Ever wondered how to invest in mobile home parks and self-storage facilities without using your own money?
Today, on the Raising Private Money podcast we welcomed Gabe Petersen, founder of the great Northwest Home Buyers and Kaizen Properties, to discuss the secrets of investing in mobile home parks and self-storage facilities.
The conversation highlighted the numerous opportunities and benefits associated with these real estate ventures and provided valuable insights for both seasoned investors and those looking to dip their toes in the industry.
Understanding Gabe Petersen’s Journey and Expertise
Gabe Petersen, a seasoned real estate investor and host of the Real Estate Investing Club podcast and YouTube show, provided an overview of his journey in the real estate industry. Petersen transitioned from working in a Fortune 500 company to entering the real estate market, initially venturing into flips and wholesales before gravitating towards commercial real estate, particularly focusing on self-storage and mobile home parks.
The Appeal of Mobile Home Parks and Self-Storage Facilities
Petersen articulated the appeal of these real estate assets, emphasizing their recession-resistant nature and the diverse range of opportunities they offer. He highlighted how these property classes allow for various business models, presenting investors with the flexibility to add value, raise the property’s value, and generate substantial returns.
Business Model and Investment Strategy
Petersen delved into his business model, emphasizing the importance of identifying properties with significant upside potential. He articulated his preference for assets that require improvements, such as wear and tear on buildings, opportunities for expansion, or underutilized management that led to decreased occupancy. Additionally, he discussed his criteria for deciding whether to hold or sell a property, detailing the factors, including cash flow, investor involvement, and management efficiency, that influence his decision-making process.
Keys to Success in Real Estate Investing
As a successful real estate investor, Petersen highlighted his resilience and determination as vital components of his success. His philosophy centers on perseverance and the ability to overcome challenges, emphasizing the need to remain steadfast when facing obstacles and setbacks in the industry. His advice is essential for aspiring investors who are navigating the competitive real estate landscape.
Strategies for Getting Started in Mobile Home Parks and Self-Storage
For individuals interested in entering the mobile home parks and self-storage arena, Petersen recommended seeking out experienced partners for joint ventures. Additionally, he encouraged prospective investors to leverage online resources, including podcasts, YouTube channels, and Facebook groups, to enhance their knowledge and understanding of these real estate asset classes.
Leveraging Private Money in Real Estate Ventures
Petersen acknowledged the pivotal role of private money in real estate investments, highlighting its utility in diverse ventures, including flips and property acquisitions. His endorsement of private money underscores the flexibility and potential it offers, providing investors with access to essential funding for their real estate projects.
Conclusion: Embracing Opportunities in Real Estate
In conclusion, Gabe Petersen’s insights and expertise shed light on the dynamic and lucrative opportunities inherent in mobile home parks and self-storage investments. His journey, investment strategies, and advice serve as a source of inspiration and guidance for individuals seeking to embark on their real estate ventures. Embracing Petersen’s wisdom and harnessing the wealth of resources available can empower aspiring investors to navigate the real estate landscape with confidence and foresight.
Ultimately, the exploration of these real estate segments holds promise for individuals keen on establishing themselves in the rapidly evolving and rewarding world of real estate investing.
This comprehensive blog post offers an insightful window into the world of real estate investment, emphasizing the potential for growth and success in mobile home parks and self-storage facilities. Aspiring investors and seasoned professionals alike can glean valuable insights from Gabe Petersen’s expertise and experience, propelling them on a path toward prosperity in the real estate industry.
“Why Invest In Self-Storage and Mobile Home Parks? They Are Both Recession-Resistant Assets” – Gabe Petersen
Questions Answered in This Episode
- What are some of the unique advantages of self-storage and mobile home park investment that Gabe highlights, and how do they compare to other real estate opportunities?
- Gabe emphasizes the importance of finding properties with potential upside, such as distressed properties or those in need of management improvement. How do you identify potential upside in real estate investments?
- Gabe mentions the significance of finding good management for mobile home parks and the potential issues with older utilities. How important is property management in real estate investing, and what challenges could arise from dealing with older properties?
- Gabe talks about his preferred strategy for adding value to self-storage and mobile home park properties, including increasing occupancy and offering ancillary income. What are some other strategies for adding value to real estate assets?
