Mobile home parks are becoming an increasingly attractive investment opportunity, particularly because of their resilience during downturns. Today’s guest, Walker Meadows, has expertise in financial modeling and underwriting for this asset class, and he is here to share his insights with us. We begin the show by getting to know Walker and how he made his transition to real estate investing.
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He initially reached out to Brandon Turner, co-host of the BiggerPockets podcast and Founder of Open Door Capital, and worked for Brandon for free for a year. While this may sound unimaginable to many of us, Walker saw the value of gaining experience from such a seasoned operator, and his decision to persist ultimately paid off with a full-time offer to work at Open Door. We then move onto learning more about Open Door’s stringent deal selection process and what it takes for them to truly be interested in a deal. Walker also shares their pre-underwriting work along with some insights into the underwriting process itself. Near the end of the show, we learn more about what debt structures for this asset class look like. We round off the discussion with a look at how Open Door prepared for the current downturn and the incredible way Walker likes to give back. Don’t miss out!
Key Points From This Episode:
- Walker’s background and how he made the transition from the corporate world to real estate.
- Different resources Walker used to teach himself real estate-specific in-depth financial modeling.
- Learn more about Walker’s stress test to see if people are willing to put in the hard work.
- Why it’s important to work for a syndicator with more experience, even if it’s for free.
- Find out more about Open Door’s three-layer sniff test when looking at a potential deal.
- How Open Door assesses an area’s job market prospects.
- An inside look at the process leading up to the underwriting and the underwriting itself.
- Some of the ways mobile home parks are underwritten differently to typical multifamily deals.
- What lending terms for mobile home parks typically look like.
- Why getting used to the tempo of syndication has been the hardest part for Walker.
- How Open Door prepared for the downturn, a recent business improvement, and how Walker gives back.
[bctt tweet=”If you look at the lifetime value or the education that you get with working from a syndicator for a year, it is 200, 300 times more valuable than any kind of compensation you could receive throughout the year. — Walker Meadows” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Walker Meadows
Walker Meadows lives in Atlanta, Georgia where’s he’s most recently worked in Pricing Strategy for a Fortune 500 electric utility. In the past, he’s flipped multiple single-family houses, founded and managed a successful education company, and held a variety of engineering, finance, and account management roles within the pharmaceutical and utility industries. He holds a degree in Mechanical Engineering from the University of Georgia, an MBA from Georgia College & State University, and is currently pursuing a Master of Data Analytics degree from the Georgia Institute of Technology. Walker is co-founder of the Invest Now Atlanta real estate meet-up and teaches weekly personal finance classes at Atlanta City of Refuge.
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