Dan and Nick Gibson are two brothers who have succeeded at doing something totally unconventional—they have closed 7-figure deals without spending their own money or shelling a single marketing dollar! Listen in as the two creative brothers share how they closed their first few deals, the things they take into account when looking for mobile home parks, and the structure they follow to get the funds they need. And that’s just for starters!
So if you want passive income and long-term cash flow, drop everything you are doing right now and listen to this episode. The information you will learn might just get you on the road to financial freedom!
Dan and Nick accidentally discovered an unpopular but highly lucrative niche a couple of years ago—mobile home parks! To date, they now have 50 single family and smaller family rentals. A year and a half ago, they’ve acquired a massive $1.8M dollar deal which provides them with $4,000 in passive income each month!
- Since they didn’t have any money when they first started out, they asked motivated sellers if they would be willing to finance the deal for them. In other words, even if they don’t have any cash, the seller agrees to act like a bank and pays the deal on their behalf.
- Once the seller agrees, they get creative with the terms, price, and even down payment and come up with a win-win situation both parties will be happy with.
- When looking for mobile park properties to invest in, they go to MobileHomeParkStore.com. That’s where they find broker’s list, mom and pop listing stuffs for sale, and all the other important information they need.
- Once they have identified an area they are interested in, they go to the county’s website and pull off the ownership information.
- When engaging with sellers, they highlight the importance of building rapport and getting on the same wavelength. Achieving both has been crucial to their success in the industry.
- Other consequential information you need to take note of in this episode:
- The importance of talking to people and letting them know what you do
- The things they look for when considering mobile home parks
- How to forge a partnership with them when you have a good deal you need expert help with
- The rough estimate for the price they are willing to pay per lot
- How you can get in touch with them if you want to know more about their processes and techniques
The real estate and wholesaling world can be full of surprises. What you think might be too unconventional to work might just bring in the big bucks. So, be open-minded and allow the creative juices to flow and you just might find a radical new way of gaining financial independence!
- Mobile Home Park Store
- Alan Cowgill of Private Lending Made Easy
- Trailer Park Bros Website
- Collective Genius
- Trailer Park Bros Facebook Page
- Rich Dad Poor Dad by Robert T. Kiyosaki
If you are Ready to Explode Your Wholesaling Business, Click here to Book a Free Strategy Session with me right now!
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Tom Krol: All right everybody. Welcome back to another episode of Wholesaling Inc. We have some special, special guests for you today. These two young men who are in their 20’s are absolutely killing it with something that I can guarantee you, you have not heard of before on this podcast. A whole new strategy. I am super excited. I’ve been looking forward to this phone call and this podcast all week. We had to reschedule it a few times. Little baby Levi came into the world and a few other things interrupted this podcast, but I’m really super excited. We are going to pick their brains. You guys, you know this is the no fluff, no BS zone. So we’re going to get right into the meat and potatoes and we’re going to find out exactly what they did and how they did it.
And wait till you hear what they did. No money. They didn’t use any of their own money, then it used any even any marketing money. So these guys, and wait till you hear these numbers, I mean you guys I have so much to share with you. I am so, so excited. So let’s get right to it. I have got Nick and Dan Gibson, the trailer park bros on the phone. Can you guys hear me okay?
Dan Gibson: Yeah. Tom, we’re here. Can you hear us?
Tom Krol: All right, I can hear you fine. I already know the difference between Dan and Nick’s voice. I love it. So welcome to the podcast you guys. It is an honor to have you. I am really, truly excited to have you guys both on because I’ve been reviewing some of the numbers and some of the information that you’ve given us and I am so, so, so excited. My audience is champing at the bit. So first before we get started, I just want a really quick 20 second introduction from you guys so people know who you are and just a little bit about yourselves and then let’s get right to the meat and potatoes of this thing.
Dan Gibson: Yeah, sure. Tom, this is Dan. So my brother Nick and I got started in real estate just owning some rental property and accidentally, fell into a mobile home park and it was an owner financing deal. Looked at the cash flow, thought it can’t be that much different than owning, single family homes or small multifamily like we used to. And did our first deal a couple of years ago. Kind of fell in love with it. And that’s all we’ve been doing the last few years. We’re out of the Illinois side of St. Louis and we try and stick close to home, but we have expanded a little bit into other markets. But that’s how we got started. You accidentally fall into something, you find out it’s a money maker and it’s not a very popular niche.
