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WS763: Creating Value From A Distance At Your Mobile Home Park with Tristan Thomas

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”]

Links Mentioned in Today’s Episode:

Tristan Thomas Email

Tristan Thomas on Instagram

Tristan Thomas on Bigger Pockets

Open Door Capital LLC

Asana

Rent Manager

Profit First

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.

Full Transcript

[INTRODUCTION]

[0:00:00.0] ANNOUNCER Welcome to the Real Estate Syndication Show. Whether you are a seasoned investor or building a new real estate business, this is the show for you. Whitney Sewell talks to top experts in the business. Our goal is to help you master real estate syndication.

And now your host, Whitney Sewell.

[INTERVIEW]

[0:00:24.4] WS: This is your daily Real Estate Syndication Show. I’m your host Whitney Sewell. Today, our guest is Tristan Thomas. Thanks for being on the show Tristan.

[0:00:32.7] TT: Whitney, thanks for having me. I’m really excited about it.

[0:00:34.9] WS: Tristan 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 its Open Door Capital fund as their nationwide infill manager.

He is also featured on Business Insider and Bigger Pockets podcast. Tristan, welcome to the show. Tell the listeners a little about your story, how you got into this business, but then also tell them what an infill manager is? I bet there’s a lot of listeners are like, what in the world is that? But tell us what that is as well.

[0:01:11.5] TT: Yeah, absolutely. I’ll just start with a little bit about myself. Young entrepreneur, started mobile home investing three or four years back here in Maine where I live, and pretty quickly got really deep into it and that Ryan Murdoch who was from Maine as well who, is you know.

[0:01:27.1] WS: He’s also been on the show.

[0:01:28.3] TT: Yeah, okay, awesome, yeah. Him and Brandon that they got into business together and they’re having a great thing going. Well, long story short, they brought me along to tag along. Their very first park they bought in Maine, they actually hired me to infill their park. What that means is they had, I think it was 8 or 12 vacant pads in their mobile home park, and they hired me to go out and find homes, move them in, you know, oversee the rehab, and sell them off.

That was kind of like the test run without no one even knew about and then they said, hey, we like this mobile home park thing,” and they launched Open Door Capital Fund et cetera, and said, “We’d like for you to be involved.” That’s kind of how it started and you know, I’ve been on with them for almost a year now and you know, we’re growing very quickly, and it’s exciting, and you know, there’s a lot of responsibility I have, and it’s just been a really cool ride.

For those who don’t know, what an infill manager is, basically like I said, it’s whenever we purchase these parks nationwide and there’s vacant pads in the parks and those are zero income producing pads, they don’t make any money for the park, and it’s my job to go out and locate a newer used home that fits our criteria, and we can get into that, and move it into our community, and oversee the rehab, and just kind of be the infill manager so I’m managing the infill of all of our parks nationwide. It’s been one crazy ride so far but I wouldn’t have it any other way, it’s you know, most people don’t go to college, they would be a mobile home infill manager. I think there’s courses out there like that, but definitely blazing the path.

[0:02:49.7] WS: Nice. Well, maybe there’s a calling there for you to create that course, you know? You should own that, I don’t know of anybody else that’s doing that. That’s interesting you know? Because there’s not a term or title that you hear very often or, you know, hardly ever. That’s great just for listeners and say okay, you know, if I’m doing mobile home parks, there’s a position here for me to feel. I need somebody that’s got the expertise that Tristan does.

So we don’t have those empty pads, right? Just costing us or that could be creating income for our property, increasing the value, all those things. Let’s just jump in to this role a little bit and what you do Tristan and helped the listener to think about how to do this as well. If they can hire somebody like yourself, you know, because that’s just going to specialize in that and then we’ll get to that criteria like you were talking about of that new mobile home.

Let’s just go through maybe a typical day or what you’re looking for? Or give us an example of a park maybe with some empty spots that you’re working on and what you’re doing, how we do this?

