Bryce Robertson “Your Real Estate Mate” is an Aussie born real estate investing entrepreneur, #1 international bestselling author, world traveler, adventurer and the founder of PropertyWorkz. Bryce’s investing career began by acquiring a $570,000 mobile home park with a negative net worth, unseasoned credit, and a mere $2,000 in the bank.
Bryce dives into his first deal and discuss the different road blocks he encountered along the way. His first deal was a 12% cap rate which is far off from today’s current landscape. He talks about how he was able to raise money for his first deal vs. how he his currently funding his investments. Blake and Bryce discuss cap rate compression and its effects on return. Bryce shares some alternative return structures that he has been exploring that allow him to navigate the current cap rate climate.
Bryce shares some details of his current portfolio. He has mainly been focused on the Southeast and the Midwest. They discuss the parameters they usually set to “qualify” a mobile home park. Both Blake and Bryce focus on decent sized Metros that have proven to be sustainable and show growth potential.
Blake and Bryce discuss how they both prefer to manage their properties as opposed to having a 3rd party management company. One of the main reasons for this being, that they both have focused mainly on value-add deals. Value-add parks require a lot of involvement and coordination to achieve their projected goals. Bryce talks about the mobile home markets he is in and when used homes are a better financial play than new homes. They dive into their home financing and sale/rental structures. They both agree that the goal should be to transition all of the park-owned homes to tenant-owned homes as soon as possible.
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