Tom Krol: When you say not a very popular niche, I hear less competition. Is that true?
Dan Gibson: That’s true. Yeah, very.
Tom Krol: I love that. And I don’t believe in competition, but basically I don’t hear a lot of people talking about mobile homes. I also want to just… Dan, you said owner financing just for our audience and for myself. What does that mean? What do you mean by owner financing? You didn’t have any cash. What does that mean?
Dan Gibson: Yeah, so Nick and I are young guys and we grew up in middle class. You know, mom and dad worked. Both mom and dad still work and so we had to get creative with our first few deals. And so we always absolutely always ask if the seller of the property will finance it for us. And if they say yes then we can get very creative with the terms and the price or the down payment even and just create a win-win situation. Because that’s what it’s about. And usually these are mom-and-pop sellers. So trying to understand their needs and then, put a deal together using the equity they already have in the property.
Tom Krol: Okay. So basically if I’m hearing you correctly, owner financing means even if you have no money at all for the property, basically the seller is paying for the deal for you. Is that… essentially they’re holding the note?
Dan Gibson: Yeah, definitely. We’ve even paid over lease price on a package of properties before because they allowed us to come to the table with no money out of pocket.
Tom Krol: Okay. You guys, everybody should know this, that even if you have no cash, the seller is paying for the deal by basically agreeing to act like the bank. So don’t let this complicate. Don’t let this confuse you. This is really, really super simple. And when you see the numbers that these guys are doing, you are going to be blown away. All right, terrific Dan. That’s awesome. Nick. I guess you have a similar story, right? You must have the same working cards, right? Because you guys are brothers. So what have you got for us?
Nick Gibson: Yeah, this is Nick. Tom, happy to be here. Thank you for taking the time. Congratulations again on the new little one.
Tom Krol: Oh, thank you. Yes, I appreciate it. He came a little earlier than expected, but the calendar was thrown off. But we’re back on track now.
Nick Gibson: Yeah, I’m glad we’re finally here. So I’m Nick Gibson, obviously similar situation to my brother Dan. We’re two years apart and our twenties creeping up to almost the 30 mark. But that’s here nor there. But yeah, so we kind of got started just because my older brother and my dad, we kind of got our first property and didn’t really know what we were doing. And next thing you know we accumulated about 50 single family and smaller multifamily rentals. And like Dan said, fell into our first mobile home park a few about a year and a half ago and just fallen in love with them. And that’s our main focus now moving forward is mobile home parks.
Tom Krol: Okay. So mobile home parks and I have a lot of questions. So you guys have to bear with me here. I have a lot of questions because I don’t know anything about that. When I was first starting, I did some mobile home houses, trailers. I never did a park. I would flip actual like units, in Port Saint Lucy and actually a little bit further South. But I don’t know anything about the parks. So I have a lot of questions. So first of all, can anybody do this? Do you need a special license? Anything like that?
Dan Gibson: No you don’t. This is Dan. I’m not licensed at all with anything. Now the parks themselves have their own licenses with their state and usually they’re run by the department of health. But again that changes, every state’s a little different. But no, as far as our qualifications, we have none. There are no qualification.
Tom Krol: Just an investor essentially.
Dan Gibson: Yeah, we’re just an investor. We did a little homework. We did a weekend seminar type thing and that was it.
Tom Krol: Okay. So I love that. Now I know you guys have just completed a deal and I just want my audience to hear this. So audience, here’s what… listeners, here’s what we have. This is crazy. These guys just did a $1.8 million deal. They did it without using any of their own marketing dollars and they did it without using any of their own money. $1.8 million. And that deal produces for them almost $4,000 a month. You guys, tell me if I’m wrong. Is it almost 4K per month that you’re making?
Dan Gibson: Yap.