[0:03:47.4] TT: Yeah, absolutely. I have my own portfolio of, you know, a park, around 60 units, and I actually have two smaller parks under contract. Pretty much what I do for my own stuff is just a smaller scale of what I’m doing for ODC and for Brandon. Basically, what it looks like is, these vacant pads, like I was touching on earlier, they’re not making any income for the park owners, and it’s an infill play, it’s a huge value add play, you know, for all your value add listeners out there. It’s like buying apartment complex that’s 40% occupied, you know? And just going in there and blasting those units and increasing the occupancy.

But mobile home parks is no different, increasing the occupancy through bringing in a mobile home. When you really look at the numbers on how valuable it is, I mean, usually, take the lot rent, maybe around 300 bucks a month, times 12, divided by the cap rate, and you know, a lot of the times, just adding one, just filling one vacant pad in your park will increase the value of your asset or property by 30, 50, 60 grand even, in some cases.

When you’re looking at maybe 10 or 15 or 20 grand at infill, that one spot and, all of a sudden, you have a lot paying tenant who has, all of a sudden, just increased your value of your property by 40 or 50 grand, you can see how much value can be added over just filling 10 spots.

[0:04:59.0] WS: When you say one home say increased the value by 20 to 30 grand, is that what you’re saying?

[0:05:03.4] TT: No, increase the value of your property by 40, 50, or 60 grand but it might only take you 20 grand to fill that spot, you know? You’re already two or three X-ing the cash needed to fill that one spot just by filling it with a lot paying tenant.

[0:05:15.5] WS: Nice, okay. Let’s talk about that a little deeper and what that process looks like?

[0:05:20.8] TT: Yeah, absolutely. Basically, I mean, when we have a vacant pad in our park and you know, I’ve dubbed to fill that pad, we always check out the pad first, check out the utility connections, water, sewer, gas, electric. You know, depending on your state municipality, you’re going to have some kind of local ordinance requirements to you know, maybe a concrete pad, gravel pad, you know, there’s all kinds of different things. Definitely want to check into that but once you have you know, your pad prepped and ready, you’re ready to go ahead and move a home on. At this point, basically, everything I do with Brandon in Open Door Capital is all from my desktop computer here in Maine and, you know, I’ve been really fortunate to be able to have good boots on the ground in the communities that we own throughout the country, that I’m really able to leverage my time and leverage my boots actually having to be there.

Basically, that’s what we do, we find boots on the ground and, you know, they work really closely with me. It’s pretty much mobile home investing but just infilling for these parts. They’re learning a really valuable set of skills to go out and buy these homes, what to look for, and then you know, overseeing the process, and moving it in. There’s a lot of moving pieces between contractors rehabbing them, transportation companies moving and setting them, local ordinances, you know, certificate of occupancy, inspections, the whole nine yards.

But once you tie it together and you do 10, 20, 30 of these infill homes, I mean, the amount of value adds to your park is huge. That’s why a lot of people are getting into it.

[0:06:40.8] WS: Wow, okay, what are some, I guess pitfalls that you have, or that you see, or maybe some other infill managers or operators, as they’re doing this, or having this process, or even you find a property like this and have some land. Maybe there’s a dozen homes on it already, and you think okay, I could fit a dozen more here, maybe you can, maybe you can’t. What are some issues that you see through that process that other people have?

[0:07:04.4] TT: Yeah, absolutely. I think the biggest issue with anybody from trying to do this afar is the ability to locate good quality help, you know? When we’re looking for boots on the ground for me, to assist me, it’s imperative that you know, the responsive, that they’re motivated. I mean, it really helps us out a bunch when we got a guy like Brandon Turner and Open Door Capital name on our chest, and we approach them and say hey, what do you think about this idea?

A lot of the times, they’re very excited and motivated to help us out and, you know, make some money in the meantime. I think one of the biggest pitfalls for people is just inability to find local good quality local help, you know, that just goes hand in hand with my efforts. I mean, if I didn’t have anybody I could count on out there in Ohio for say, you know, sitting here in Maine, my hands are tied.