- Gabe recommends partnering with experienced individuals or seeking online education when getting started in self-storage and mobile home park investing. What are your thoughts on the importance of mentorship and education in real estate or other industries?
- Gabe shares how he has used private money in his real estate deals. Have you ever considered using private money for investments, and what are some potential benefits and risks associated with this financing method?
- Gabe highlights the diversity and customer relationships in real estate, emphasizing that there are many different ways to approach the industry. How do you view the various niches and sectors within real estate, and have you explored different areas of real estate investing?
Fun Facts:
- Gabe Petersen started his Real Estate Investing Club podcast and YouTube show as a way to continue networking with other real estate investors during COVID-19.
- He has used private money for flips and is closing a deal with private money, showing his reliance on this funding source.
- Gabe’s favorite book is “Meditations” by Marcus Aurelius, which has had a significant impact on him.
Timestamps:
0:01 – Raising Private Money Without Asking For It
0:26 – Gabe Petersen, The Real Estate Investing Podcast
3:25 – Why Invest In Self-Storage & Mobile Home Parks
7:32 – How Do You Find Mobile Home Park Deals?
10:31 – Criterion For A Good Mobile Home Park & Self-Storage Deal
12:08 – Early Struggles & Lessons Learned In Investing In Mobile Home Parks & Self-Storage
15:51 – Favorite Deal Gabe Petersen Have Ever Done
17:11 – How To Buy Property And Increased Its Value.
19:23 – What Drives You To Your Success?
22:40 – The Book That Has The Biggest Impact On Gabe
23:40 – Gabe’s Superpower
24:26 – Best Way To Get Started In Investing in Self-Storage & Mobile Home Parks
25:30 – Connect with Gabe Petersen: https://www.therealestateinvestingclub.com/
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The Insider’s Guide to Investing in Self-Storage and Mobile Homes With Gabe Petersen and Jay Conner
Jay Conner
00:00:01
Well, welcome to another episode. I’m so excited to have you join me. I’m Jay Conner, the Private Money authority, and also your host of this show. And my lands, my friend, have I got an exciting show in guests for you today if you’re at all interested in learning about the secrets of investing in mobile home parks without using any of your own money or investing in self-storage facilities without using any of your own money and how to like to raise the value of these assets and sell ’em for millions more than you bought ’em, you’re gonna wanna stay to the end of the show for this episode. In addition to that, my guest that you’re gonna meet here in just a moment is also an expert at raising Private Money. So you definitely wanna stay to the end.
Jay Conner
00:00:51
My guest is the founder of the great Northwest Home Buyers and Kaiser properties. He’s the host of a very successful podcast. That’s called the real estate investing club. He started at a Fortune 500 company and he got bored with working in a cubicle and off, he went to investing in selling storage and mobile home parks. And he’s gonna teach you all about it right now, coming up in the next few seconds. So you’re gonna wanna check out his podcast. We just called the real estate investing club podcast and YouTube show. And with that, I’m excited to bring on my guest, my friend, Gabe Peterson,
Gabe Petersen
00:01:36
Jay. Yeah. Thanks very much for, having me on that was quite the introduction.
Jay Conner
00:01:41
Well, it’s easy to do a great introduction when I’ve got a great guest. So when did you start your podcast? The real estate investing club podcast.
Gabe Petersen
00:01:51
Yeah, that was, that was the, what came about from COVID actually, when I, before COVID I was doing a lot of networking with other real estate investors and, and COVID hit and I couldn’t go out and shake hands. And so I decided to start a podcast next best thing. And I’m glad I did. I have loved it. I loved talking with my guests. You were on my show. We had a good conversation and yeah, so it’s been a, it’s been a lot of fun.
Jay Conner
00:02:18
That is awesome. That’s awesome. So, I mean, you’ve done, you know, just about everything there is in real estate. I mean, you, you know, wholesale, you know, you’ve done flips, but now you’re attracted to mobile home parks and self-storage. So, and you can talk about ’em in any order you want to, but why have you been attracted? What are the benefits? Why are you so excited about self-storage as opposed to other real estate opportunities and why are you so excited about mobile home parks?
