Real Estate Investing for Cash Flow with Kevin Bupp #319: Mobile Home Parks, Mistakes, How to Start, and So Much More! -with Mike Conlon
Mike Conlon is CEO and majority owner of Affordable Communities Group (ACG), LLC based in Cary, NC. ACG currently owns 22 manufactured home communities totaling 4,000+ spaces in Alabama, Georgia, Florida, Maryland, North Carolina, Ohio, and West Virginia with a market value exceeding $110 million. Mike has also bought, rehabbed, and sold 20 mobile home parks during the last 11 years for profits exceeding $15 million.
Prior to ACG, Mike owned Southeast Financial, LLC based in Orlando, Fl from 2002-06. At Southeast, Mike and his team bought, rehabbed, and subsequently sold 10 affordable apartment complexes, resulting in over $5 million of profits.
In the 1990s, Mike grew a financial planning broker-dealer from $1.2 million in gross revenue to over $40 million in five years and sold it to a large national insurance company. Mike also owned a financial planning practice that he grew to over $100 million in assets before selling in 2002. Mike received his law degree from the U. of Minnesota in 1990. Mike published his first book in January 2015 called Unconventional Wealth, which is available on Amazon.com. He also co-authored a book in September 2014 with sales guru Brian Tracy called Transform. Mike has been featured on ABC, CBS, CNN, CNBC, Fox, NBC, and The Wall Street Journal.
Mike is a current member of the Board of Directors at the Wake Tech Foundation and the Housing Authority of Wake County.
Quotes:
"If you buy it right, you make your money at purchase. If buy it right, you can always get out of it if it doesn't work out for you and not take a significant hit."
"If you're newer to the business, and you have a limited amount of capital, the opportunity is in that 40-90 space park. You're not going to run into the competition of the big boys because nobody really wants less than 100 if they don't have to. So, that's where to start."
Highlights:
1:47- Mike shares his background and how he got into the real estate space
5:16- Mike tells how his business has evolved in the past 5 years
7:23- Mike talks about his preferred markets
12:37- Mike shares the biggest mistakes made on the operations side
19:12- Mike talks about used homes vs new homes
22:42- Mike tells how he adapted to the pandemic within his business
29:43- Mike shares his most challenging deal and how he handled it
Guest Website:
http://www.mikeconlon.com/about-mike/
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