Patrick McDonald is the Principal at Community Management Group LLC. He was a corporate medical recruiter for 8 years before going into real estate investing full-time. He discovered mobile home parks and sold his small multi-family, and started buying parks. He never put in more than $60k each and has grown to 23 parks, 1400 lots, and around $75 million in value. Building towards 3500 lots in the next 3 years.
Tune in to this episode as Patrick shares valuable insights into the mobile home park industry and how one can achieve success in this industry!
[00:01 – 04:12] Opening Segment
- We welcome, Patrick McDonald!
- Patrick started with a duplex and transitioned to mobile home parks after finding an opportunity in their backyard
- Using the syndication model to bring on investors and acquire more properties
[04:13 – 15:38] The Challenges Of Finding Good Deals And Raising Rents Responsibly
- Focusing on buying parks owned by mom-and-pop owners
- Direct-to-owner methods to find deals before brokers do
- Studying the market and present residents with comparable lot rents in the area
- RV parks are mostly long-term stay and function similarly to mobile home parks
[15:39 – 30:37] THE FINAL FOUR
- What's the worst job that you ever had?
- Packaging screws in a factory
- What's a book you've read that has given you a paradigm shift?
- “The Richest Man In Babylon” by George Samuel Clason
- What is a skill or talent that you would like to learn?
- Trying not to turn off being an entrepreneur when he is at home
- What does success mean to you?
- Patrick says, “Success is getting bigger than the job and the business.”
Connect with Patrick McDonald:
Website: Community Management Group LLC
LinkedIn: Patrick McDonald
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Tweetable Quotes:
“It's really important that you create that value, before you start to ask people to pay more.” – Patrick McDonald
“It's always been hard to find good deals, but because we've done that and not relied on brokers, we've been able to go out and find deals and still do find good deals.” – Patrick McDonald
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