Jefferson Lilly of Park Avenue Partners joins Jay Conner.
Park Avenue Partners is a real estate investment partnership that invests in and operates mobile home parks nationwide.
It is their mission both to generate above-average risk-adjusted returns for their limited partners, as well as to increase the supply of affordable housing for low-income Americans.
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Jay Conner:
Are your mobile home parks, primarily parks that have the mobile homes there that are being rented out? Or do you have some mobile home parks to where people are just renting the land and they own the mobile home? Or how does that work?
Jefferson Lilly:
Great question. So we tend to, our mission of course we’re a for-profit organization, but we also do have a social mission, which is to expand the supply of affordable housing and specifically to help people get out of the game of paying rent forever in apartment buildings. So for instance, we’ll typically buy a park where most of the tenants already own their own mobile homes. We’ll still usually have some renters. That’s fine, we never evict anybody for being a renter. We’ll actually give those folks the opportunity to buy that house. Sometimes over as little as two years sometimes it may be more like five or seven but we want them to see the light at the end of the tunnel as it were, and to really see that they can be on a path to actually being a home owner that said probably on average, half of those renters just choose to remain renters, tend to be more transient than homeowners.
So we still may, we’ll either sell about half of those houses to the renters, or they’ll naturally turn over of their own accord, and then we’ll fix up the homes. Then only put them out on a rent to own basis. And then we’ll buy even many, usually 10, sometimes, sometimes more mobile homes to infill one of our to infill our parks. Those are brand new homes coming in. Those are typically more of a 10 to 15 year mortgage. But again, we’ll provide the financing on those and help people typically save money right off the bat, even a couple of hundred bucks from being in an apartment, they can be an owner with us. And again, then in the long run once they do own that house, they just pay the lot rent. That’s assuming they choose to stay with us most do, once they own the house, they could pull it onto their own land if they wanted. But if they stay with us, they just pay the lot rent. That’s probably only a third of what they were paying in an apartment. So we help people build up equity in the mobile home and even immediately, and certainly in the long run reduce their living costs.
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