Tom Krol: Okay, that is incredible. So I want to deep dive this. How the heck did you do it? How could I do it? How could our listeners do it? If somebody listening right now and they’re saying, “Man, mobile home parks, it sounds awesome. I like it better than single family. I want to start today.” What does this look like? What’s the first thing they should do? How did you not spend any of your own money? How did you not spend any marketing money? Where did you find the deal? Let’s get right into the meat and potatoes. What does all of that look like?
Dan Gibson: Yeah, so I mean it’s perfect and we are not marketing guys. You know Nick and I… it’s actually kind of become a pride thing where because we go to the local RIAs, we obviously know all the wholesalers and it’s all about mass production and mailers and that kind of stuff. And the mobile home park industry, it’s just a little different. It’s very niche. It’s very mom-and-pop. So we use a little bit of our own time because we do cold calls. We don’t do a ton of them because a lot of it’s through relationship but every county has a little bit different setup. We have our lists that we pull and call owners that way and try and get the owners on the phone.
Tom Krol: Let’s get down and dirty with that. So I want to get started in investing in mobile home parks and I don’t have any money for marketing. I don’t have any money of my own. First of all you said the word list. What are you talking about? What lists and who am I calling? And is this like a crisis thing? And what is the script? What am I asking these people when I get them on the phone? What am I looking for? How do I know a good deal from a not good deal? How do I know if they’re selling them? Is there like a website where a mobile home parks go to sell? What does that look like?
Dan Gibson: Yep, exactly. So your first stop, we’ll call it the Zillow of mobile home park space. It’s called the mobilehomeparkstore.com.
Tom Krol: I love it. Okay, perfect. Now we’re getting somewhere, the mobilehomeparkstore.com. I hope everybody’s writing that down. Okay, perfect. Good.
Dan Gibson: Yep. That is your Zillow. That will get you on the door. That’ll show you… because you’ll have a broker’s list and stuff out there. You’ll have a mom-and-pop listing stuff for sale out there. So that’s where you should go first in your area, wherever you are. They have all 50 States. Check that out first for sure. And that’s where you can get some low hanging fruit. That’s where… I mean they have all kinds of contact information on there as well. So always start there and then get a little bit deeper if you’ve identified an area that you’re interested in, go to that county’s website and pull off the ownership information. So I know for example, in Indiana we’re looking at parks around the Indianapolis area that checks a lot of our boxes. Indiana, the state of Indiana has a great system with all their counties that has full ownership information of every single park. To the email addresses and phone numbers. So finding the areas you want to be in, pulling up that county and boom, there’s 100 names and numbers.
Tom Krol: Okay. So now I have a few more questions then. Okay. So my first question is, first of all, you said some of them are for sale by owner owners, some of them for sale by like brokers. Once they’re with a broker, is it too late or can you still do a deal with that? That’s number one.
Dan Gibson: No, you can definitely still do a deal and we have done a deal, but brokers can complicate things. Brokers are very worried about making sure they’re getting their piece and rightfully so. But we’ve found that the most success is for sure going direct to seller.
Tom Krol: Okay, got it. Now are these like motivated sellers? Like in wholesaling we have people who need to sell fast for a reason, so we always say the three criteria pieces when a home seller goes to sell their home is that you have speed, price and convenience. Typically, the people we’re looking for are looking for speed and convenience and they’re willing to sacrifice price. Would you say that these are motivated sellers or it’s not really, it doesn’t work that way with mobile homes or what does that look like?
Nick Gibson: Yeah, Tom. Nick here, to be quite honest, I mean, yes. I would say there’s a lot of them are motivated, so a lot of the sellers that we’ve come in contact with, actually these are sellers that are older estates. You know, mom and dad passed away, son or daughter’s has no idea what a mobile home park is either and so they are motivated or they’ve owned it for so long that they’re just tired of it. I mean, yeah. A lot of the ones that we’ve come in contact with are pretty motivated.
Tom Krol: Okay. So then Nick, let me ask you this question. I’m on the phone. I call up, “Hey, this is Tom. I saw you have a mobile home park for sale.” I have two questions. First question is what are you listening for? What sort of questions am I asking? Am I rapport building and looking for motivation? Or there’s something like in the numbers that I’m looking for? And also Dan kind of made a comment about different areas of the country to look for specific types of deals and mentioned Indiana. Is there certain areas that would be better than other areas? What are some of the basic parameters or criteria that you’re looking for with the people and with the area?