Gabe Petersen
00:02:54
Yeah, I mean, what I like just about real in general is there are so many different ways to go about it. There are so many different asset classes, different, you know, business models that you can, you can attack. And so there’s a lot of variety, a lot of opportunity out there, self-storage. I just, I like that it was a business, you know, it’s more of a, of a, a customer seller relationship versus a tenant-landlord. And so I like that. I like how the management works. It’s, it’s a, it’s a very easy management style that you can have with self-storage facilities. And so once I, you know, I, I didn’t start in commercial as a lot of people do. I started in flips. I started in wholesale and eventually worked my way up into commercial. And once I got there, I just kind of, you know, looked at the scene and, and I looked around for what type of asset classes I wanted to, to dive into. And ultimately it was self-storage. Mobile home parks are both recession-resistant asset classes. And so they’ve performed well historically, in recessions. And I like that self-storage is just a lot of fun. It’s, it’s fun to manage and, and buy ’em we’re closing on one right now, actually tomorrow is a closing date. So yeah, it’s a, it’s a lot of fun. It’s, a good asset class to focus on.
Jay Conner
00:04:12
So as far as your business model goes for both self-storage and mobile home parks, my question is, do you look for distressed properties that you can, you know, fix up and then flip ’em and sell ’em or do you look for distressed properties and you plan to hold ’em for the long term or what’s the business model look like?
Gabe Petersen
00:04:35
Yeah, it’s a little bit of both. I, well, I guess all of them we want to have, there needs to be an upside. So we don’t, we’re not looking at, you know, class facilities that buying ’em out of five caps and just holding ’em for 30 years. No, construction or maintenance is required. Don’t look at those. We like to, I like to look at things that need a little love, you know, if there’s some, if there’s some wear and tear on the building, love that if there’s room for expansion, I love that if maybe they haven’t done the best at management and they’ve kind of let occupancy dip love, seeing that. So anywhere where I can add value is, is really what I like to see. Can I answer the full question there? I can’t. I feel like that was a two-parter and I, I think I, I
Jay Conner
00:05:17
Forgot. Yeah. So other words, are you, you fixing them, you sell ’em you hold ’em in other words, what’s the, yeah. What types are you buying and what’s your exit strategy?
Gabe Petersen
00:05:29
Yeah. So far I’m doing, yeah, I, I said this already, I guess I, I forgot to, to finish out my answer. I’m doing both. And so there are a few of ’em that I’m gonna do a long-term hold and then others is a five-year exit. And so we’re, we’re buying repositioning and then selling on the, on the upside.
Jay Conner
00:05:50
So what are your criteria for what to hold and what to sell?
Gabe Petersen
00:05:54
That one comes down to my preference. If they’re not giving me a lot of headaches and there’s good cash flow, then I wanna hold it if it’s, and also if there are other investors involved, if there’s other, if, if I, if it’s just me in the deal if I put all the capital up and I got, you know, there’s a deal that I did, seller financing, great terms, I put all the capital into it, pre the management’s going well. So that one I’m gonna, I’m gonna hold on to others. I have other investors involved and you know, when other investors are involved, I, I, you know, I need to consider them. And so that, the exit timeframe is a little bit sooner than if I were to do long-term holder, just put my own money into it.
Jay Conner
00:06:37
I gotcha. How do you find mobile home park deals?
Gabe Petersen
00:06:42
Yeah, I mean, it’s, that’s the beauty of, of real estate is that it always, every type of marketing strategy works, works similar across all asset classes. So mobile homes’s no different than, self-storage multifamily. And so we look mostly off market that’s, that’s where I like to look. I don’t like to look at the market. So we do mailers. We do ringless voicemail, text blasts, and cold calling. I think that’s it. I think that kind of covers
Jay Conner
00:07:13
It. Well, that’s interesting that I mean, these asset classes, self-storage, and mobile home parks, like you’re not looking on loop net, you’re, you’re looking for those properties that are not listed to be a seller or not being promoted to be sold.
