Across the country, mobile home parks are an attractive investment, which is why it’s important to be able to create value from a distance, by increasing occupancy and bringing in new mobile homes in parks nationwide. Today’s guest is Tristan Thomas, a mobile home park investor who parlayed a few thousand dollars into a life of financial freedom.
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He now works with Open Door Capital LLC as a nationwide infill manager. Since 2018, he has personally acquired over 55 units, including a mobile home park of his own, and has been working alongside Brandon Turner and his Open Door Capital Fund. In this episode, Tristan shares what exactly his role as an infill manager entails explains the process of filling a vacant pad, and some of the pitfalls remote infill managers like him encounter. He also talks about the importance of investing out-of-state for scaling, how he communicates, organizes, and documents his processes. We also discuss the specific criteria for a new mobile home, as well as knowing the numbers — the benefits of mobile homes versus single-family — and why the affordable housing market is attractive to investors. Tune in today!
Key Points From This Episode:
- Tristan shares how he got started in mobile home investing and what an infill manager is.
- The role of an infill manager: increasing the occupancy by bringing in a mobile home.
- What the process of filling a vacant pad looks like – from boots on the ground to rehabbing.
- Some of the difficulties remote infill managers have, such as locating good quality local help.
- Managing properties from a distance and why investing out-of-state is crucial for scaling.
- Tools Tristan uses for communicating and organizing, such as his cellphone and Asana.
- How Tristan documents these processes for both the management team and their team.
- Steps for a new mobile home: check with your city, municipality, or state mobile home office before building your criteria.
- Knowing the numbers such as how much you can sell lots for and what these homes cost.
- Mobile homes versus single-family – Tristan explains why mobile homes often sell faster.
- The hardest part of syndication for an infill manager is being on the same page as the team.
- Tristan gained a high level of self-discipline by defining his why and what he wanted to improve.
- Daily habits that have helped Tristan achieve success, including having the desire to do good.
- Why Tristan wouldn’t approach his first deal differently if he knew then what he knows now.
- How Tristan has improved his business recently through systematizing and delegation.
- Our guest describes how his team identifies goals and helps one another to achieve them.
- Tristan’s best source for meeting new investors right now is the star power of his teammates.
- The number one thing that has contributed to his success is his desire to do more.
- Tristan likes to give back by sharing his story, his knowledge, and his tools with others.
[bctt tweet=”Just filling one vacant pad in your park will increase the value of your property by 30, 50, 60 grand in some cases. When you’re looking at 10 or 15 or 20 grand infills, that one spot, all of a sudden, you have a lot-paying tenant who has just increased the value of your property by 40 or 50 grand, you can see how much value can be added by just filling ten spots. — Tristan Thomas” username=”whitney_sewell”]
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About Tristan Thomas
Tristan Thomas is a twenty-seven-year-old real estate investor that eats and sleeps mobile home park operations. He started out flipping/renting mobile homes and built up a good track record in the local community and met Ryan Murdock who then, with Brandon Turner, hired him to infill their first mobile home park in 2018. Since then, he has personally acquired over 55 units, including a mobile home park of his own, and has been working alongside Brandon Turner and his Open Door Capital fund as their nationwide infill manager. In the past 12 months, he has bought and moved more than 50 mobile homes nationwide. It’s been an immense learning experience and a deep dive into park operations.
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