Nick Gibson: So with the people, for us, Tom, I wholeheartedly believe it’s building rapport, getting on the same wavelength as the sellers and trying to get in front of them and actually meet them. I mean it goes such a long way and we’ve had two people tell us in the short amount of time we’ve been doing this after we’ve met them in person that no, since we’re a family, brothers, my dad is involved in this as well. That they love the fact that it’s a family business. They liked the heck out of us.
Tom Krol: Right.
Nick Gibson: So getting on the same wavelength, building rapport with them Any Witch Way, which I’m sure you probably talk about a lot.
Tom Krol: Absolutely. As a matter of fact, I was just going to stop you because I want to make sure everyone’s listening to this. So it’s meeting the seller, building rapport, getting belly to belly is key to this it sounds like.
Nick Gibson: Very, very. You’re dealing with people that have dealt with this for a long time. They’ve had a lot of blood, sweat and tears in it and they want it to go to somebody that’s going to take care of it.
Tom Krol: Awesome. Okay.
Nick Gibson: So I mean for us really obviously the income it produces one thing. That’s obviously something that we look at, but mobile home parks are kind of valued a little different and it’s kind of weird that obviously completely different than a traditional home. But private utilities versus public utility. Okay. That’s one thing that we look at very first.
Tom Krol: What does that mean?
Nick Gibson: That means if its public utilities, that means the whole park is on city water and city sewer.
Tom Krol: Okay.
Nick Gibson: Versus private utilities. It’s going to be on a septic tank for sewer, a well water. Have you ever heard of a lagoon?
Tom Krol: No. I don’t know anything about real estate. Yeah what is a lagoon? Is that like a field where all the poop goes?
Dan Gibson: Yes it is.
Tom Krol: Oh. I love it. Okay.
Nick Gibson: There are still some of those around that actually exist. So a park is valued more if it’s on public utilities versus private.
Tom Krol: You said also you obviously look at the income.
Nick Gibson: Correct.
Tom Krol: What does that mean? Meaning like is there like an, when they send you a sheet like, “Hey, these are our expenses and this is how much money comes in every month.” Is that kind of what you’re talking about?
Dan Gibson: Yeah. This is Dan, Tom. So yeah, we really look for… well, I guess let’s, let’s start with first the expenses. So one of the positives that we’ve found with mobile home parks and why, we’ve kind of committed our future to it, is because a stable mobile home park should operate at a 35% to 40% expense ratio. And the biggest reasoning is… and if you think about it, it kind of makes a lot of sense.
The biggest reasoning is taxes and insurance are usually less. Because we’re only being taxed on the land and very small infrastructure. Because we’re only responsible for the water, sewer and electric to the pad. So we don’t own any personal property. There’s usually no buildings. So the tax are significantly cheaper. Insurance, same thing, we’re not insuring somebody else’s home. So we’re just insuring really just liability. And then in a perfect world, you don’t own any of the homes. So I’m not getting any maintenance calls. I’m not getting, “My toilet’s clogged.” I’m not getting any of that. Really the only maintenance call we see consistently is we have to do sewer clean outs if it’s under the pad somewhere.
Tom Krol: So just to be crystal, crystal clear, and I know I’m acting like a kindergartener here, but I just want to make sure I understand this. You’re saying if the mobile home park, let’s just say to keep the math simple, brings in $1,000 a month, then my expenses should not exceed $3,500 to $4,000 a month. That’s kind of what we’re looking at.
Dan Gibson: That’s correct. That’s a stable park.
Tom Krol: Okay, perfect.
Dan Gibson: We are not buying stable parks a lot of the times.
Tom Krol: Okay.
Dan Gibson: So that’s where I think, our value comes in is. We know what it should be, we know what it can be and why isn’t it that way. Is there a reasoning?
Tom Krol: is that something that they call like a value add?
Dan Gibson: Oh yeah.
