legacy uh and just the good wealth of the people but you come in and you can improve upon those yeah well and i think you just hit the nail on the head though too the tax revenue is what it comes down to right i would imagine and nobody wants or out of the cities don't want anyone to build these things because it's it's more advantageous for them to build a high rise or to build a uh a housing project as opposed to putting in one of these mobile home parks because they'll get more taxes basically from from those individuals living in a in a sort of housing community right exactly yeah so that's the one of the biggest even though we have such a like need for affordable housing the cities don't want the lower tax base so and then the the stigma and so like the olders like the 50s 60s or 70s 80s in the hot era the the parks were actually a better location because that was kind of grandfathered in dinner time and then that's why even now it's almost impossible because of the taxation and they don't want to give them prime locations but you'll see that about there's data that says about one percent i think that's a little high but though a lot of these parks are getting torn down if they're especially if you're in like florida you'll see one and like they're on prime they have waterfront locations it's way better more advantageous to assist a living community that charges six thousand per you know per tenant than a five six hundred dollar lot mobile home that has his own private yard so you know just the zoning and the taxation basis cities want that the bigger tax basis even though we provide that last affordable housing so it's kind of that tug of war which really works to investors and then also ethically it helps these people like we're providing this affordable housing we're paying the as a property owner owning the land we have to pay the bulk of the taxes and providing that cheap form they're getting one half of comparatively to a classy apartment one one third of a single family house plus a taxation basis so we do provide a really good service to people who need it and that's the cool thing about it it's just providing that affordable housing but the same time it provides this really safe uh and strong investment for investors and us so if if you wanted to go out and go and try to get one of these things built anyway i mean is it worth fighting city hall or are there some places this probably makes more sense to do than others or like how would how would someone get one of these things built out like how would it like obviously it starts with starts with zoning it sounds like right but how and where would you say it's probably the best place to to do this i think what i've heard a couple people have been trying to do is uh more of a senior focus like kind of like an assistant living concept but not the assisted living but affordable version of that uh where you could be like in like a high prime location like washington oregon california florida something is where people are actually going to gravitating towards have like uh where the houses are going to probably be 80 100 000 but you're going for that assisted living assisted living and have a fully amenity mobile home park this is the living your typical assist living is four six seven eight thousand dollars a month uh and so that's a if you could just provide the same level for under a thousand have amenities have community events that's where it makes sense if you're just doing for the affordable housing option it really wouldn't make sense but if you could do like a if you were positioning uh a luxury affordable senior housing that would be your dynamic and like a go-to spot where people want to go to and retire i think that's the angle i've been hearing a couple doing that because okay i'm buying a hundred thousand on a mobile home and i'm paying 5 600 a lot rent it's way better than and then they have amenities it's all brand new and it's a great location safe i don't have to walk upstairs i have everything i need and that's a better dynamic than in those areas where average house like in california you're not getting anything from under like 750 or a million dollars and or this is a living 7 000 a month you're really again providing the affordable but luxury uh angle and i think that's the component that really makes sense if you get the zoning approval and the zoning approval is the biggest a lot of process it's going to cost you money i mean if you had that strategy i think that would be a way i'd position it to the cities like horrible these are all brand new communities you could come through take them show them some photos some videos of these new homes because their new homes are beautiful they're actually if you ever get a chance go through like the nemo homes they're not like they're pretty amazing like i i live in the river north here in chicago and like an average one bedrooms three to four thousand and it's the same i've had friends we've walked through and they're like wow this is just like going in a luxury apartment a class apartment so it's you'll have that luxury component but and still affordable compared to the other app you know the other options out there right but i think and the same thing applies though whenever you're going through that whole process of zoning and then land acquisition and all that fun stuff i mean i'm doing a redevelopment project right now and it takes years to get to actually just acquire the asset in terms of the land sometimes it alone the zoning and everything else that comes along with it so it sounds to me like you have to be really prepared for the long haul for something like this right yeah exactly and that's why we like to uh with our fun and most investors we're just going towards we're buying a cash flow business from day one the banks it's a lot easier to get the you know fannie freddie it's a lot easier to get financing um it's just it's just a lot easier to play and then another advantage too um is with the mobile home parks the land the land improvements this is a weird and most people don't understand this dynamic but the the tax depreciation schedule because especially in the midwest and these other communities if it's on the concrete where you place the homes you can write off 65 to 75 percent of the entire park because it's all land improvements when you acquire it and so you have a 15-year depreciation schedule multi-family is 27.5 and then traditional commercial states 39 so we have the lowest 65 to 75 percent of the acquired park is on the 15-yard depreciation plus if any of the tenant owned homes or the parkland homes we'd appreciate those at 27.5 so we have the most advantageous tax depreciation schedules huge demand and then the real opportunity is if you get a fanny freddie like qualified park you have as long as you're acquiring a park in over six and you're getting a three percent rate you're getting a high mid to high teen cash and cash returns you're