The mobile home park is considered to have the lowest cost investment per unit of any real estate asset class. Thus, this asset class is getting the attention of many real estate investors. In this #Highlights episode, we feature our conversations again with mobile home parks investors Joyce Walder and Sumeet Makhijani. The two tell us how they transitioned into the asset class and why they chose to invest in mobile home parks.
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Joyce gives tips on securing a successful transition when acquiring a mobile home park and emphasizes the need to acknowledge the community’s needs, be on the ground and talk to the residents themselves. Meanwhile, Sumeet shares that his real estate journey was difficult but possible with proper time management. Click the play button now and be inspired by Joyce and Sumeet’s journeys!
Key Points From This Episode:
- Joyce shares her career transition from legal banking to dental hygiene to a real estate investor.
- Why are people skills important in business?
- Joyce details what she does as B3 Investment’s operations transition expert.
- The work that needs to be done so residents will know that there is a potential new owner of the community.
- How to let people in the mobile home park community know you are there to help.
- Joyce shares how to have a successful transition in acquiring a mobile home park.
- Sumeet talks about his journey from being a physician to investing in real estate.
- How did Sumeet manage to finish medical school and at the same time invest in real estate?
- Sumeet details how he and his partner were able to purchase four mobile home parks in eight months, three through syndication.
- How did Sumeet get into the syndication business?
“We actually have fallen into a great process – not by planning but by learning like everyone else.” – Joyce Walder
“Our big goal (is) we want to provide safe, clean, affordable housing options. As we know, that’s such a big deal in our country right now.” – Joyce Walder
“When we go into a community, we really do want to improve it.” – Joyce Walder
“I think part of this business is luck and timing, I really believe that, but also we had developed relationships.” – Sumeet Makhijani
“I always tell people, you have to be in the game to be in the game.” – Sumeet Makhijani
About Joyce Walder
Joyce has a background in the legal field, commercial and residential banking, was co-owner of a dental practice in the Dallas area and was most recently a Dental Hygienist in the Austin area. After leaving her career in dentistry in 2019, Joyce is now able to focus on commercial real estate investments full-time. Her experience and attention to detail bring a broad range of exceptional skills to the team. Joyce enjoys working side by side with her husband, Bob. When not working, Joyce enjoys traveling, running, yoga, and spending time with her 4 children and extended family.
About Sumeet Makhijani
Born and raised in Chattanooga, Tennessee, Sumeet became a plastic surgeon before starting in commercial real estate as a passive investor. He then transitioned to active investing about five years ago all while working full-time. He and his partner founded East Living Communities to acquire and operate mobile home parks.
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