Gabe Petersen
00:07:30
Yeah. Yeah. I generally find that if I can talk with the seller, you know, one on one, then we can, we can get terms, that fit both parties better when there are brokers involved. A lot of times the seller is not gonna be amenable to seller financing. I’m a huge, huge fan of seller financing. Well,
Jay Conner
00:07:48
Just like a house in the multiple listing service, you ain’t gonna get seller financing in the Mo listing service.
Gabe Petersen
00:07:53
Yeah, exactly. And so I, I like that. Three, is it four? Yeah. Four properties right now that I own are seller-financed and great deals. It works on both ends. The seller gets more money and we make, it an easier close. We get terms. We can even give them more. We can increase the price if they give us better terms. And so it’s a win-win, for both parties, in my opinion,
Jay Conner
00:08:18
Are you, are you your negotiator, in other words, are you your acquisition?
Gabe Petersen
00:08:27
Yeah, I have. I have, you know, some acquisitions guys that help me out, but I, I do the negotiating and, and the offers, but yeah, I got a team with me and them, and we, you know, we’re, we’re crushing it and they’re just, as, you know, putting in just as much as effort as I am.
Jay Conner
00:08:45
What does your team look like?
Gabe Petersen
00:08:49
So for the, I guess we can split it between acquisitions and management for the acquisition side. It’s, there’s just three of us. And then some VAs that help us out. And, you know, the two guys, they help with acquisitions and disposition. We do all the outbound, the outbound marketing, all, you know, set it up and work with the VA to get the outbound marketing done. And then the, the, you know, the warm leads will come in and the acquisition guys can pick ’em up if there’s positive intent. And then, you know, once we close, I work with my property management and third party, third party, property management companies to, to manage the, the facilities and they hire boots on the ground and all that stuff to, to keep ’em managed.
Jay Conner
00:09:38
Do you have like a specific math formula that you plug in the numbers and the math tells you as to whether a mobile home park is a good mobile home or park deal? A self-storage facility is a good self-storage facility. In other words, what are your buying criteria? You know, you got some magical Excel spreadsheet that tells you to buy or pass or what’s that look like?
Gabe Petersen
01:10:10
Yeah. I feel like, and if you’re an investor, you gotta have your, your special formula. Like every investor I talk to has their own little Excel sheet that has their secret sauce. But yeah, I, I just have a, I have an Excel sheet that we plug everything into and kind of gives, gives me a breakdown of whether, of what, what I can expect. And so it, we, it varies. Yeah. It’s super dependent. You know, I’ve bought really low cap rates, like three caps, knowing that I could push it up to a 10 cap when I, you know, when I flipped it and I’ve bought, yeah. It, really depends if the Metro’s good, if it’s a small Metro I’m gonna offer, I want, I wanna higher cap rate than if it’s a larger Metro. If it’s a growing Metro, I want a, or, a shrinking Metro, I almost will. It’s a pass unless they give me a really good deal. So there’s a lot of things that, you know, go into it. But yeah, there’s a lot of things that go into it. There’s no real hard and fast.
Jay Conner
01:11:10
Lots of, lots of, lots of variables. Yeah. So what was let’s first start with mobile home parks? What were some of your early struggles and lessons learned in investing in mobile home parks?
Gabe Petersen
01:11:26
Early struggles lessons learned,
Jay Conner
01:11:30
And it’ll be the same question for self-storage as well.
Gabe Petersen
01:11:34
Yeah. Self-storage is a little easier, cuz there are not as many utilities and that is the big issue with mobile home parks. A lot of ’em are older and they have old utilities. And like right now we just had a line break, a sewer line in one of our parks that we need and we’re gonna have to replace that entire line. And so that, that has been the biggest issue is the U the utilities there and then getting good boot, good management in place. If you don’t have good management in place for a park, then it is going to be a nightmare. If you do, you will not want to own that thing. So finding a good, good boot on the ground and, a good property manager to help you out is so important for self-storage, big lesson learned,
Gabe Petersen
01:12:29
I guess it’s not, whenever you see a deal, most self-storage facilities out there. If they’re under like, I don’t know, 25,000 square feet, they’re going a lot of them that I’ve found have been owner, owner run. And so the owner does not have, you know, somebody on site to do management. They don’t have a third party, property management, or anything like that. So when they send over their financials, they’re not gonna have those additional expenses that you’ll generally, you are gonna incur once you buy the property. And so, you know, a lot of owners they’ll send over their financials and they’re like, I want, I want an eight cap on my self-storage facility. I’m like, that’s reasonable. We can move forward with that. And then I look at it and I’m realizing he wants an eight cap on his, his financials using my financials. That’s a five cap or a six cap or whatever it is. So you really gotta be wary of how they’re doing their calculations. Do they have property management in place if they don’t, you gotta make sure and pick that in because you’re, you’re not gonna be, if you’re buying out state, you’re not gonna be wanting to manage it. And well, anyways, I, either way, you’re gonna wanna have a pro a third party property manager. I would not recommend doing it yourself. So just make sure that that’s what’s in there.