getting a great cash flow right right from the get-go if it's a small mom and pop owner that has a razor rent you know over 60-90 days putting some cat-backs put in some flowers putting in some work you know dog dog park put in some grills you know some community amendments amenities and all of a sudden you raise that rent with no ceo you're putting all this in here improve the roads you know trim the bushes and trees they're not going to go anywhere because they're like oh they're putting all this new stuff it's revitalizing community and i'll send your equity multiples going up drastically while the you know tenants paid on the mortgage yeah no no and i'm a huge huge proponent of partnerships even if you're investing as a limited partner in an existing deal it gets your foot in the door it gets you starte right and i often tell i tell my students i tell other people hey you know what if you really want to get into multi-family you have zero experience invest in one of our deals just go ahead and do that you know if they're accredited of course and that way they can they can learn from us how to get into a deal and they also get to leverage that that knowledge that experience to get into deals of their own one day but it's kind of like you got to take that step forward right you got to you got to actually move towards it i think right yeah exactly that's the only way we all have to start somewhere we have to enter like when i first started up obviously with my dad but then going to the trade shows for years and years and then actually networking in the people industry having those resources having coaches mentors paying a lot of money to get that expertise and that skill set in a knowledge transfer you just can't go from a to z like from an overnight so like with anything you could try and yeah you do learn on boots on the ground but you're going to have some curveballs that you know make the deal go south so leveraging other people's expertise and skill set and relationships is the way that's going to give you the you know the background the knowledge skills that needed to you know succeed in these industries and like you said the quickest way to do it is do it passively through one of our funds and then also hiring people as mentors and to really get that because the more successful person is their time is valuable and time you can't you can't replicate time ever again so they make they can have all the money in the world but time is something they don't want to give up easily so pay for that knowledge transfer skill set invest in the fun learn the business is the quickest way to succeed you can read all the books you want you can watch all the all the videos on youtube but it's way different when your skin's in the game you're actually boots on the ground and you're actually you know doing the business angle component so pay for that speed execution and the time and everything else will follow and you'll be a way better position oh 100 i mean you know what yes for anybody listening who wants to get into into that whole space yeah i give jonathan a call i mean i think that by it sounds to me like it's a much trickier uh trickier setup you know to get into into the mobile home space than uh than it would be to even get into multi-family or hell even single-family for that matter but uh there's there's there are ways to do it and there's certain markets you can attack and should attack and other ones you should stay away from it's the same thing as any other asset class but uh you know no sense in trying to go through the ins and outs yourself when there's people already out there doing it right and uh why not piggyback on that experience and that success right that's that's how i see it anyway so jonathan if someone's listening right now and they you know they're kind of on the fence that they don't know really what to do what sort of bulletproof advice would you give that person well i probably should use this for what i just mentioned or alluded to but yeah paying for speed execution mentors education uh i make a daily focus of continuously learning like they say the average ceo is 52 bucks a year so i get up at you know 6 37 every morning sometimes like six but i've been trying to improve my sleep patterns with my fitbit so i'm getting more more uh more effective days but going i always get two hours in the morning i do a podcast and like i do my cardio on the machine and my weights i do a podcast instead of music or a book and at the end of the year if you're doing you know the gym six days a week an average book is you know seven eight hours on apple or in like you know any of these apps basically so you could get a book you can read up 52 books a year and then before i go to sleep i always do a podcast for the last hour and i fall asleep to that so you catch up you're not going to obviously retain all of it if you're kind of passing out but you're getting so much more continuous knowledge that's going to make you smarter and more adverse and when you're talking you start dealing with more seasoned investors that's a way to cut the learning curve people are going to listen to you more like that's the thing i've learned in the last few years now i'll have conversations with very high network people people with 100 million plus net worth a couple hundred million and they'll actually talk to me for 45 50 minutes if not longer because i bring value and the value i've had to bring something they had to learn about and i'm bringing speed execution to them so not just reaching out to them but actually having the knowledge and something that they can learn from they love that and so that's what one is any investor or any person in entrepreneurship or business continuing to bring value and continue to learn you're going to build stronger relationships you're going to be in better business and how to do that continuing to listen to podcasts and books and mentors and that's really good excellent excellent and you know what though when you when you put more information in your head you're able to deliver more value to people including those people that want to invest with you including those people that maybe maybe you want to aspire to be like them one day like you're like your friends there that with a couple hundred million dollars of net worth those are the sorts of people you want to be hanging out with right and and you're delivering value to them because they're actually listening to you and that's that's you know that's gives you a big leg up over your competition for sure for sure yeah all right guys well if you want to reach out to jonathan you can reach him via his website at midwestparkcapital.com i hope you got some insight on the mobile home space and how to jump into it thanks for tuning in and i'll see you next episode take care hey agastino here and i would love to connect directly with you text the word books to 202-410-4202 to receive weekly book recommendations from me