Tom Krol: I’ve heard that in apartment building speak, when people talk about apartment buildings and they’ll say, “Well it’s a value add.” Meaning it’s not performing, let’s just say it’s at 50%. but you know if you get in there then you can actually reduce the expenses to make it 35% to 40%.
Dan Gibson: That’s exactly correct.
Tom Krol: Got it.
Dan Gibson: And there’s also not just the expenses. So in our $1.8 million park that we bought, the previous owner’s strategy, it was in an estate, dad passed away. We got on the same wavelength with one of the daughters. It was a referral from a banker of ours, I believe. So again, you don’t know, no marketing. Their strategy was they actually wanted to own all the homes, which you know seems kind of crazy to us because our strategy is the exact opposite. So our value add for that park isn’t necessarily… well, the expenses are high, but it’s high because they employ more maintenance men than could be needed if it was just… if they were all tenant owned homes. So that’s where we see the value in that one.
Tom Krol: Okay. So basically you’re looking at these and say these are tired or lazy owners. Or owners who inherited the parks so they don’t really know what they’re doing. So you’re saying, “Okay, we’re going to come in and we’re going to work hard, we’re going to bring value and we’re going to lower the expenses and may be increased the rent lots and things like that, but we’re going to make the numbers work over a certain period of time.”
Dan Gibson: Absolutely. Exactly. Correct. And not sort of with… that’s the expenses. With the income, most parks we buy need a rent raise because it’s a very much… a lot of these owners live in the park, or know all the people because they’ve been there for 30 years and they haven’t raised rent in 10 years.
Tom Krol: Got it, got it. Okay. I love that. That’s easy peasy lemon squeezy. I could totally understand that. So is this park that you guys just bought this latest one, $1.8 million, is this in state where you live or is it close by or is it out of state in a different location? Where is it actually located?
Nick Gibson: It dominate. It Actually happens to be about 30 minutes on the Illinois side from St. Louis. So it’s very, very easy to get to from where we live and where our main office is.
Tom Krol: Awesome. Okay. Good. And what is your game plan with this? Like, okay, so now you’ve acquired the property, and I want to ask you more about how you did that without using any of your own money because that’s amazing. Like I’ve been talking about this lunch I just had. I just had the privilege and the honor of sitting with Robert Kiyosaki for almost two hours and having lunch with him. And he like completely exploded my brain. And I love the fact that you’re saying you didn’t use your own money because he talks about this principle of infinite return, which it sounds like you guys are in. But what is your game plan now that you have this park? I guess you’re going to try to fix the numbers and then what sell it or keep it or what does that look like?
Nick Gibson: Quite honest with you. I mean, the reason why we started the business in general is longterm cashflow. I mean, right now we got to turn a lot of things around. I mean, we’ve done a lot so far. There’s still a lot to come, but I don’t see us selling it anytime soon unless an institutional investor comes along and decides to pay 4% or 5% cap rate, which they are doing that in some instances, we may think about it. But for us we’re longterm cashflow. The passive income is what we’re really, really big on.
Tom Krol: Okay, I love that. And I’m totally with you. That’s all. I just matter of fact, just got off the phone with my brother Todd Towback, and literally we must have used the term cashflow, no exaggeration, two or three dozen times. So it’s like every one of my buddies and us, we’re all on the same page. Clayton Morris was just talking about cashflow, and so I’m with you. And I think that’s all stemming from this Robert Kiyosaki meeting. Right? So I love it. So this is very, very cool. When you guys are getting the numbers right with this park, what will the cashflow… I know right now it’s just under 4K a month… are you projecting that it’s going to be and how long is it going to take you to get there?
Nick Gibson: So right now, gosh, we still have quite a bit of work. I mean, we could probably double that in two to three years.
Tom Krol: That’s awesome. That’s awesome. That’s incredible. All right, so cool. Cool. All right. So here’s my big question. Somebody is listening right now. They’re like, Nick, Dan, this sounds awesome. I want to go get my own mobile home park, right? And do it without marketing costs. How the heck did you guys not spend your own $1.8 million? That’s a lot of money. I mean, how does that happen? How does somebody get started? I don’t even… how do I wrap my brain around this? Tell me if I’m just starting out and I’m cold calling parks and they’re saying, “Hey, I have a park for sale at 1.8 million. I inherited this park and I want to get rid of it.” What the heck is going on? How do I do it?