That’s probably the biggest pitfall, is just making sure that you have good quality assistance that they’re at least coachable, you know? Because I mean, this is a niche, it’s a niche asset, you know? Not a lot of people know what the underside of a mobile home look like, you know, they buy a mobile home park because they like the cashflow of it, and they like the idea bringing in homes, but they don’t really know that middle space.

Luckily for me, that’s how I got started in the industry, so it’s just something that I learned, and it was second nature to me, and not a lot of people want to do it, so it’s worked out pretty well.

[0:08:16.3] WS: Nice, I mean, finding good help is so difficult. We’ve been growing through a hiring process, I’ve learned a lot about hiring recently, but finding people on the ground that will be your hands and feet when you’re from a distance is difficult, you know? It’s very difficult.

Let’s talk about that a little bit about doing this from a distance. You know, it’s a lot different than what you can actually drive there and look at something, put your hands on it and see somebody in person, you know, yourself, but you’re doing this from a great distance and, you know, let’s talk through how you manage that a little bit?

[0:08:45.0] TT: Yeah, I know, absolutely. I think it’s important for, I’m sure people have heard this on shows before but it’s just, you know, at the end of the day, it’s a limiting belief that makes you think that you can’t invest in other areas of the country. That really hurts you as an investor, and it hurts your mentality, because there’s a lot of opportunity in other parts of the nation or even the world that’s not in your backyard that you feel most comfortable with because you can touch it.

I mean, I think it’s imperative that you know, in order to scale, you’ve got to be able to let go of some of these limiting beliefs and this is certainly one of them. It’s even got to the point where, my own portfolio, one of my biggest properties is 15 minutes from my house and, since I’ve been able to be successful and do this with Brandon from my desktop, you know, I’ve been challenging myself and say well wait, why do I need to go and travel 15 minutes to touch my park when you know, I have guys there that I trust?

It’s just been transition that, even though now I have stuff out of state and in state, I just transition it to where I’m just doing everything from my desktop and my phone. Yeah, pretty much to end that point, I mean, in order to scale, you’ve got to get comfortable being uncomfortable. That’s just one of the things is you got to let go of the fact that you can’t do it because you just got to find the right guys, the right people.

[0:09:56.1] WS: Yeah, I was going to say, the key is finding those right people that you trust. Otherwise, yeah, you’re going to have to go there or fly there, right? If it doesn’t get done properly or, yeah. What are some tools maybe that you have for communicating or organizing and even, how do you know these things have been done, what do you use?

[0:10:12.5] TT: Yeah, absolutely, I mean, luckily we live in the 21st century, there’s all kinds of technology at our fingertips, you just got to reach out and use it. The biggest thing that I utilize for my job is literally my cellphone and my cellphone video camera. Whenever I need to get eyes on a vacant pad to discuss with a contractor what needs to be done, or whenever I need to get eyes on a mobile home and go through and create a scope of work with the contractor, you know, I just whip out FaceTime or if they don’t have an iPhone, we whip out Facebook messenger and just have a video chat.

Literally, I mean, it’s very simple, we just start on one side of the room and we talk about what’s there, what needs to happen. I’m taking notes, I’m creating a scope of work and we just move through the entire home. It just makes it increasingly easy to be there, in Ohio, or Wisconsin, or wherever, you know? Yeah, I mean, you have to have a lot of trust with the guys, I mean, you got to have trust that they’re going to get the job done and the job right but you know, with this technology, we have it so easy to say, “Hey, just send me a picture as soon as you’re done leveling this pad,” and, you know, there it is, I’ve confirmed it, and it’s done. I’m still sitting at my desktop and the job’s done, you know?

Definitely use of technology, As far as like software, we use Asana for Open Door Capital which has been great, it’s just CRM tracking software basically for our team, but it’s been huge, I mean, being able to – we have so much going on, and we were growing so quickly, and it’s just been really easy for the team to get everything in one place, you know, talk to each other and all of that.

