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Jefferson Lilly, a millionaire who left his Silicon Valley job to become an expert in Mobile Home Park Investment. Listen as Nathan goes over the nuts and bolts of Mobile Home Park Investing with one of the industry\\u2019s leaders.

Famous 5
Favorite Book? \\u2013 The Snowball
What CEO do you follow? \\u2014 Sam Zell
What is your favorite online tool? \\u2014 Search Tempest
Do you get 8 hours of sleep?\\u2014 Yes
If you could let your 20 year old self know one thing, what would it be? \\u2014 How good this niche of real estate is...I would have started raising outside capital sooner.

Time Stamped Show Notes:
01:20 \\u2013 Nathan\\u2019s introduction
02:01 \\u2013 Welcoming Jefferson to the show
02:15 \\u2013 Why Jefferson left Silicon Valley to enter mobile home investing
02:40 \\u2013 \\u201cWarren Buffett was right\\u201d - Jefferson looked for value investments
03:10 \\u2013 Mobile home parks yield 300-400 basis points more than apartments
03:30 \\u2013 Jefferson was 39 with a $100k salary when he got involved with property investing
04:30 \\u2013 First deal was $450k, with an 80% loan from the bank - put down about $86k
05:17 \\u2013 Jefferson had almost $1 million saved at this point
06:00 \\u2013 First property earned about $45k each year
07:00 \\u2013 40 filled lots; lot rents $110 per month. 24 vacant lots
08:08 \\u2013 Jefferson invested in buying and fixing used mobile homes to fill his vacant lots
09:10 \\u2013 The $20k investment in each used home was repaid by tenants at $600 a month
10:00 \\u2013 Rental income is about\\u2026
12:00 \\u2013 \\u201cIf I\\u2019ve got $30k, what are the first steps I should take to find a deal?\\u201d
12:30 \\u2013 Get educated: resources at Park Street Partners
13:00 \\u2013 For $30k, look to buy a 5-space property, say $100k
14:20 \\u2013 \\u201cIf you\\u2019re not earning 20% on your money, you\\u2019re doing something wrong.\\u201d
14:50 \\u2013 Any state that borders the ocean is a good bet
15:30 \\u2013 Look at places like LoopNet for starting deals
16:30 \\u2013 How do I value a mobile home park? Jefferson\\u2019s advice.
18:00 \\u2013 Going it alone vs. joining a fund
20:00 \\u2013 Park Street Partners runs an investment fund
21:40 \\u2013 They don\\u2019t charge management fees - they only make money if the fund does
22:40 \\u2013 Last year the business made around $5 million

3 Key Points:
Do your research. If you\\u2019re moving into a new investing field, take at least 100 hours to really learn what you\\u2019re doing.
Mobile homes have some of the best returns on investment of any property type
Consider how much time you want to spend managing a property investment. If you\\u2019ve got the time and want more profits, go it alone; otherwise it\\u2019s worth looking into funds

Resources Mentioned:
Freshbooks - The site Nathan uses to manage his invoices and accounts.
Host Gator \\u2013 The site Nathan uses to buy his domain names and hosting for cheapest price possible.
Leadpages \\u2013 The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
Audible \\u2013 Nathan uses Audible when he\'s driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.

Show Notes provided by Mallard Creatives

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Oprah gets 60 minutes or more to make her guests comfortable to then ask tough questions. Nathan does it all in less than 15 minutes in this daily podcast that\'s like an audio version of Pat Flynn\'s monthly income report. Join the Top Tribe at http://NathanLatka.com/TheTop