Dan Gibson: Well, yeah. So first of all, you find the deal first, right? And the money will follow.
Tom Krol: Okay? So that’s very important. So I don’t want to interrupt you Dan, but I just want to stay with you guys. So you find the deal first. So here’s the question. You guys, do you find the money first or do you find the deal first? You find the deal first, right?
Dan Gibson: Got to have that deal under contract babe.
Tom Krol: So this is the bait, it’s the deal, is you’re going to bait the hook with the deal. So my advice to you guys is don’t even be anticipatory about the money first. Find the deal. Okay. So that’s the key. And then, all right, so go ahead. What’s next?
Dan Gibson: Well, and here’s a perfect example. Find the deal. Because if you truly have a deal, you can call Nick or I, the trailer park bros here.
And if it’s a good deal, we’ll partner with you.
Tom Krol: Awesome.
Dan Gibson: That’s why there are no shortage of people with capital that want to partake in good deals.
Tom Krol: Okay, so somebody… I just want to Nick… I don’t mean to interrupt your Dan. I want to just… somebody’s out there right now and there’s a lot of people who listen, but you know we want to, I’m talking right now to the guy or the girl is sitting in their car or at the gym right now who wants to take action, who wants to change their life. I want you to hear the opportunity that you have right now. This is so simple you guys. Go out, find the deal and Nick and Dan are telling you right now that they will help you fund the deal that’s with you.
Right now you have an opportunity. So if you’re out there and you’re listening and your skin is tingling because you know that you can do this simple stuff and you’re not going to be anticipatory, it’s progress, not perfection. It’s massive imperfect action. These guys just did a $1.8 million deal and that’s not their first deal. This is just the one they just did. It does almost 4K a month. That’s insane. Do you know how many single family homes I have to buy to produce 4k passively a month? A lot. A lot. So here’s the deal guys. If you’re listening to this, and you want to get started, let me ask you guys this, Nick, Dan, just so if somebody wants to take action right now and call you guys, what’s the deal? What is the criteria pieces that you’re looking for? Just like a one, two or three things to know, “Hey, this one might be a deal.” What are we looking for?
Dan Gibson: First thing is obviously we want current rent roll. We want current income, we like to see city water, city sewer, that’s important. Now that doesn’t mean we won’t do private utilities. That just means you have to get it a little cheaper. And just off the top, off the back of your hand here, if you’re looking at… we need the lot size and usually on average we pay between $10,000 and $12,000 per lot. So if that’s 100 lot park, then we’ll pay $1.2 million. Now that’s obviously a lot more factors come into play, but if you’re looking for rough down and dirty numbers to even see if it’s worth pursuing, start with that $10,000 to $12,000 per lot. And that’s because the banks will usually value them between $15,000 and $20,000 per lot given some factors.
Tom Krol: Got it. And are you interested in… do you want to know the story of why they’re selling and how they acquired the property, the seller? Or do you care? What is the… I know I’m like… okay. So what were some of the bells that would be going off if somebody hears, “Oh, I heard that the seller said this, so I should bring this to you know, Dan or Nick.”
Dan Gibson: Yeah, I mean any type of elderly seller who’s looking to cash out, any type of estate, any type of… obviously you know, the standard motivation.
Tom Krol: When you say estate, what do you mean? What does estate mean?
Dan Gibson: I’m sorry. An estate, so son or a daughter got to park in and mom or dad’s passing.
Tom Krol: Got it. So an inherited park or something like that.
Dan Gibson: And inherited park. Yep. Those seem to be the most lucrative, which makes sense too in all types of real estate. Because if you know they want to cash out, it wasn’t their business, it wasn’t their property. So yeah, so those are the few things.
Tom Krol: Okay. So I love that. That’s really easy, specific instructions you guys. Okay, so you have the deal. So now let’s just say somebody says, “You know, forget Nick. Forget Dan. I want to do this myself. I’ve got a good deal. Now what do I do? How do I… where do I get the money? Do I call friends and family? Do I call a bank? Do I call up? You know, I don’t even know.” Who do you call? What do you do next?