Technology man, I’m telling you, it’s a hack, and we’re using it really well.

[0:11:38.4] WS: What about, do you all have a method or process of documenting these processes or you know, some way that your team knows to document these things or do things?

[0:11:47.3] TT: Yeah, absolutely. We had two separate sides of things, obviously, we have the management front that manages the parks, and then we have like the team tracking stuff for all of our key points, all of our job tasks. Obviously our management company, I believe they use Rent Manager, which all has its own perks, and they shoot out maintenance requests and all that.

As far as us, yeah, I mean, that one place for us is Asana, that’s where we can put in all of our documents, all of our tasks. Follow up with each other, tag each other so yeah, it’s definitely one, it’s best to have one centrally located spot where you can communicate with your team..

[0:12:17.9] WS: How do you learn something like Asana? We use Asana not to its fullest extent by no means, but how do you all teach a noob team mate something like Asana?

[0:12:29.1] TT: Yeah, Asana, it’s super in-depth and honestly, I’ll be the first to admit, I’m not a super tech savvy guy, so when I first started with Open Door Capital, in fact, I was talking to Ryan Murdock and he started explaining Asana to me, and he knows that I’m not super tech savvy. It’s like man, it was a limiting belief that hey, I just didn’t want to do it, I couldn’t do it. Again, you got to get comfortable in not being comfortable if you want to grow with us, you know?

It’s one of those things where you just really got to jump in, you know? It was great because we had team members was able to call us and say, “How do you do this?” But it’s really no different than anything else, jump in, you got to learn it. It worked out pretty well.

[0:13:02.9] WS: Good. No, I like that, like you mentioned, his quote, if you’re not willing to be uncomfortable, you’re just not going to grow, it’s so true. You mentioned earlier about – I wanted you to be able to explain on it a little bit the criteria for a new mobile home.

If somebody has a park right now and they have a few pads that are empty, they’re looking at bringing, how do you know what kind of home you’re looking for to make it worthwhile to bring it in there?

[0:13:26.5] TT: Yeah, absolutely. Again, that’s going to be a two pronged answer. Number one and first and foremost, check with your city, municipalities, and local offices, and your state mobile home association to see what even type of home you can bring in. A lot of times there’s restrictions, pre-HUD, which is pre-1976, mobile homes our usually ousts by all of the cities. You know they don’t want them coming into their parks or their communities. Definitely step number one is check with the city ordinances to see what you’re allowed to bring in, and then step number two is build your criteria. What kind of homes do you want to see in your park? What kind of homes are going to increase the value and increase the aesthetics of your park.

A lot of times what that turns into is vinyl sided homes with pitched shingled roofs. Normally 1980s, 1990s are newer. It is about just building that criteria. Obviously if you have a park with all brand new homes, you’re not going to want to bring in, you know hauling some metal piece of junk and try to fix it up. You know, you are going to try to keep that quality of standard higher or vice-versa. If you are buying a park with a lot of old-style homes, you are going to want to increase the value and the look of that park by bringing in newer homes.

There is a lot of information out there but, yeah, it goes – owning a mobile home park community it’s probably just like any other thing of commercial asset real estate. It is having a vision on what you want that to look like when it’s done. It is a value add park, it looks how it look now, but when you’re done with it, you want it to obviously look hell of a lot better. So yeah, it is just about creating the criteria for what kind of home you want.

[0:14:46.1] WS: Yeah because then you are selling that home then to somebody who is going to rent the lot from you, is that correct?

[0:14:50.9] TT: Yep, absolutely and then that goes into it as well. I needing to know the numbers on the backside of this to make sure it lines up for what you can sell it for. I mean, that is going to be pretty much decided by the market, so you need to find that answer out first, and then number two, you need to find out how much you can buy homes, and move them in, and rehab them, and all of that.

I mean, as long as you are at least breaking even on that transaction, you’re still coming out way ahead because the value of that occupied lot to the park is, like I said, is huge you know? So that is what we try to do. I mean we are really not in the business to make money off these homes. We are in the business to create affordable housing. We go into these markets, we find out what the average consumer can afford, and then we go out and produce that.

