Ep 15: The Blueprint for Closing Mobile Home Park Deals, with Nick Hakim and Luca DeGrossi
One year ago, friends Nick Hakim and Luca DeGrossi left their corporate jobs and New York lifestyles to start their own real estate investment firm. Pioneer Communities is their commercial real estate investment firm focused on the acquisition and management of mobile home parks and multifamily assets nationwide. Nick and Luca are inspiring examples of two young guys who got up, got out, and made it happen. But the path to entrepreneurship is not as sexy as it’s often made out to be.
In this episode, they share the unglamorous road they’ve traveled to get them to the successful firm they run today. They also share their top tips for finding and closing deals in the mobile home space, and why on-the-ground management, professionalism, and friendship goes further than you think. If you are someone who has no idea about what type of asset class you want to get into – this episode contains the secret sauce you need to thrive in the mobile home park space today.
Key Points from This Episode:
Discover why Nick and Luca made the decision to enter into a partnership.
Learn more about Pioneer Communities’ humble beginnings in Nick’s kitchen.
Find out how the rent control laws affected the beginning stages of Pioneer Communities.
Why professionalism goes a long way in the typically mom-and-pop-run mobile home space.
Discover how many offers it takes to send out before you find an owner who is ready to sign.
Top tips for deal sourcing, deal closing and having conversations with owners.
Why mobile park home site visits build trust and set you apart as a real estate investor.
The value of being transparent with your audience and tips for your firm’s Instagram page.
How living in a mobile home park has contributed to the success of Pioneer Communities.
From day 1–21: Nick and Luca walk us through their latest mobile home park deal.
The value you can create just by making aesthetic changes to a mobile home space.
The biggest lessons Nick and Luca learned from three weeks of hands-on renovation.
“People often romanticize going out and starting their own thing. As exciting as it can be, there are a lot of challenges!” — Luca DeGrossi [0:07:10]
“The biggest lesson for anyone who wants to start their own company is, you’ve got to be resilient.” — Luca DeGrossi [0:12:44]
“Owners want to sell to the group that cares about them. They want that human interaction.”— Nick Hakim [0:29:24]
“That’s the beauty of the mobile home space, you can create value just by making aesthetic changes.”— Luca DeGrossi [0:40:58]
“Good tenants just want a good, safe, clean place to live first.”— Nick Hakim [0:49:40]
Links Mentioned in Today’s Episode:
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