Dan Gibson: Sure. First, you always ask if owner financing is a possibility.
Tom Krol: Bam! Where’s my victory bell? All right. So first thing is… I love it. That’s number one. Very sexy. Okay. Number two.
Dan Gibson: Number two, obviously depending on, your relationships with your banks, obviously if you have W2 income that kind of stuff, it will vary on how much you think a bank will be able to lend towards it. Now in our experience, banks treat… at least our local banks treat the parks very similar to multifamily. So we’re getting the 70% to 75% loan to value. Now obviously every bank could be a little different, but that’s what we’ve seen. Then we actually do… the way we bought that $1.8 million park was we actually raised @800,000 from family friends and some second… we’ll call it second generation friends.
Tom Krol: Okay. Okay. So let’s talk about that. Let’s say I have horrible credit, no cash in the bank, and I want to raise it. Give me a resource. Who’s book do I have to read? Is there an online… how do I know how to ask friends properly for money? And where does the money go? Can I go on a bank account where I put everybody’s money? What’s a good resource for somebody to learn about this?
Dan Gibson: Yeah, so Alan Cowgill has a private financing class that we went through, this was a while ago. That talks about structure, that kinds of things. Because you will need an attorney involved if you’re going to raise that kind of money.
Tom Krol: Right.
Dan Gibson: So Alan Cowgill’s class.
Tom Krol: I’m going to look him up right now. It’s Alan. How do you spell his last name?
Dan Gibson: Believe it’s C-O-W-G-I-L.
Speaker 3: okay, let me see. I think I see him right here. Bootcamp, private lending made easy and easy. It’s Alan, A-L-A-N. Cowgill, C-O-W-G-I-L-L. Looks like his name. So if you are going to find a deal, then this is the guy who’s going to teach you how to actually fund the deal. Awesome. I love that. That’s easy peasy lemon squeezy. Okay, terrific. Good, good, good.
Dan Gibson: And we’re also taking on… we just launched our coaching program. So we’re taking on some students full access, we’re in this to teach other people. There’s not that many people out there that do this, that have a passion for it and that teach it. There’s only a few off the top of my hand that I know. So this is something we’re passionate about. We’re going to be in this industry for the rest of our lives and we want to take other people along for the ride.
Tom Krol: Okay. So this podcast is perfect timing you guys. I just got out of my meeting with Robert Kiyosaki. This is exactly what he’s talking about. He’s talking about what he calls infinite return. These guys are not using any of their own money. They’re in their 20’s, they’ve only been doing this for two years. They’ve done a massive, massive, massive seven figure deals. They’re producing monthly income and that income is only going to grow. If you want to learn more, it is trailerparkbros.com and this is not a pitch. I’m not… you guys will tell them I’m not. There’s no affiliate marketing or some kind of a sideways sales thing here. These guys are the real deal. I met Nick at Collective Genius, CG. It’s a mastermind for real estate entrepreneurs and investors and I heard his story and I said, “Hey, I’ve got to have you on the podcast.”
So these guys are the real deal and they’re just launching this coaching program. I’m not making a penny for pitching them. I am telling you these guys are the real deal. They know what they’re doing and the benefit you’re going to have is when you’re with a coach who’s just starting off like these guys, what happens is they’re going to be giving you a ton of one on one time. So get over to trailerparkbros.com find out what it’s all about. Start today. Don’t wait. If you’re on the treadmill right now, at the gym or if you’re in your car and you’re going to work or coming from work, turn around, take a health day instead of a sick day and go do this for yourself and get on the phone and try to find a deal. Bring it to these guys or find out more about their coaching. But that is the key. So it’s trailerparkbros B-R-O-S.com. Trailerparkbros.com.