Usually right at breakeven. In fact, many times even taking a loss, but the value that we have by adding that lot is huge, so it is well worth it for us.

[0:15:40.2] WS: Yes, I am glad you brought that point out. That’s incredible to be able to do that. Are mobile homes selling as fast as like a single family home right now? I mean how fast does a home like this sell?

[0:15:52.3] TT: Yeah, I would say as long as you are pricing it correctly, and you’ve done your due diligence, and you’re in a good market, I would venture to argue that mobile homes sell faster than single family houses right now. You know, at the end of the day, it’s why we are in the business. It’s affordable housing. You know people can get into these homes for sometimes 10, 15, 20, 25 grand when they are looking at single family houses of a 100 grand, you know?

I just think we’re seeing a transition a lot in this country of people downsizing. You know we see a lot of first time home buyers, and then a lot of retirees, you know, those are usually our two biggest buyer pools and you know it just makes sense. It is a financially sound decision to do and as long as you’re able to offer a good, clean, safe community, there is going to be no issue for a demand.

[0:16:30.9] WS: What’s the hardest part of this syndication business for an in-fill manager like yourself?

[0:16:34.9] TT: Yeah, no absolutely. So basically the hardest part for an in-fill manager like myself is just being involved with the team, making sure everyone is on the right path. I mean, Open Door Capital where this big syndication company and there is eight arms right now maybe even ten arms right now to this company, and we all have to make sure we’re holding hands all at once because the second one of us breakaway.

Like me, if I were ever to breakaway you know from being in-fill manager it’s hurting the team, it is hurting our fund, it is hurting our investor returns, and additionally, if Brandon were ever to breakaway and didn’t raise the money we needed to close these deals, you know, we would lose the deals and lose money and stuff like that. It is all about just being a team, being together, and make sure everyone is on the same page.

[0:17:11.4] WS: You know Tristan, anyone that’s as successful in business you know I feel has a high level of self-discipline. How did you gain a high level of self-discipline?

[0:17:20.2] TT: That’s a great question, Whitney. I am glad you touched on that I mean because it goes hand in hand with working from afar, working on my own, here in Maine. I mean, we got half the team in Hawaii and they are all working together, but we have a variety of team members just working on their own, and you have to have a high level of discipline. I would even argue a higher level of focus, you know? So it all just starts back with your why, you know?

When I first started, when I first got into real estate I just graduated college. Me and my girlfriend at the time are living with my father. You know, I was doing taxes with him, he is a CPA and I was absolutely just hating it. I actually even came to tears a couple of time at my desk like, “Look, this is terrible. This is not what life is supposed to be for me,” right? So, I mean, that’s really where it kick started my focus and my love for passive income and real estate.

I was fortunate enough. I mean I played a high level of division one basketball, and played basketball throughout my years growing up, and I think it really just started there, with desire of what you wanted to improve on. It could be anything basketball, real estate, reading, whatever, and then just each and every day waking up with a burning desire to kick that goal’s ass and that’s what basketball taught me. That is what real estate and mobile home investing taught me early on.

And I am continuing to lean those skills with Brandon in Open Door Capital. So hyper focus is what I would say.

[0:18:33.2] WS: What about a couple of daily habits that you are just disciplined about that have helped you achieve success?

[0:18:38.6] TT: Yeah, absolutely. A couple daily habits I have, I actually I have it right here, it is the to-do list. I mean it sounds simple, I am a pen and paper guy, but I have a column for everything I have going on, and a column for everything ODC has going on, and it is every day just looking at that to-do list and knocking things out. By the time the end of the week is through, it is four or five different colors and cross marks out everything, I mean that is definitely number one.

Number two, definitely, just getting up every morning with that burning desire to do something good. You know whether that be for my own portfolio or crushing hard for ODC. So, really just being organized on the backside. Once you really get into it there is so many fine parts, you know so many parts flying around that you got to keep track of. There is just some way of getting it all on one centralized spot and then, like I said, just having that desire to knock it out of the park.

