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What you’ll learn in just 17 minutes from today’s episode:
  • Learn how to operate a vacation rental property to maximize revenue
  • Discover about an investment strategy that doesn’t require much of a capital investment, with profitable cash flow returns
  • Learn the pros and cons of buying a mobile home instead of a regular home

Resources/Links:

Summary: 

Erica Muller is a vacation rental investment specialist. She has been in the real estate industry for the last 18 years and is also a mobile home park investor and portfolio owner.

In this episode, Erica shares how she got into a vacation rental when all of her other real estate investments collapsed. Left with no choice, she dabbled into it, and up to this day it continues to give her a steady amount of cash flow returns. As she evolved, she started investing in mobile home parks which has given her a good ROI.

Topics Covered:

00:58 – What is she working on right now

01:50 – What are the three main strategies she’s doing

02:29 – How did she get into vacation rentals, and how does she find clients for this type of strategy

03:38 – What you should need to understand when getting into vacation rentals

04:54 – Who gets to be the most successful in vacation rental strategy

06:04 – Average number of properties one can handle given only a 15-hour workweek

06:51 – The cash flow that’s coming in from these types of properties

07:59 – Evolving from vacation rentals to mobile home parks

09:10 – Where are there mobile home parks located

10:30 – What are the biggest advantage of a mobile home park versus any other investment class

11:48 – Difference between land lease parks versus park-owned homes

12:46 – Property management in mobile home parks

13:24 – How to maintain your mobile parks to keep the rental up

15:20 – How many units do her mobile home parks usually have

16:36 – Advantage of owning mobile home parks than a 20-unit apartment building

Key Takeaways:

“A lot of the mistakes they make are that they’re coming in with the wrong mindset. They think they’re buying a house; they think they’re buying a property. But they’re actually buying a business.” – Erica Muller

“There’s a whole business model behind it, and somebody who has a full-time job and doesn’t want to rely full time on management, they’re not going to cashflow very much, because management will eat up a lot of your expenses. So, there are certain strategies that they would have to follow actually to produce high income from these types of investments.” – Erica Muller

“The biggest mistake is just having the wrong mindset and not understanding that this is a business investment, not a property investment.” – Erica Muller

“The most successful people are the ones that either they have a spouse or partner or someone that they’re working with, that has the time to dedicate to running an operating model, in terms of responding to those that inquire on Airbnb in providing that unique guest experience.” – Erica Muller

“That investor is somebody that has an extra 15 hours, 10 to 15 hours in their week, to be involved on that level, they’re very successful that way. And also, because a lot of that revenue that comes in is going directly to you since you’re procuring those guests versus going to the property manager, that’s going to take a big commission slice off of that, your ROI goes up.” – Erica Muller

“The number of properties they can realistically manage depends on how they build their management system, and how much of it they outsource.”  – Erica Muller

“Analyzing the numbers and looking at the capital investment to get started to be where we wanted to be with cash flow returns on self-storage, it was a lot higher of a capital investment than it was to get into mobile homes for that same return we were looking for.”  – Erica Muller

“I think the entry point to get into it for one, you don’t need as much capital to get started with mobile home parks, you can get well-performing parks.” – Erica Muller

“I don’t ever want to deal with properties I don’t own or tenants I can’t qualify to come into the park because if you’re trying to run a high-end park, you need to make sure that the tenants are background checked, screened, you don’t want pedophiles moving in, you don’t want criminals moving in.”  – Erica Muller

Connect with Erica Muller:

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