Nick Gibson: On Facebook too. Just search trailer park bros. we kind of just do some sort of content at the parks, fun content that goes on on the day to day of owning mobile home park. There’s actually a video of me jumping through a window because we couldn’t get in. And just little things like that. Because there is literally always something new we experience at being on site and it’s really fun. Yeah. We just do… it’s not, it’s unedited content. So don’t take us… don’t critique our-
Tom Krol: Don’t do your own window entry. That’s a BNE in some States. So you guys got… so good. But yeah, you guys, these guys are the real deal. They’re making a killing, they’re making a fortune and they’re not using… forget money to buy the deal. They’re not even using money to find the deal. I love it. This is Rich Dad, Poor Dad in every way. So you guys-
Nick Gibson: Yeah Tom, I got one more little thing [inaudible 00:27:22]. I think it’s just joy that I haven’t even told you yet.
Tom Krol: Let’s hear it.
Nick Gibson: So we in Tampa, well that was in September, right?
Tom Krol: Yes.
Nick Gibson: Okay. So as we’re… we finished up on that Wednesday as my dad and I are going down the elevator to go after lunch, go to the airport. We happen to hop on the elevator with a fellow member and just never met him before. Introduced myself, my dad introduced himself. Next thing you know he’s got somebody that he knows very well that is looking to sell a mobile home park that we now have under contract.
Tom Krol: You’re kidding me? That was somebody who was at CG or you mean just somebody-
Nick Gibson: No, it was somebody who was in the CG group with us.
Tom Krol: Oh, that’s awesome.
Nick Gibson: Yeah. That’s zero marketing dollars right there. That’s just introducing yourself and talking to people and letting them know what you do.
Tom Krol: It’s literally an elevator deal. I love it. That’s very, very cool. I mean once you start… that’s something that we always talk about with the students is like, when you’re hungry enough, when you want it. You know, Tony Robbins talks about this, a decision is made in an instant and you don’t get in this life what you want. You get what you can’t live without. But when you have this one singularity, you’re very powerful because every person you meet you are looking for that opportunity with that person. And then they… these things people say, “Well, it just comes to me.” It doesn’t just come. It’s like, because you’re focused. I love it. So that it’s very, very, very cool. Awesome.
Nick Gibson: Yeah, I know. Yeah. It’s forcing us to move a little bit outside our market out. Because we’ve… hey, I mean just to let everybody know too. I mean we still have a comfort zone that we’re getting out of. Just because you’ve been… we haven’t been doing it this long, but I mean it’s forcing us to get outside our comfort zone of an hour radius. And so this park’s about three hours away.
Tom Krol: Awesome. I love it.
Nick Gibson: Can’t wait.
Tom Krol: Well, Hey, Tampa is close. So if you guys need a partner, you just let me know. You know my cell phone number.
Nick Gibson: That’s right.
Tom Krol: All right, well awesome. Well guys, thank you for being on this episode. I really, really have learned a lot and I’m super excited. I definitely want to know more. So I’m going to call you guys offline and pick your brains. I think that, that’s awesome. So we appreciate it. And Oh by the way before, before I let you go, any resource, a book or a resource that you would recommend for anybody who’s just kind of getting started with mobile home parks, anything that’s helped you guys kind of come up in the business?
Dan Gibson: Again, go to that mobilehomeparkstore.com. That and call a couple of the brokers, get the packets from the brokers so you can at least start to analyze a deal. Now that’s all we did. You know, when we first got our first park with owner financing under contract, we were like, “Okay, now what do we do?” We got online, got some credibility packets from these brokers, looked at other deals, looked at what they were looking at. I mean that has… it’s a ton of information. It’s completely free. You can search any state, any city, and I think you’ll be surprised at how many parks are nearby.
Tom Krol: No, no. I was just going to say, and you guys, I know there are a lot of people are talking about a correction in the market that might be coming up. I’d imagine that mobile home parks are going to fare very well. If there is a correction coming that would probably be a good thing for you guys.
Dan Gibson: It’s the cheapest form of living.
Tom Krol: I love it. So there you go. All right, Dan. Nick Gibson, trailerparkbros.com. I love it. Thank you guys for your time today. I really appreciate it. That was a lot of information and if people want to know more, it is trailerparkbros.com, right?
Dan Gibson: Yes sir.
Tom Krol: Awesome. All right guys. Thank you very much again and we will talk to you again soon.
Dan Gibson: Yep. Talk soon, Tom. Thanks again. Bye bye.
Tom Krol: All right bye bye.