[0:19:25.3] WS: Knowing what you know now being in the business awhile, doing this often now for Brandon and for yourself, being in-fill manager, what would you have done different on your first deal now that you know what you know?

[0:19:37.2] TT: Yeah, I love that question and I get it pretty often and I would say this, I honestly don’t think I’d do anything different on my first deal or how I got started and I’ll explain why. So, when I got started I only had enough money to do like one mobile home. I think I did it with my dad, I think we had like seven grand into it all in. You know I wasn’t sitting on a bunch of money. I don’t come from a bunch of money. I started very small, and I started in the mobile home space, not the mobile home park space.

I got a lot of education. It was hard education, it was hard work. You know I did all the work myself, and I learned everything off YouTube, and stuff like that, and then trial and error. I got into this space from the mobile home aspect, where I would say most people get into the mobile home park space first and they don’t really necessarily understand the mobile home aspects. The reason why I say I wouldn’t change anything is because I am in the shoes, in the position I am right now, here talking to you, because I started in the trenches with just mobile homes, you know?

I am very fortunate to be with the team that I am today and learning as much as I am from big time guys. So I wouldn’t change a thing.

[0:20:36.7] WS: What’s a way that you have recently improved your business that we could apply to ours?

[0:20:40.6] TT: Yeah, absolutely. I would just say it’s systematizing. That is one of the biggest things that I’ve learned from Open Door Capital and Brandon. I mean these guys are cutting edge at creating systems, and scaling, and I’ve had the first row seat to exactly how to do that, you know? That is definitely something that I have been trying to do with my own portfolio. I’ve offloaded it to a management company so I am not dealing with the day to day tasks and you know as far as the CRM’s and Google Drives and just the technology side of systemizing things. So yeah, that would be by far the biggest thing.

[0:21:09.1] WS: Is there something you all use for that other than Asana?

[0:21:12.3] TT: Honestly I mean we use Asana a bunch, but I mean really it is just staying in contact with each other. I mean we are using them all the time. We are doing weekly calls with the whole team and then we all split up and do separate calls and we’re always texting and calling and emailing. Again, it is just that constant line of communication that is working the best for us.

[0:21:28.0] WS: Is there a method that you all follow like traction or scaling up or something like that?

[0:21:33.8] TT: Yeah, so I am not sure if you’ve guys heard of the 40X? I have the book somewhere, I am drawing a blank but it is the EOS system, Profit First. We have been trying to implicate a lot of that, not necessarily profit first, but more so just the management style. So we have these things called WIGS, which are wildly important goals, and those stand out above everything else.

Each one of our team members we all identify what is our wildly important goal for this quarter, then that goes on the top of the list, and then everything below that list is just called the whirlwind, which is just your everyday normal stuff, which everyone has the whirlwind. You know, it is very stressful sometimes, but at the end of the day it is important that everyone identifies their wildly important goal that is going to push the team forward. So yeah, I am glad you brought that up. That is one of the biggest things about our team and one of the biggest things I love about our team. You know, it is just everyone identifying goals and helping each other out getting those goals done.

[0:22:25.0] WS: No, that’s awesome. I am glad that you mentioned that but you said it is called Profit First. Is that the system or the technique?

[0:22:31.6] TT: Profit First is the name of the book. Like I said, I have the book right here, it is somewhere, but yeah, it is the EOS management style.

[0:22:37.1] WS: Yeah, okay. Yeah EOS is like the attraction and stuff too I think and what about your best source for meeting new investors right now?

[0:22:44.3] TT: Right now our best sources for meeting new investors is just through Brandon’s Instagram, and through Ryan Murdock’s continuous role of going out and being on these podcasts. So we have – I don’t know, I think we have a unique team. I mean we just have such an interesting platform of how we are able to reach out to investors in this day and age, you know? And Brandon is an absolute rock star, and it just comes second nature to him, which helps out the rest of us.