Jay Conner
01:13:43
There you go. I sure wouldn’t be interested in managing my own as well. Is there any overall, all-encompassing, like the biggest lesson you’ve learned from your deals, so to speak?
Gabe Petersen
01:13:57
That is a good question.
Jay Conner
01:14:01
Given what you just said, I would, I would expect, one big lesson or one big piece of advice for sure to know your numbers before you make your offer.
Gabe Petersen
01:14:11
Yeah, that’s a, that’s a big one. That’s good, that’s a big lesson learned. I think just the biggest one is just keep, you know, that things are always gonna fall through. It could be that even today, like this deal that I’m working on right now, something came up at the very, very, very last minute. Like we’re supposed to sign the papers tomorrow. So a deal is never done until it is, you know, the pen has been inked. And so you just don’t expect it until, until you close. And if it falls through whatever, just keep moving forward. You’re gonna find something else.
Jay Conner
01:14:44
So don’t count your chickens before they hatch. Right. There
Gabe Petersen
01:14:47
You go. Wise wisdom, whoever made that phrase.
Jay Conner
01:14:51
Well, you may have a challenge thinking, of an example of this, but what first comes to mind is what was your favorite deal you’ve ever done and why
Gabe Petersen
01:15:04
Favorite deal? I have done. Let me think about that one. So I think my favorite deal is probably an early flip that I did just because I did it with a partner and we had a lot of, you know, we were friends and we had a lot of fun doing it. I love doing deals with other people that I, you know, that I vibe with. And then I in, you know,
Jay Conner
01:15:28
So it was a, was it a joint venture?
Gabe Petersen
01:15:31
Yeah. Yeah. And we just had, we just had a lot of, lot of fun and that was probably my favorite deal, just because of the relationship outside of that, in terms of just like numbers and you know, whether it was a good deal is probably the mobile home park that we own out in Moses lake. The seller gave us absurd terms. It was like two points something percent interest, 11-year amortization. And we didn’t put very much down. I can’t remember what we put, but it was such a good, good seller financing that we got it. And now we’re running it and it’s, it’s running pretty well.
Jay Conner
01:16:10
Sounds like that might have some nice positive cash flow. Yeah.
Gabe Petersen
01:16:14
Yeah, it does. It does be well.
Jay Conner
01:16:16
So let’s talk about buying a property and repositioning it and making it worth more money. So, let’s talk about both self-storage and mobile home parks. How can you, what can you do to those types of assets to increase the value to where if you wanted to exit it in five years, it would be worth so much more money than it is today?
Gabe Petersen
01:16:42
Yeah. I mean that’s another reason why I love this stuff there are tons of ways to do it. The easiest one is always leasing up vacancies. So if you’re buying a property that has two units occupied and there’s a hundred units, if you lease up those 98 units, you’re gonna, you know, more than triple your value. So leasing up is an easy one and that can be done a lot of times, I see that they just don’t market it and they don’t have any marketing strategy. And so, you know, too occupied is, is a, is an extreme example. But you know, a lot of times they’ll have 60% occupancy and they just don’t market their property. And that’s an easy fix, an easy value add to, to come in there and, and push the vacancy, push, push the occupancy up. Other ways are expansion fixing properties to so if your property is in bad condition and you’re, you’re not able to get market rents because of that, maybe there’s, I don’t know, dirt roads, just a lot of garbage, everywhere, error.
