The Benefits of Owning A Mobile Home Park with Emma Norman

Aug 29, 2022

This is part 1 of my conversation with Emma Norman. He 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 is a specialist in mobile home communities. She points out that compared to owning your home in a park, being a park owner offers many benefits. She talks about how her Emma’s grandparents were able to do well financially by self-managing their mobile home community. She explains that his model is more financially advantageous for both the park owner and the tenant. If you’re interested in investing in mobile home communities or you’re looking for advice on how to navigate this complex property type, this episode is a must-listen!

 

[00:01 - 05:49] The Benefits of Owning A Mobile Home Park

 

• Emma discusses the benefits of owning a mobile home community

• It is similar to owning a home in a park

 

[05:49 - 09:23] The Keys To Success With Tenant-Owned Home Park Model

• Emma talks about the importance of title when it comes to financing a mobile home community

 

• How long can it take to retrieve an abandoned property

 

• There is a push for the tenant-owned model over the park-owned model
• • It provides more chances for financing
• Tenant-owned model also has benefits such as easier access to credit and better maintenance

[09:24 - 14:51] Closing Segment

 

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

 

 

Tweetable Quotes:

“I thought mobile home parks were tough as far as getting loans. RV parks are harder, and what's the strangest thing to me is, lenders won't even concede that the person who's bringing you the deal, the sponsors on it, has more than enough experience.”  – Emma Norman

 

“The thing that the tenant own home park model provides is a lot more chances for financing.” – Emma Norman

 

Connect with Emma through her at Clubhouse and LinkedIn!

 

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