I mean definitely that is our main source, it would be Brandon, and Ryan, and our asset manager, Brian Murray. I mean these guys, they’re all stars and they speak for themselves you know? So it just makes it really easy.

[0:23:18.9] WS: No doubt. Yeah, Brian and I are at in a mastermind together and know all of those guys. So yeah, amazing team and so what about the number one thing that’s contributed to your success?

[0:23:28.8] TT: Ooh, that’s a great one. You know, I don’t know what puts me aside. I am young and I seem to be doing something right but you know I would have to just say – like I’ve kind of dropped on it a few times on this show. It is just that burning desire to do something more. You know I can’t – you know I am 27 years old. I haven’t been able to put a finger on it yet, like what’s the driver between why I get up every morning and just want to kick butt? But it’s there and that’s the tool I use.

It is just there for me, second nature. I don’t know if it was trained through me through basketball or just goal setting but I just a very goal oriented guy and you know I want to see the team win. It’s been really nice being a part of ODC and being able to fight for them and bring everything I have to the table.

[0:24:06.9] WS: How do you like to give back?

[0:24:08.2] TT: That’s great. I have been on a few of these podcasts already. I’ve been very fortunate to be on and be able to share my story and share my knowledge. I guess that’s number one, but number two, you know I get a lot of people reaching out, asking for advice, follow-up questions. I absolutely love being able to help out where I can. I think my story resonates a lot with especially new investors from how I got into the mobile home niche.

But additionally, you know I’ve had friends and colleagues get in touch with me and basically just being able to hold their hand through the process, and you know in a matter of Summer, in one instance, one of my friends who is able to build a pretty good mobile home portfolio, and quit his job, and be able to be financially free, you know?

It’s definitely, I don’t mind giving back and it is definitely well worth it for the tools I’ve learned.

[0:24:50.9] WS: Tristan, grateful to meet you and just great show. A pleasure just to learn about what an in-fill manager does and the importance of that role in somebody’s operating mobile home parks, but the value that you are creating to those deals are crucial. How you do that from a distance and how you – just if a pad is empty it is not making money and how you turn that around but that in-fill play, you know you talked about, and just how you check the pad out.

The criteria of the new mobile home park, how you do it from a distance, the importance of systems. I mean just the profit first is definitely talked about. Grateful for just your feedback today. I mean you have a lot of expertise, even doing away with those limiting beliefs. You know I think that is so crucial, I am glad you highlighted that. Tell the listeners how they can get in touch with you and learn more about you.

[0:25:34.8] TT: Yeah, absolutely. So you guys can feel free to reach out on Instagram @trthomas14 is the handle. Feel free to reach out to me via email as well, tristan@odcfund.com for Open Door Capital Fund. I will say I am extremely busy but I do make it a point to try to get back to as many people as I can, usually one with specific questions you know? So absolutely well worth to anybody wanting to reach out, you know if I can help out I definitely will.

[0:25:58.0] WS: Awesome, that’s a wrap Tristan. Thank you so much.

[0:26:00.9] TT: Awesome, Whitney. I definitely appreciate you having me on the show.

[END OF INTERVIEW]

[0:26:03.7] WS: Don’t go yet, thank you for listening to today’s episode. I would love it if you would go to iTunes right now and leave a rating and written review. I want to hear your feedback. It makes a big difference in getting the podcast out there. You can also go to the Real Estate Syndication Show on Facebook so you can connect with me and we can also receive feedback and your questions there that you want me to answer on the show.

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[OUTRO]

[0:26:44.4] ANNOUNCER: Thank you for listening to the Real Estate Syndication Show, brought to you by Life Bridge Capital. Life Bridge Capital works with investors nationwide to invest in real estate while also donating 50% of its profits to assist parents who are committing to adoption. Life Bridge Capital, making a difference one investor and one child at a time. Connect online at www.LifeBridgeCapital.com for free material and videos to further your success.

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