Find Success With Rentable Park Own Trailers with Emma Norman

Aug 31, 2022

This is part 2 of my conversation with Emma Norman. She is a commercial mortgage broker with Eastern Union. She is part of the MHP Division. She specializes in financing mobile home parks and RV parks nationwide. She became obsessed with the asset class while managing mobile home parks for 3-4 years. She managed parks in Ohio and Michigan. She has experience in real estate as a single-family investor in a prior life. She was also a successful realtor in Washington State in her prior life. Emma became a commercial mortgage broker with the sole intention of investing in MHPs. Her intention is to accumulate MHPs at a rate of 2-3 a year and provide free housing to battered women.

 

In this episode, Emma Norman talks about mobile home communities. She says that there are two types of real estate investors: seasoned veterans and those who are just starting out. She shares that RV parks are more than just RV pads and that there are many different amenities available, such as shower houses and convenience stores. She and her husband decided to go into the mobile home park lending business. They found that they lacked experience in this field, so they brought on one more person with experience to help them out. 

 

[00:01 - 04:18] How To Succeed In The RV Industry

 

• Emma discusses the two types of real estate investors

• Seasoned veterans

• New investors

• RV parks and mobile home communities are not just RV pads and concrete pads – they can also include primitive spots, boondocks, and stores

 

[04:19 - 10:09] Find Success With Rentable Park Own Trailers

• Emma found that she has little experience in the mobile home community lending industry, but is now working to build up her network and get more experience
• She recommends that new borrowers should be confident and not intimidated by their lack of experience, and instead focus on building relationships with lenders
• Lenders in the mobile home community lending industry are increasingly looking for borrowers to put 10% of the purchase price into reserves, as well as maintain good liquidity and network status 

[10:10 - 16:44] Closing Segment

 

• To learn more about Emma, listeners can visit her at Clubhouse!

 

 

Tweetable Quotes:

“Don't be intimidated. They're all facing the same thing.”  – Emma Norman

 

“You're going to need full time wages because that determines the quality of management you're going to get.” – Emma Norman

 

Connect with Emma through her at Clubhouse and LinkedIn!

 

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