Gabe Petersen
01:17:42
It’s just not an appealing property, for somebody to come and live at. Then an easy way to do this is just to fix up the property to the point where you can get market rent. And then also you can add ancillary income, mobile home parks, and RV parks. You can add laundromat laundry and small laundry units. You can bill back for utilities and self-storage. You can just tenant protection. You can offer, you know, tenant protection assurance and you, you can sell locks, stuff like that. So, you know, there’s, I think the easiest one, the one that I look for is a vacancy. So if I’m looking for a property, I try to find something that’s, that’s vacant in a good Metro because of bad management. And that’s me, that’s my favorite thing to find.
Jay Conner
01:18:27
Gotcha. That makes a lot of sense. Gabe, what would you say it is about your personality or your daily habits or business practices or whatever that just really lends to your success? You know, what have you, what have you got going on up here in between your ears that maybe some other folks don’t that drives your success?
Gabe Petersen
01:18:51
I think I’m just,
Gabe Petersen
01:18:54
Just extra. I just don’t give up. And that’s, that is, that’s the key, that’s the only thing you need to do is just keep pushing and eventually you’ll find success. I’ve, you know, I’ve had tons of failure stories, you know, real estate. Wasn’t the first business I tried to run. I tried to do an e-commerce digital marketing agency and I had a little success there, but you know, nothing, nothing like I’ve seen in real estate. And so the, the key was just, I didn’t give up. And if you don’t give up, then yeah, you can’t lose. So just keep, keep pushing through, and eventually, you’ll find success.
Jay Conner
01:19:29
Well, you know, I experienced the same thing. I was, I relied on local banks to fund my real estate deals when I started from 2003 to 2009. And then in February 2009 with no notice, I lost all my lines of credit. Not because I didn’t have a good credit score, not making famous, but I learned very quickly, not only myself but like every other real estate investor in the nation, you know, lost their lines of credit. And so through persistence and pushing forward, I learned all about Private Money. I’d never heard of Private Money or anything like that, you know? And so, that’s how I got into Private Money. Private Money was without the challenge and the difficulty. And I’m sure you will agree that the biggest growth opportunity that comes along is when you’re in the middle of a mess and you gotta figure and you gotta figure it out. Would you agree with that?
Gabe Petersen
02:20:33
Yeah, no. It’s when it’s when shit hit hits the fan that you start to learn and grow and stretch for
Jay Conner
02:20:40
Sure. Yeah. Have you got a morning routine or any daily habits that you stick to?
Gabe Petersen
02:20:47
Man? I used to, I used to be a lot better at that. I don’t these days., I really should get back into it, but, to be completely honest, I do not have a solid morning routine that I follow. My routine is mostly I get up, I get coffee. I kind of just sit. If it’s warm enough, I’ll sit outside and just kind of drink my coffee until I feel the urge to go and start working. And then I start working. I used to get up and work out. I still work out every day, but I do it in the afternoon, I used to get up and work out and meditate and read and all this stuff. And I just got outta habit. I gotta get back into there.
Jay Conner
02:21:23
I got it, are you by chance, an avid reader? Do you like to read?
Gabe Petersen
02:21:28
I did recently. I have not. I got papers flying everywhere cause I got a window open, but recently I, I’ve not been, I’ve been working too much. I haven’t been, I haven’t been able to pick up a book recently, but I used to read a lot and I am. I’m a big fan of reading
Jay Conner
02:21:46
As of all the books you’ve read. Which book have you given away the most or, and, or had the biggest impact on on you?
Gabe Petersen
02:21:56
I Meditations by Marcus A is my favorite kind of just general life wisdom book. I mean, I’m, everybody’s heard of that book by now, but for those who haven’t, it’s just one of the old Roman emperors. He carried, a journal when he was on his military campaigns and he just wrote down some smart stuff and it’s pretty concise read, but it’s, really nice that and Seneca, I can’t remember the title of the book, but one of Seneca’s books that I like.
Jay Conner
02:22:32
Okay. I got it, and so who do you say again? Who is meditations by
Gabe Petersen
02:22:38
Marcus arrives.
Jay Conner
02:22:40
Okay. I’ve heard of the book, but I haven’t read it myself.
Gabe Petersen
02:22:43
Yeah. It’s a really good one.
Jay Conner
02:22:45
Cool. What’s your superpower, Gabe?
Gabe Petersen
02:22:53
I don’t wanna sound like a broken record, but my superpower is just not giving up. It’s just, you know, I’ve when things go wrong, I just accept it and just move on. I, I feel like the accepting it part is the hard, hard thing cause you know, when things go wrong, the inclination is to have an emotional, emotional reaction and then get stuck in those emotions. But I’m, I’ve kind of gotten good over the years of just getting to a point of acceptance and then thinking of a solution before I get carried away in those emotions.
Jay Conner
02:23:32
Cool. So let’s say someone wants to get started in self-storage, but they know nothing about it. They’ve got no experience, but it sounds interesting. What’s your best advice on how somebody would start in self-storage?
Gabe Petersen
02:23:48
The best way is to get a JV partner. Maybe you have money. If, or if you have money, you can bring it, as a silent partner. If you have anything else you can bring to a deal, just find somebody who has experience and then do a JV with them. The second best is just to learn online. So you can, you know, there’s tons of YouTube channels out there. You know, my YouTube channel, the real estate investing club, I’m sure J I’m sure you have some additional self-storage guys that come on your podcast. We also have some resources on the website, the real estate investing club that you can, that anybody interested in self-storage can jump on. But the best one is to do a deal with someone who’s had, who has experience in self-storage.
Jay Conner
02:24:32
How do you find somebody like that? Like, look up Gabe Peterson or something?
Gabe Petersen
02:24:36
Yeah, yeah. Go, yeah. Send me an email. Gabe through real estate investing club.com or you can just go into any of the there are tons of Facebook groups out there that have, you know, they’re specifically focused on self-storage, just ping, ping that group, say, Hey, I got X, whatever it is. And I can bring love to do a JV deal, reach out when if you’re interested.
Jay Conner
02:24:57
Would you say your answers are the same for someone who wants to get started in mobile home parks?
Gabe Petersen
02:25:03
Yep, the same. Do a JV or you know, do online education.
Jay Conner
02:25:09
Are there mobile home park-investing Facebook groups?
Gabe Petersen
02:25:15
Absolutely. There’s a Facebook group for everything. That’s my, I
Jay Conner
02:25:18
Was gonna say it was probably a Facebook group for everything. So, Gabe of course, you know, I’m big into Private Money. Have you ever, have you used Private Money in your self-storage businesses and your mobile home park business?
Gabe Petersen
02:25:35
I, yep. I sure have. I’ve done private. I’ve used Private Money on flips. I’m closing a deal right now with Private Money. And so I’m a big fan of Private Money too.
Jay Conner
02:25:45
Awesome. Awesome. Well, Gabe, I’m gonna turn it over to you right now to give parting comments and any other advice you would like to share.
Gabe Petersen
02:25:57
Yeah, I mean my only suggestion for anybody out there who’s, you know, who is thinking about real estate, you wanna get into it. As I said, just find somebody who’s there and, and kind of learn from them and then just don’t give up if you believe in yourself and you and you want to get in, you can, there’s a, I feel like real estate is one of the, the, the best ways to go out and, and make a business for yourself. And it’s a lot of fun. So just get out there, take, take the action, keep moving. And eventually, you’ll, you’ll arrive where you’re trying to get.
Jay Conner
02:26:33
That’s awesome. Gabe, thank you so much for taking the time to join me on the show.
Gabe Petersen
02:26:38
Yeah, Jay, thank you very much. It’s been a pleasure.
Jay Conner
02:26:41
Absolutely. Well, there you have it. Another episode has been an exciting couple of topics talking about mobile home parks and talking about self-storage. Gabe Peterson is very, very easy to find online, so be sure and reach out to him. I’m Jay Conner, the Private Money authority. I wish you all the best. And by the way, I just really, really appreciate the likes, the shares, the subscribers. If you’re watching on YouTube, be sure and click that bell. So you don’t miss any of the upcoming amazing episodes and my amazing guest as well. And do me a favor if you think of someone and you know, someone in your circle that you think would really benefit from this show, be sure and share it with them as well. So thank you for joining I’m Jay Conner. We’ll see you right here on the next show.